Buying your first home is exciting, but we understand it can also be very stressful. Our first time buyer mortgage range is designed to guide you through the process and can help suit your needs.

But first things first, you will need to sort out your finances, establish how much you can afford to borrow and how much you will need to save.

How much can I borrow?
As a mortgage lender, we must act responsibly when considering how much to lend to you. We need to be sure you will be able to keep up your mortgage repayments, not just now, but throughout the term of your mortgage.

Each lender will have its own method of calculating borrowing limits. Here at the Tipton, your borrowing limit is determined by a combination of both income multipliers and affordability. In all first time buyer cases we will ask you to complete a budget planner to determine your borrowing limit.

How much do I need to save?
Having a capital deposit can make a large difference in terms of both interest repayments and overall repayment time on a mortgage. The more you save the less you’ll need to borrow and the less interest you’ll pay. The minimum deposit amount to apply for one of our First Time Buyer products is currently 10% of the purchase price or valuation, whichever is lower.

Other costs to remember
When working out how much you can afford to borrow you will need to remember that there are other costs involved in buying a home. These can include, but may not be restricted to:

• Solicitors fees
• Valuation fees
• Searches
• Stamp duty
• Insurance

Find out about your mortgage options
As a first time buyer there are a number of mortgage products and repayment options available to you. Once you’ve made your choice, we can give you a Mortgage Certificate showing what we’re prepared to lend you subject to some checks such as affordability. This is useful when dealing with estate agents and sellers because it shows you are a serious purchaser. To arrange an appointment with one of our mortgage advisers, please enter your details here.

Making your offer
Once you've found the home that’s right for you, and it’s within your price range, you can then make an offer to purchase the property.

If your offer is accepted, the home you want to buy is then said to be 'sold subject to contract'.

Making your mortgage application
Having had your offer accepted you're now ready to complete your mortgage application. You will need to complete an application form and supply proof of your identity, income and outgoings and current address, together with any other items we may require.

We will also run credit checks, ask for references if necessary and arrange a valuation on the property.

Appoint a solicitor
Taking out a mortgage to buy your home means you will need to use a solicitor or licensed conveyancer. Word of mouth is a common way to hear about a good, local solicitor. Our Mortgage Advisers can also give you details of the solicitors available to use in your local area, although we are unable to recommend a particular firm to you.

Getting a property survey and valuation
We will require a basic property valuation to ensure your chosen property is worth the asking price. The valuation is a basic check of the property so you may want to have a more detailed Home Buyer Report or a full structural survey carried out. This may be more costly but is much more detailed and can give you peace of mind – especially if the property is old or needs some work.

Your Mortgage Offer
Once we are completely satisfied with everything, a formal Mortgage Offer will be made to you. When you and your solicitor are happy with everything and your Mortgage Offer is in place then you are ready to exchange contracts.

Exchange of contracts
When your solicitor has completed all the necessary checks, you'll be asked to sign a contract legally committing you to the purchase.

At this stage you'll also pay your deposit and agree a completion date. On average, you will have between two and four weeks before you can move in, so this is a good time to tell friends and colleagues, contact the local authority, and make arrangements with utility companies.

And don’t forget, you’ll need buildings insurance in place from the date of exchange of contracts. We can offer you a range of insurance products to suit your needs.

Completion
This is the day when your solicitor arranges for the money to be transferred and the estate agent hands over the keys to your first home.