What is a first time buyer mortgage?
A first-time buyer mortgage is a type of home loan specifically designed for individuals who are purchasing their first property. These mortgages often come with special incentives and benefits to help new buyers enter the housing market
How long does the process take?
Generally the process takes between 12 and 18 weeks but depending on the circumstances this varies from person to person. For helpful advice on how you can potentially speed up the process by organising your information beforehand, visit our helpful advice page.
Additionally if you wish to establish how much you might be able to borrow please visit our mortgage calculators page.
Additionally if you wish to establish how much you might be able to borrow please visit our mortgage calculators page.
The buying process
Step 1
Speak to a mortgage advisor about how much you can borrow or use our quick calculator for a rough idea.
Step 2
Your mortgage advisor will obtain a Decision in Principle (DIP) on your behalf after searching for the best mortgage deals. This will tell you how much you can borrow with a particular lender and if you will be accepted.
Step 3
Start searching for properties in your price range, view them and make offers on property you wish to consider. Be sure not to rush into this one, it's a big commitment, compromises will likely need to be made but you need to be happy in your new home.
Step 4
Speak to your mortgage advisor again, they will then get the ball rolling for you and make an official application to the best lender. At this point they will likely ask for supporting documents including bank statements, payslips.
Step 5
Once accepted by your new lender, they will issue you a mortgage offer. This is an official offer to lend you a set amount of funds for the mortgage you require.
Step 6
You will need to instruct a conveyancer to act on behalf of the purchase, your advisor should be able to help you with this but you have the option to use anyone you so wish. There are always fees associated with this but your advisor should have made you aware of this at the start of the process.
Step 7
Exchange contract with the seller. The exchanging of contracts is the point in which the seller is unable to cancel the sale of the their property without potential financial penalty.
You will need to have your deposit ready to transfer to your conveyancer at this point.
You will need to have your deposit ready to transfer to your conveyancer at this point.
Step 8
Your conveyancer will inform you that the mortgage has completed. At this point you can now speak to your estate agent and pick up the keys for your new home.