Buying your first home
NatWest mortgages are available to over 18s. Your home may be repossessed if you do not keep up repayments on your mortgage. The content on this page is guidance only and does not constitute advice.
Here to help you buy your first home
Step 1: Get an Agreement in Principle
- Get a personalised indication of how much you could borrow inless than 10minutes.
- It won't impact yourcredit score.
Find out how much you could borrow
Step 2: Ready to apply for your new mortgage?
- Apply online today orcontact usif you'd like support.
- Save progress and come back whenever you like.
Start your application now
What is a first time buyer mortgage?
First time buyer mortgages are for people who are new to the housing market.
Generally, you are considered a first time buyer if you’re buying a property you plan to live in as your main residence and you’ve never owned a property before.
Use our mortgage calculator
Get a roughidea of how much we might be able to lend you, see our rates, the monthly payments and find out about any fees involved.
Mortgage calculator Open in new window
Helpful information for first time buyers:
What is a first time buyer mortgage? Open in new window
Step-by-step to your first mortgage Open in new window
First time buyer schemes Open in new window
Stamp duty for first time buyers Open in new window
Other mortgage options Open in new window
First time buyer FAQs Open in new window
Top tips for first time buyers Open in new window
Get mortgage advice Open in new window
Other guides for first time buyers Open in new window
Step-by-step to your first mortgage
Getting a first time buyer mortgagemight seem like a fairly complicated process, but there are some general steps you can follow. Here's a helpful first time buyer guide.
Information in the following section is relevant to purchasing property in England, Northern Ireland or Wales, unless stated otherwise. Please note there are differences when purchasing property in Scotland.
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01
Search for your perfect property
Search the housing market and get an idea of what you are looking for. How many bedrooms do you need? Do you want a garden? What about a garage or off-road parking?Of course, price is important. Our mortgage calculator can give you an understanding of how much you may be able to borrow towards your first home.
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Plan for your deposit
Any mortgage you take out (at least with us) will require you to place amortgage deposit. This is an amount of money you pay upfront towards the cost of the property.You'll need a deposit of at least 5% of the final sale price (a 95% LTV mortgage) to potentially be eligible for one of our mortgages. However, the higher your deposit as a percentage of the price of the property, the less money you will need to borrow, so you may also want to consider a 90% LTV mortgage(10% deposit) or lower.
Some first time buyers may be able to use a gifted mortgage deposit, from a parent or guardian, for example.
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Get an Agreement in Principle
When you're ready to start viewing properties, it's a good idea toget an Agreement in Principle.This is a free, no obligation, personalised indication of what a bank may be able to lend to you. It can be used with sellers and estate agents to demonstrate that you may be in a financial position to purchase a property. It takes less than 10 minutes and won't impact your credit score.
Agreement in Principle
You can find out more about an Agreement in Principle (sometimes known as a Mortgage in Principle or Decision in Principle), what they're for and how you can get one.
Learn more about an Agreement in Principle Open in new window
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Find your new home and make an offer
When you've found a property you want to buy, make an offer through the estate agent. Remember, the asking price is just what the seller hopes to get - you may be able to negotiate a lower price.
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Prepare what you'll need to apply for your mortgage
There are things you can do ahead of applying to help make the process smoother. Read through our helpful guide aboutpreparing to apply for your mortgage.Also consider thedocumentation that you will needto have available when you apply.
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Offer accepted? - it's time to apply
Once you have agreed on the price, you cancomplete your mortgage application.You'll also need to find a conveyancer (solicitor) - a representative who will help you with the process of legal transfer of ownership of the property.
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Valuation and surveys
When you apply for a mortgage, the lender will ask a surveyor to inspect and value the property. This is to ensure it is worth the amount being paid.With NatWest, a standard mortgage valuation will cost between £250 - £1,500 depending on the price of the property, unless we tell you otherwise when you apply.
This is a relatively basic evaluation of the property. You can also choose to request other optional checks and surveys. These will carry a cost but could help uncover any potential hidden issues with the property.
More on house surveys
There are various different surveys you can have on a property, with differing levels of cost and output. It's good to consider these options, as they can provide invaluable information about the property you're looking to buy.
Learn more about house surveys Open in new window
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Exchange and complete
'Exchange' refers to the exchange of contracts between you and the seller's solicitor, with you paying your mortgage deposit. At this point, both parties are bound to the transaction - if you pull out beyond this point, you'll be at risk of losing your deposit.'Completion' is the final stage of the transaction. Your mortgage provider will provide the remaining funds for the purchase (this is called 'drawdown' of the mortgage) to the seller's solicitor. Once this is confirmed, you'll receive the keys and are free to access the property and move in.
Can I take advantage of a first time buyer scheme?
Quite possibly. To help make getting onto the housing ladder easier, the UK government have outlined various home ownership schemes. Not every scheme will be right for everyone, so it's important to consider both pros and cons, to understand what could work for you.
Information Message
All of these schemes are subject to eligibility criteria for both the borrower and the property being purchased.
Help to Buy: Equity Loan
This scheme allows first time buyers in England buying a new build property to borrow an equity loan from the government to cover part of the cost, so a smaller mortgage is needed.
Information Message
More on the equity loan scheme Open in new window
Shared ownership
With shared ownership, buyers take out a mortgage for a portion of a property and then pay rent on the remaining share.
Over time, they can increase their percentage of ownership and generally, can eventually become the outright owner.
Information Message
The Mortgage Guarantee Scheme
The scheme provides support from the UK Government for lenders to offer new91% -95% mortgages.
Information Message
Find out about the mortgage guarantee scheme Open in new window
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What about a Help to Buy ISA?
A 'Help to Buy ISA' is a savings account that includes a government bonus on the money saved, if it is used towards buying a first home. They're no longer open to new applications.
However, if you have an existing NatWest Help to Buy ISA, you can manage it here.
You may however be able to utilise a 'Lifetime ISA'. These savings accounts are still available, and offer a similar bonus benefit to Help to Buy ISAs. These aren't accounts we currently offer at NatWest.
Learn more about lifetime ISAs on the Gov.uk website
Which type of mortgage is best for first time buyers?
- There are different types of mortgage, and mortgage rate, that you could consider. There's no one 'best' type for first time buyers - it will come down to what works best for you.
- You can learn more about mortgage rates, like 'fixed' and 'tracker', as well as different types of mortgage, on our mortgage comparison webpage.
Do first time buyers pay stamp duty?
If you’re a first time buyer, you could get a discount on stamp duty, depending on where in the UK you are buying.
For example, in England and Northern Ireland you won’t need to pay any stamp duty if the house you’re buying costs £300,000 or less.
More information on stamp duty and who pays it Open in new window
Other mortgage options
We have qualified mortgage advisers available to help answer any questions and guide you through the process.
95% mortgages
A mortgage with as little as a 5% deposit
Saving money for a mortgage deposit can be tricky. Therefore, a good option for buying a property may be a 95% mortgage which allows for a deposit as low as 5%.
Exclusions & eligibility criteria apply. Supported by the UK Government's mortgage guarantee scheme.
Information Message
More on 95% mortgages Open in new window
Cashback mortgages
£150-£750 cashback on selected mortgages (criteria applies)
If you select a cashback mortgage, we'll give your solicitor £150-£750 cashback on the day you drawdown your mortgage.The amount is dependent upon the products available and the mortgage you apply for.
This offer can be changed or withdrawn at any point. Early repayment charges may apply. Max loan to value (LTV) of 90%.
Information Message
More on cashback mortgages Open in new window
Green mortgages
Go green and you could save money on your mortgage
Discounted mortgage rates when purchasing an energy efficient home(with a valid Energy Performance Certificate rating of A or B) with a green mortgage.
Available on select products. Product fees may apply.
Information Message
More on green mortgages Open in new window
First time buyer mortgages frequently asked questions
Afirst time buyeris someone who has never owned a residential property in the UK or abroad and who plans to live in the property they want to buy. If you’ve inherited property or land, you won’t be classed as a first time buyer.
This means that any governmentfirst time buyer schemes (such as stamp duty discounts or the mortgage guarantee scheme) will only be available if you have not owned property or land previously.
With NatWest, the minimum amount you would need to contribute towards the purchase price of the property is 5% (so, a 95% loan-to-value mortgage with a 5% deposit). This minimum mortgage deposit may differ depending on what type of mortgage you are looking for.
Some first time buyers are able to take advantage of gifted deposits, from a parent or guardian for example, to help cover the cost of their deposit.
Find out how much you could borrow
If you are interested in a joint mortgage then both applicants must be first-time buyers to be eligible for the stamp duty relief.
You would only be eligible for first time buyer schemes if all named parties on the mortgage are first time buyers.
To be eligible for a NatWest First Time Buyer mortgage, all named applicants must not have owned land or property before
No, first time buyer mortgages are for people who will live in the property as their main residence.
If you want to buy a property which you will rent out and not live in, you need a buy-to-let mortgage.
Use our mortgage calculator to get an idea of how much you could borrow, see our rates, the monthly payments and find out about any fees involved in a first time buyer mortgage.
Then, you could get anAgreement in Principlewhich provides a personalised indication of how much you could borrow. You could use this to show your estate agent that you're a serious buyer and put in an offer on a property.
Once you've had your offer accepted, you can thenapply for a mortgagewith NatWest.
As well as your deposit, there are usually other costs that need to be considered when buying your first home.
Typical costs that often apply to most buyers include:
- Stamp duty (this may not apply to first time buyers)
- Mortgage valuations
- Conveyancing fees
- Moving costs
View more information onother costs to consider when buying a home
It is important to protect your home and those you care about, should the worst happen.
Home insurance
Having Buildings Insurance is a condition of our mortgage offer, but you don’t need to buy it through NatWest and it doesn’t affect how much we’ll lend you.
Find out more about Home Insurance here.
Home insurance is underwritten by U K Insurance Limited.
Life insurance is not a requirement of our mortgage. However, having one in place could offer you the confidence that whatever happens, you or your loved ones could be protected.
Find out more about Life insurance here.
Life insurance is provided by AIG Life Ltd.
Top tips for first time buyers
Be careful if you're transferring any money
Buying a home involves significant sums of money.Be aware of scams, particularly when you pay your mortgage deposit.
It's wise to be sceptical of anyone asking you to transfer money, even if it appears to be from your conveyancer. If you're at all suspicious, or feel you are being pressured to transfer any funds, contact your conveyancer directly over the phone, using a number you are familiar with or from their website, and ask them to verbally verify the details.
If you can, try and view a property more than once
Viewing a potential home is an exciting prospect and there can be a lot to take in.
Therefore, on a first viewing, it could be easy to miss something important, or perhaps see things with 'rose-tinted glasses'. Arranging a second or if necessary, third viewing, can help make sure you make an informed decision about any potential offer.
Ideally, viewing the property at different times of day may help too. This can help you consider how sunlight impacts the property, for example.
There's lots to consider when viewing a property, and it's easy to get overwhelmed. Taking a checklist with you is a great idea to help you get the most from your viewing.
Some of the things you might want to consider;
- Is there any visible damage to the exterior of the property?
- What is the condition of the front door?
- Do all exterior doors & windows have suitable, working locking mechanisms?
- Are there any areas of visible damp on interior walls?
- How old is the property's boiler / central heating system, and has it been routinely serviced?
- What is the condition of fitted kitchen appliances?
- What is the condition of bathroom fittings?
- If there is any outdoor space, how well is this maintained?
- Are there any outdoor boundaries that you would need to maintain, like a fence or wall? If so, what is the condition of these?
and regarding the surrounding area;
- What is traffic like nearby (at different times of the day)?
- How far away is the nearest local transport (e.g. train station)?
- Is there green space nearby, like a park or wooded area?
- Where are the nearest supermarkets or local shops?
House prices fluctuate, and different areas will be in greater demand than others.
If you've found a home you love, it can be easy to let your emotions take over, particularly if you've never bought property before. Here's some things to consider;
- It's important to consider the property's asking price and how this compares to similar properties in the area that are for sale, or have recently sold. Are they similar?
- Consider any potential money you might need to spend on the property if you were to buy it. If renovations are needed, or even just redecorating, then costs can climb quickly.
This should help you understand if you are paying a fair price for the property.Remember, a mortgage provider will complete a valuation of the property as part of the application process. If they feel it isn't worth what you have offered to pay, you may struggle to get a mortgage.
In England and Northern Ireland, you won’t pay any stamp duty as a first time buyer if the property costs £300,000 or less. If the cost is over £300,000, you’ll pay a discounted rate, up to £500,000.
If you’re a first time buyer in Scotland you won't need to pay any stamp duty if the property or land you’re buying costs £175,000 or less. In Wales, you won't need to pay stamp duty on a property costing up to £180,000.
Our webpage can help youlearn more about paying stamp duty
Need some help?
Call us
More first mortgage guides and information
Take a look at our handy mortgage guides
How do mortgages work? Open in new window
Mortgage jargon buster Open in new window
How much deposit will I need? Open in new window
Home buying costs guide Open in new window
Mortgage valuations Open in new window
What is stamp duty? Open in new window
Other useful information and help
What is an Agreement in Principle? Open in new window
How do I apply for a mortgage? Open in new window
What is the Mortgage Guarantee Scheme? Open in new window
Help getting a mortgage for the self-employed Open in new window
How does mortgage equity work? Open in new window
Joint mortgages Open in new window
