Beginners guide to buying your first home

Buying your first home can be exciting and daunting in equal measures. We’ve got the basics you need to start your journey.

 

Let's keep this simple

  • A glossary of the terms you’ll come across.
  • Tools to help you save a deposit.
  • Calculators to work out what you might be able to afford.

Understanding home buying terms

You’ll come across lots of jargon when you’re buying a home. 

Our handy glossary can help you.

Buying a home glossary

Start by working out what you can afford

It’s easy to get carried away and start looking for a property to buy. The first and most important thing you need to do is make sure you can afford to buy. Deposits, mortgage payments, fees and charges all need considering and budgeting for.

Start saving for a deposit

You’ll need a deposit when you buy a house, so it’s important to start saving as soon as you can.

We can help you plan your budget and start building your deposit.

Top saving tips

What mortgage amount could you afford?

Our first time buyer calculator is designed to help you work out what you could afford to borrow.

Just pop in your salary and regular monthly out-goings to see what you could borrow.

First time buyer calculator

Other costs you need to think about

Buying a house involves more than just a deposit and the cost of the mortgage repayments.

From upfront costs to monthly running costs, we can help you understand what you need to consider.

House buying costs

Next up, will you be approved for a mortgage?

There is no guarantee that you will be offered a mortgage. But once you have your deposit and apply for a mortgage, the lender will check your credit score. This will show them how well you currently manage any credit you have. And therefore, how likely you are to keep up with mortgage repayments.

Reviewing your credit score report before you apply, gives you a chance to understand what is impacting it and make changes to improve it.

If you have a bad or low credit score, you might find it harder to get a mortgage. For example, if you had a loan, but didn’t pay it back each month. This may make the lender think that you can’t afford to repay a mortgage.

Having bad credit does not mean you can’t get a mortgage, but you may pay more in interest.

Check your Credit Score

Check Your Credit Score for free, with no impact on your credit file.

Your Credit Score

So, you're ready to apply?

Your next step is to apply for a mortgage Agreement in Principle.

This will tell you what a lender might be willing to lend you. An Agreement in Principle (AIP) isn’t a formal mortgage, you will still need to make a full mortgage application, but it is a step towards owning your own home.

Get an Agreement in Principle

You could lose your home if you don’t keep up your mortgage repayments

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First time buyer support

Find out what to expect when you buy your first home with our helpful guides.

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First Time Buyer Boost mortgage

With our First Time Buyer Boost mortgage, you could borrow more than we could normally lend you.

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Speak to an adviser

If you need support you can get in touch over the phone, by video, or in branch.

Help from a mortgage adviser

Life events

By your side through life's key moments. From having a baby, buying your first home or dealing with bereavement, we're here to support you.

Life events

Life events

By your side through life's key moments. From having a baby, buying your first home or dealing with bereavement, we're here to support you.

Life events