Personal
Mortgages
First Time Buyer

Buying your first home

First-time buyer mortgage

To apply you must be 18+ and resident in the Channel Islands, Isle of Man or Gibraltar. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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Buying for the first time? Open in new window

How much could I borrow? Open in new window

Steps to buying your home Open in new window

Common questions Open in new window

Mortgage help and support Open in new window

What is a first-time buyer mortgage?

First time buyer mortgages are for people who are new to the housing market. You are considered a first time buyer if:

you’ve never owned a residential property before and;
you plan to live in the property that you buy

To help you get your first home, we are offering £250 cash back on all first-time buyer mortgages.

Information Message

All NatWest International first-time buyer mortgages are eligible for £250 cash back. The cashback is a fixed amount and can be changed or withdrawn at any point. Maximum LTV 90%.

More on cashback offer Open in new window

Helping you to buy your first home

We are here to help you take your first steps on the property ladder.

How much could I borrow?

Use our mortgage calculator to see how much you could borrow, review our mortgage rates and get an idea of what your monthly payments could be.

It only takes about 5 minutes to complete and get a rough idea of how much you could borrow.

Find out how much you could borrow Open in new window

Information Message

For properties in the Channel Islands, Isle of Man or Gibraltar

Steps to buying your first home

Getting your first mortgage might seem like a complicated process. Don't worry, there are some general steps you can follow.

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?

Plan for your deposit

Any mortgage you take out with us requires a mortgage deposit. This is an amount of money you pay upfront towards the cost of the property.

You'll need a deposit of at least 10% of the final sale price to potentially be eligible for one of our mortgages.

Research properties in your chosen area

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? Is the school catchment area important to you?

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 what the seller hopes to get so you may be able to negotiate a lower price.

Offer accepted? It's time to apply for a mortgage

Once you have agreed on the price, it's time to arrange your mortgage.

Complete an application and we'll let you know what else is required. Once we have everything and your mortgage is approved, we'll arrange for a valuation of your new home.

You'll need to find a conveyancer or solicitor. This is a representative who'll help you with the legal transfer of ownership of the property.

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 you are paying.

This is a basic evaluation of the property. You can choose to request other optional checks and surveys. These will carry a cost but could help uncover any potential hidden issues with the property.

Complete the purchase

The exchange of contracts happens when:

the buyer's and seller’s legal representatives swap signed contracts and;
the buyer pays the deposit.

Both parties are now bound to the transaction so if you pull out, you could be at risk of losing your deposit.

On completion day, we'll transfer the remaining funds to the seller (the drawdown). You'll receive the keys and are free to access the property and move in.

This process will vary depending on your jurisdiction. Your legal representative will provide you with further details.

Common questions

What is a first-time buyer?

A first-time buyer is somebody who's buying their first home. They will never have owned a residential property and plan to live in the property they want to buy.

If you’ve inherited property or land, you won’t be considered a first-time buyer.

How much will I need for a deposit as a first-time buyer?

We ask for at least 10% of the amount you want to borrow as a deposit. This deposit may differ depending on the loan to value of mortgage you are looking for.

Loan to value (LTV) is the percentage of borrowing you take out against the value of your home. If you have a £180,000 mortgage on a house valued at £200,000, the loan to value would be 90%.

Find out how much you could borrow

What if I'm a first-time buyer but the person I'm buying with isn't?

To be eligible for a first-time buyer product, all named parties on the mortgage must be first time buyers.

Can I get a first time buyer mortgage and rent out the property?

No, first time buyer mortgages only available if you plan to live in the property you want to buy.

How do I get an idea of how much I could borrow?

Use our mortgage calculator to get an idea of how much you might be able to borrow. You'll can also see our mortgage rates and get an idea of what your monthly payments could be.

It only takes about 5 minutes to complete and won't impacting your credit score.

Find out how much you could borrow

What information will you need?

For all new mortgage customers, we need to following details:

3 months bank statements for any current accounts you have with other financial institutions
3 recent payslips
any existing mortgage statements
details of any rental income
any credit card or store card statements

If you're self employed, a sole trader or a limited company director, we'll also need:

3 months business bank statements
2 years audited accounts certified by an accountant and signed by you
latest 2 years personal tax assessments

Please have these details ready for your mortgage appointment.

First-time buyer cashback

To help you buy your first home, we are offering £250 cash back on all first-time buyer mortgages.

What is cashback on a mortgage?

Cashback on a first-time buyer mortgage pays you a cash lump sum when you complete on your mortgage. You can spend the money how you like, from moving costs to furniture for your new home. The choice is yours.

Am I eligible for cashback on my mortgage?

All NatWest International first-time buyer mortgages are eligible for £250 cash back. The cashback is a fixed amount and can be changed or withdrawn at any point. Maximum LTV 90%.

Each application will receive one cashback offer, even where there are two applicants.

You'll receive the cash back within 30 days of the completion of your mortgage. We'll send the money to the bank account details which you provided on your Direct Debit mandate.

Mortgage help and support

Mortgage rates and charges Open in new window

Compare mortgages types Open in new window

Mortgage jargon buster Open in new window

Appointment checklist Open in new window