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Not sure where to start with your first mortgage? You're not alone.
You might be wondering how much deposit you'll need, how much you could borrow, or what to do first. This page will guide you through the stages, helping you feel more confident as you work towards owning your own home.
While everyone's journey is different, getting a mortgage typically involves six key steps:
Before you start viewing homes and imagining where your furniture might go, it's first worth thinking about what you could comfortably afford. So, when you're working out your budget, it's worth considering things like:
What this means for you
Knowing what you can comfortably afford can help you focus on homes that could be right for you and give you confidence as you start your home-buying journey.
Curious about what you could afford? Our mortgage calculators can help you explore your options and get a feel for what you might be able to borrow.
A deposit is the amount of money you put towards buying a property.
For example, if a property costs £200,000 and you have a £20,000 deposit, you'd need a mortgage for the remaining £180,000.
Generally, a larger deposit means you'll need to borrow less.
What this means for you
Let’s not forget those extra costs too, like solicitor fees and moving expenses. They all need to be factored into your savings budget.
Want to get a better idea of how much you might need? Take a look at our guide to deposits for first-time buyers.
A mortgage Decision in Principle or DIP gives you an idea of how much you might be able to borrow before you submit a full mortgage application.
It's an important stage when looking for a home.
What this means for you
A DIP isn't a guarantee of a mortgage offer, but it can help you focus your property search on homes within your budget and show estate agents that you're serious about buying.
Want a clearer picture of how a DIP works? Take a look at our Decision in Principle page.
Once you've got an idea of your budget, it's time for the exciting part: finding a place to call home.
Finding a property that could be right for you is about more than just the bricks and mortar. You may also want to consider:
Found a home you love? The next step is to make an offer through the estate agent. If the seller accepts, you'll be one step closer to owning your new home.
What this means for you
Thinking about how a property fits your lifestyle could help you find a place you'll be happy in for years to come.
Once you've found a home and your offer has been accepted, it's time to apply for your mortgage.
To help your application go smoothly, you'll usually need documents such as:
Once you've applied, your lender will look at your application and see if you meet their lending criteria.
What this means for you
Getting everything ready in advance can help make the process feel less daunting and give you one less thing to think about.
Whether you're ready to apply or just starting to explore your options, our first-time buyer mortgages page can help you understand what's available.
As part of your application, your lender will arrange a valuation of the property. If your application is successful, you'll receive your mortgage offer.
Your solicitor or conveyancer will manage the legal process. Once everything is agreed, you'll exchange contracts, set a completion date and get the keys to your new home.
What this means for you
There can be a bit of waiting at this stage, which is completely normal. Just stay in touch with your solicitor, so you can keep fully updated on how things are moving forward.
We've covered a lot, but you don't need to remember it all at once. Hopefully, buying your first home feels a little less daunting now and you have a clearer idea of what comes next.
Whether you're saving for a deposit, looking at properties or getting ready to apply, we're here to help.
Mortgages are subject to eligibility and lending criteria.
Buying your first home can feel like a big step, but you don't have to figure it all out on your own.
We have the tools, guides and mortgage options to help you understand your choices and feel more confident at every stage of your home-buying journey.
If you don't keep up with your mortgage payments, you could lose your home.
