For first-time buyers, getting onto the property ladder can seem like a long and complicated process. That’s why we’re here to talk you through the key considerations for when it comes to buying your dream home:
Planning to buy a home – When planning to buy your first home, you’ll need to start saving for a deposit, decreasing debts, improving your credit rating and start searching for a property.
Mortgage adviser – Choosing your first mortgage can seem confusing. A mortgage adviser can help you find the right type of mortgage for you and give you an Agreement in Principle.
Formal mortgage agreement and legal process – Once you’ve found your dream home and have had an offer accepted, you can start to look at surveying the property and exchanging contracts.
When you are finding out how much you can borrow, you might be given an online mortgage promise. This is an Agreement in Principle which is based on your personal circumstances. It gives you an estimate of what you could borrow and shows estate agents of your intention to buy a home. You can apply here.
You can use our mortgage calculator to get an idea of how much you may be able to borrow, as well as how much your monthly repayments could be.
An Agreement in Principle is a written estimate that gives you a good indication of how much money you could borrow from TSB. While it is not necessary to have an Agreement in Principle to view homes, some estate agents will insist that one is obtained. Also known as a Decision in Principle, an AiP can also give you a better chance that an offer on your dream home will be accepted as you will be taken more seriously by sellers.
Once you’re ready to put an offer in for your new home, there are lots of important costs for you to consider. Some of these include deposits, mortgage fees, stamp duty costs, conveyancing fees and more. You can see our guide on the cost of buying your first home for advice on saving for and covering these costs.
When you’re ready to apply for a mortgage, you will also need to consider the type of mortgage you will need for your new home. For guidance on choosing the right type of mortgage for you and for mortgage advice and eligibility, you can see our advice on getting a mortgage.
With the 2 year tracker you’re free to leave at any time. This rate tracks a percentage above the Bank of England Base Rate (BBR), so your monthly repayments will go up or down depending on how the BBR moves.
Must be at least 18 years old to apply for a mortgage
Can apply for a mortgage on your own, even for a joint mortgage application
Can get an agreement in principle before you've found the place you want to buy
Lending limits are subject to the availability of suitable products at any given time and the ability to undertake either an Automated or Desktop Valuation whilst it is not possible for valuers to gain access to properties
How to apply
We need to talk you through your mortgage application, but you can save time by starting the process online. It'll take about 20 minutes, and then one of our mortgage experts will call you back at a time to suit you to complete the process. Or you can call us and speak to an advisor directly, or book an appointment to see one of our advisors at your nearest branch.
You'll need to have the following details to hand:
Your last three months' payslips
Your last three months' bank statements if you want any other income to be considered (for example rental or investments) and as a reminder of your outgoings
If you already have an existing mortgage elsewhere, your last year's mortgage statements
If you're applying for an interest-only mortgage, any repayment vehicle details that you want to use (e.g. endowment policy, investments, ISAs)
If you're self-employed, minimum 2 years’ finalised figures
If your mortgage is to extend past your stated or state retirement age, up-to-date forecasts for any state, company and personal pensions
And, if you've already got your heart set on a property, bring along the sales particulars
Details of any loans you currently hold, including student loans and car payments
Learn about Stamp Duty Land Tax and understand how to calculate it with our complete Stamp Duty Guide.