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.
Approval rate based on offers subject to property valuation on completed NatWest First Time Buyer mortgage applications, between 1st Jan 2022 and 31st Oct 2022.
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.
Getting a first time buyer mortgage might 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.
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.
Any mortgage you take out (at least with us) will require you to place 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 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 or lower.
Some first time buyers may be able to use a gifted mortgage deposit, from a parent or guardian, for example.
When you're ready to start viewing properties, it's a good idea to get 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.
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.
There are things you can do ahead of applying to help make the process smoother. Read through our helpful guide about preparing to apply for your mortgage.
Also consider the documentation that you will need to have available when you apply.
Once you have agreed on the price, you can complete 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.
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.
'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.
Getting on the property ladder may be made easier with the help of a government scheme or a low deposit mortgage. Not every option will be right for everyone, so it's important to consider the pros and cons, to understand what could work for you.
Subject to eligibility criteria for both the borrower and the property being purchased.
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.
Find out about 95% mortgages and how you may be able to buy your new home with just a 5% deposit.
Please note other mortgages are available.
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
If you’re a first time buyer, you could get a discount on stamp duty, depending on where in the UK you are buying.
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.
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%.
Enter our free prize draw using the online entry form for a chance to win one of our 5 prizes of £5,000 in cash.
Closing date 18th September 2023. One entry per person. Five prizes available – one prize per winner. UK residents & over 18s only. Excludes Northern Ireland.
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.
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.
