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First time buyer guide
Buying your first home is a huge milestone, but we know it can feel a bit overwhelming. Our step-by-step guide breaks down the process into simple stages, helping you feel more informed and confident along the way.
Arrange protection for your home and family
At TSB, we understand it's important to protect what you value the most. That's why we offer a range of insurance products to look after what's important to you, whether it's buildings, contents or life insurance.
Buildings insurance - buildings insurance is a requirement for your mortgage. This must be in place for completion. It protects against damage of your property in scenarios such as flooding, fires and vandalism.
Buildings and contents insurance - gives you peace of mind that your home and its contents are protected should the unexpected happen.
Life insurance and critical illness cover - sometimes it's ourselves and our loved ones we need to think about protecting. Our Mortgage Experts can talk through the different levels of protection you may want to consider, and what they might cost you. Or, find out more by visiting our life insurance page.
Your conveyancer will arrange for all the paperwork to be in place before completion date. They will exchange contracts with the seller s conveyancer, once you've:
- Received your final mortgage offer
- Checked through and are happy with all the legal documents
- Transferred your deposit to your conveyancer
- Agreed a completion date
- Signed the contract
You're legally bound to buy the property once you've exchanged contracts. If you decide to pull out after this point, you could lose your deposit and may face legal action from the seller.
After exchanging you'll need to sign the mortgage deed and a document to transfer ownership of the property to you.
Your conveyancer will arrange for all the paperwork to be in place before completion date. They will conclude missives with the seller's conveyancer, once you've:
- Received your final mortgage offer
- Checked through and are happy with all the legal documents
- Transferred your deposit to your conveyancer
- Agreed a completion date
- Signed the contract
You're legally bound to buy the property once you've concluded missives. If you decide to pull out after this point, you could lose your deposit and may face legal action from the seller.
After concluding missives you'll need to sign the mortgage deed and a document to transfer ownership of the property to you.
Your conveyancer will arrange for all the paperwork to be in place before completion date. They will exchange contracts with the seller s conveyancer, once you've:
- Received your final mortgage offer
- Checked through and are happy with all the legal documents
- Transferred your deposit to your conveyancer
- Agreed a completion date
- Signed the contract
You're legally bound to buy the property once you've exchanged contracts. If you decide to pull out after this point, you could lose your deposit and may face legal action from the seller.
After exchanging you'll need to sign the mortgage deed and a document to transfer ownership of the property to you.
Your conveyancer will arrange for all the paperwork to be in place before completion date. They will conclude missives with the seller's conveyancer, once you've:
- Received your final mortgage offer
- Checked through and are happy with all the legal documents
- Transferred your deposit to your conveyancer
- Agreed a completion date
- Signed the contract
You're legally bound to buy the property once you've concluded missives. If you decide to pull out after this point, you could lose your deposit and may face legal action from the seller.
After concluding missives you'll need to sign the mortgage deed and a document to transfer ownership of the property to you.
Exchanging contracts checklist:
- Review the contract terms with your solicitor before signing.
- Make sure you have your deposit ready to make the transfer, your solicitor will guide you through this part of the process.
- You'll need to have buildings insurance in place before you exchange in England, Wales and Northern Ireland. In Scotland, buildings insurance must be in place before the completion date known as the 'Date of Entry'.
Three key questions to ask:
What are the conditions in the contract, and can I negotiate any terms?
What happens if I cannot complete by the agreed completion date?
When will I need to provide the deposit?
Completion checklist
- Confirm all final funds are ready to be transferred.
- Double check the stamp duty (England and Wales) or Land and Building Transaction Tax (Scotland) process, if you re eligible.
- Arrange to pick up the keys to your new home.
- Your solicitor will register your ownership with the Land Registry.
- Remember to take meter readings the day you move in to help set up bills and not overpay.
Three key questions to ask:
What final checks should I complete before moving in?
Are there any utility or council tax registrations I should handle immediately?
What should I do if there are issues with the property on the day of completion?
Tiny tip
Pack essentials for your first night and keep them in a box or suitcase that's easily accessible. This will save you frantically unpacking boxes trying to find your PJs and toothbrush!
