Buying your first home

Look at the houses on the 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?

Use our calculator to get an idea of what you could borrow and how much in total you might have available to spend on your new home

Start looking on websites like Zoopla and when you know the types/size of properties that interest you, register with estate agents so that you receive alerts when similar properties come on the market.

When you see a new property that you like, call the estate agent and arrange to go and see the property. There's no harm in looking and the more you see, the better idea you will get of what you might be able to afford.

Take a look at our first time buyer mortgage rates, including 5% deposit and cashback mortgages, and compare monthly repayments.

Easily compare mortgage rates and deals.

Get an indication of the monthly repayment.

Enter a few details into our mortgage rate calculator and we’ll show you all the Royal Bank mortgages that may be right for you, based on what you've told us.

When you've found the one that is right, make an offer through an estate agent/solicitor but remember that the sale price is just what the seller hopes to get. You may be able to agree a lower price.

You can use our Agreement in Principle tool to see if we may be able to lend you the amount you require for your new home.

You can use the tool without affecting your credit score or credit file.

There are a few things that you can do ahead of applying that will make the process smoother. Read through our helpful guide about preparing to apply for your mortgage.  

Have a look through the documentation that you will need to have available when applying for your mortgage.

When you have agreed the amount that you will pay for the property, you can complete your mortgage application.

You'll also need to find a solicitor or conveyancer to take care of the legal transfer of the property.

A first time buyer is someone who has never owned a residential property in the UK or abroad and who plans to live in the property they want to buy. If you’ve inherited property or land, you won’t be classed as a first time buyer.

This means that any government first time buyer schemes (such as stamp duty discounts or the mortgage guarantee scheme) will only be available if you have not owned property or land previously.

With Royal Bank, the minimum amount you would need to contribute towards the purchase price of the property is 5% (so, a 95% loan-to-value mortgage with a 5% deposit). This minimum mortgage deposit may differ depending on what type of mortgage you are looking for.

Some first time buyers are able to take advantage of gifted deposits, from a parent or guardian for example, to help cover the cost of their deposit.

Find out how much you could borrow

If you are interested in a joint mortgage then both applicants must be first-time buyers to be eligible for the stamp duty relief.

You would only be eligible for first time buyer schemes if all named parties on the mortgage are first time buyers. 

To be eligible for a Royal Bank of Scotland First Time Buyer mortgage, at least one of the applicants must not have owned a property before.

No, first time buyer mortgages are for people who will live in the property as their main residence.

If you want to buy a property which you will rent out and not live in, you need a buy-to-let mortgage.

Use our mortgage calculator to get an idea of how much you could borrow, see our rates, the monthly payments and find out about any fees involved in a first time buyer mortgage.

Then, you could get an Agreement in Principle which provides a personalised indication of how much you could borrow. You could use this to show your estate agent that you're a serious buyer and put in an offer on a property.

Once you've had your offer accepted, you can then apply for a mortgage with Royal Bank. 

As well as your deposit, there are usually other costs that need to be considered when buying your first home.

Typical costs that often apply to most buyers include:

• Land and Buildings Transactions Tax (also known as Stamp duty) 
• mortgage valuations
• conveyancing fees
• moving costs.

View more information on other costs to consider when buying a home.

It is important to protect your home and those you care about, should the worst happen.

Home insurance

Having buildings insurance is a condition of our mortgage offer, but you don’t need to buy it through Royal Bank of Scotland and it doesn’t affect how much we’ll lend you.

Find out more about home insurance here.

Home insurance is underwritten by U K Insurance Limited.

Life insurance

Life insurance is not a requirement of our mortgage. However, having one in place could offer you the confidence that whatever happens, you or your loved ones could be protected.

Find out more about life insurance here.

Life insurance is provided by AIG Life Ltd.