Property steps

Ten steps to your new home

Step 1: Find out how much you can afford to borrow

Decide whether you want to live on your own or with a partner (if you move in together your mortgage would be in joint names).
Get a rough idea of how much you can borrow - our Mortgage Specialists will be pleased to help.
Find out what it might cost each month.

Step 2: Decide which type of mortgage is best for you

Choose between a repayment or an interest-only mortgage or consider a mixture of the two.
Decide if you would prefer a fixed, variable or tracker rate again, you can take a mixture of products if that suits you best.
Ask about any special rates, discounts or cashbacks that might be available at the time.

Step 3: Find the right property

Spend time choosing the right location.
Decide on the type of property that you want eg. detached, semi, old or new.
Find out which properties you can afford to buy and to maintain.
See if family or friends can help you locate a suitable property.
Consider using a property search and location company - there are a number of good websites available.

Step 4: Make an offer*

Find a property that you like.
Decide what the property is worth to you. Don't offer more than you feel comfortable with.
Make your offer.
If your offer is accepted, appoint a solicitor in the UK.
If you don't already have a UK solicitor, talk to our Mortgage Specialists who will be happy to provide you with some names to select from.

*If you intend to buy a property in Scotland, you should take legal advice from a Scottish solicitor before making an offer.

Step 5: Finalise your mortgage application

Tell us exactly how much you need to borrow.
Make sure that you have sufficient money available to pay your deposit and meet the other costs.
Give us details of the property.
Advise us of your solicitor.
Complete the mortgage application.
We recommend that you consider taking independent tax advice about buying property in the UK.

Step 6: Ask us to arrange a valuation or survey

We will always arrange for a mortgage valuation to be undertaken to help us decide how much we can lend.
Once we have received the valuation report we will be able to make a formal mortgage offer to you.
You should also consider obtaining a more detailed report/survey of the property - better to identify problems before you buy rather than after.

Step 7: Protect your interests

Our Mortgage Specialists will provide you with full details of the various schemes available to protect your interests.
Buildings and contents: Cover needs to be in place when you exchange contracts. It is a condition of our mortgage that sufficient buildings cover is in place.
Family: Will your family be adequately covered should you die during the term of the mortgage?
Yourself: What will happen if you become critically ill or lose your job?

Step 8: Exchange contracts and pay your deposit

Exchanging contracts is the point of no return. If you or the seller pull out now you could lose your deposit and face possible legal action.
If you're happy with the survey and there are no legal problems with the purchase your solicitor will exchange contracts.
Pay the deposit at the exchange of contracts.
Agree a completion date.
Arrange buildings insurance.
Prepare to move

Step 9: Prepare to move

Obtain removal estimates.
Notify utility and service providers to read meters.
Check that your home and contents insurance policy covers items during the move.
Send off new address cards.
Consider having your mail re-directed to your new address.

Step 10: Complete and move in

'Completion' is when your solicitor pays the balance of the purchase price and the property legally becomes yours.
Arrange to pick up your keys.
Your mortgage will start on the day of completion

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

FOR MORTGAGES DENOMINATED IN CURRENCIES OTHER THAN STERLING, CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT.

We are a responsible lender and when considering your application for borrowing, your financial circumstances will be appraised. And remember, if you should run into difficulty, please contact us immediately.

†Lines are open 9am to 5pm Monday to Friday, except UK bank holidays. Calls may be monitored and recorded for training and security purposes. Calls from within the UK are charged at local rate. Calls from overseas are charged at standard rate.