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Buying your first home can be both exciting and daunting. But it doesn’t have to be difficult. We have been helping people buy their own homes for over 170 years, here's our guide to help you into your home.
A home of your own is most people’s dream, but it isn’t a necessity. Millions of people in the UK own their own homes but many choose to rent. Before you make what is likely to be the biggest financial commitment of your life, let’s make sure it’s definitely the right thing for you.
There are many different types of mortgages, with the main ones outlined below:
Fixed rate mortgages - If you want the peace of mind of knowing what your mortgage payments will be every month, then a fixed rate mortgage could be for you. This type of mortgage fixes your interest rate for an agreed period of time and means your rate won’t be affected by changes in the Bank of England’s Bank Rate (Bank Rate), whether it goes up or down.
Variable rate mortgages - There are several types of variable rate mortgages, including standard variable and discount, typically offering a discount for a set period off a lenders standard variable rate. They don’t offer protection from future rate increases but you could benefit from cheaper payments when interest rates are low. Standard variable rates are usually set by individual lenders, so they might change without the Bank Rate moving. All lenders have a responsibility to write to you with plenty of notice to let you know if your mortgage payments will be going up or down.
Tracker mortgages - A tracker mortgage follows and tracks movements of another rate. This is usually the Bank Rate. As a result, you could benefit from cheaper mortgage payments when the Bank Rate is low; but you’ll also need to budget for higher mortgage payments should the Bank Rate go up.
From time to time, the West Brom may launch or withdraw certain types of mortgages and change its product range.
When applying for a mortgage you will need to put down a deposit which is usually 5% of the sale price of the home you want to buy. It's worth bearing in mind that the more you're able to put down as a deposit, the lower your monthly payments are likely to be. Above all, whatever the size of your deposit, the most important thing is that you feel it's affordable.
We've put together this quick guide to help you into your first home. It will take you through all the steps to getting a mortgage, as well as information and useful tips on finding, buying and moving into a place you can finally call home.
Work out how much you can afford to borrow and where you would like to live including, local amenities, schools and your commute to work.
Get an Agreement in Principle (AIP) to help with your negotiations when buying your new home.
Now you know how much you could borrow, check that your research is still relevant and get viewing!
When you’ve decided to proceed you’ll need an appointment with a mortgage adviser to go through the mortgage application.
Find a solicitor to deal with the legal work involved in buying a property.
Time to get the valuation for your property.
Your mortgage offer is ready.
You're nearly there - it's time to exchange contracts. This means you're now legally bound to buy your new home.
You've now completed your mortgage. Congratulations on your new home.
The expense of buying your first home is not just about the price of the property. As a first time buyer it’s vital to bear in mind the other costs involved. For starters, there’s the deposit. If you’re buying a house for around £150,000 and want to put down a 10% deposit, that’s £15,000 you’ll need to have saved.
That’s not all. There are the other costs you usually come across when buying a property.
Find out how to apply for a mortgage with the West Brom.
Got all the information you need? Head over to view our mortgage products that may be suitable for you.