First time buyer guide making an offer

Once your offer has been accepted, you’ll need to apply for a mortgage. There are two main steps to applying:

1. Complete an Agreement in Principle (AIP)
An AIP will give you an idea of how much you could borrow. It should only take 15 minutes to complete and you don’t have to apply for a mortgage with us.

Apply for an Agreement in Principle

2. Book an appointment
Once you have your AIP, you can speak to one of our mortgage advisers, who will help you choose the mortgage term and rate that’s right for you.

You can have your mortgage appointment in branch, by phone, or by video chat.

Contact us

How long will it take me to get a mortgage?

The time it takes to get your mortgage can vary. It will depend on your personal circumstances, as there are a number of stages during the mortgage process.

The actual time from you finding a property to getting the keys is often up to three months. It is mostly down to how quickly the conveyancer does all the legal work and what arrangements the seller has made for moving out (e.g. they might be buying another property etc.)

What documents will I need at my appointment?

One of our mortgage advisers will get in touch before your meeting. They'll confirm what you need to bring and can answer any questions. But most of the time, we ask people to bring:

• ID, such as a passport or driving licence.
• Most recent three payslips.
• Details of any borrowing, including credit cards, personal loans, car finance, overdrafts and student loans.
• Most recent three month bank statements which show your income and outgoings.
• Details of home, life or critical illness policies.
• Latest pension statement (if you have one).
• If you’re self-employed, we’ll need your last three years tax return, online tax year overviews or accounts.

Conveyancing

Whether you’re buying or selling a home, you’ll need a conveyancer to carry out the legal work for you.

With us, you can compare quotes from up to 200 conveyancers. We base this on what's important to you – cost, location or service rating. And it will save you time getting quotes from different companies.

You don’t have to use the Halifax Conveyancing Service if you’re applying for a mortgage with us. And just because a firm is listed with us does not mean we endorse or recommend them.

You can use our conveyancing service to compare quotes for your legal costs.

Valuation Schemes

When taking out a mortgage to buy your home, we'll want a professional opinion of the property’s value. We’ll ask you to choose from two levels of inspection. Unless we tell you otherwise you will have to pay for the cost of this.

If you require a more detailed customised report, then you may wish to consider a building survey. We do not offer these, but you can make your own arrangements to get one.

The two levels of valuation available can rise in detail but also in cost;

Mortgage Valuation

• This is the minimum requirement to value the property.
• It gives you limited information and is unlikely to highlight any defects that might affect your decision to buy the property.

Survey and valuation

• This is often referred to as a Homebuyers report.
• It tells you information on things you may need to know about, such as defects and problems that are of concern or that may affect the value of the property.
• You will receive a full report with all of the findings.

Building survey

• This is a detailed report that can be tailored to fit your exact needs.
• It is the most comprehensive type of survey.
• We cannot provide a Building Survey, this needs to be obtained independently. You can find a surveyor accredited by the Royal Institute of Chartered Surveyors at www.ricsfirms.com
• Your chosen surveyor will discuss what kind of report you require before the survey takes place and you will receive a full report of the findings.
• We will have no involvement in the process and will receive no information from your chosen surveyor, therefore we will still require you to choose a Mortgage Valuation through us to enable us to provide a lending decision.
• Any questions or concerns relating to a Building Survey must be raised with your chosen surveyor.

To get more information on the valuation schemes and their associated costs, you can talk to your Mortgage Advisor and visit our valuation schemes page.

Before you exchange

As part of the conveyancing work, there are numerous steps that need to take place, such as:

• Liaise with the seller’s conveyancer and go through all the documents sent by them.
• Carry out searches. These usually consist of a local search and a drainage search, but other searches are common based on where the property is, for example environmental or mining searches – in Scotland this is done by the seller's conveyancer.
• Ask the seller's conveyancer any questions that are needed.
• Receive a copy of your Mortgage offer letter from your mortgage provider.
• Report any findings back to you and discuss any concerns you have.
• Ask you to sign a copy of the contract.

You will also need to have buildings insurance in place for the day you exchange contracts. Your conveyancer will ask for proof of this.

On exchange of contracts you must pay a deposit to your conveyancer. This amount is usually 10% of the purchase price but in some circumstances it may be lower. It is not directly related to your mortgage deposit amount.

Once all the legal work is done and you’ve signed your contracts, then the purchase will become legal. Until this point, both the buyer and seller can pull out of the deal.

Before you pay the deposit, check that:

• You have the mortgage offer in writing.
• Your conveyancer has completed all searches.
• You understand and are happy with the contract.
• You have agreed a completion date.
  

After exchange of contracts

Your conveyancer will still need to do some work before you get your keys, such as transferring any remaining money and arranging the mortgage deeds etc.

The time between exchange and completion (the day you get the keys) is typically between 7 to 28 days. But this can be more, or less if needed but will depend on the circumstances of everyone involved in the property chain. You should discuss this with your conveyancer before you exchange.

The steps involved and time may vary based upon your circumstances. For more detail on the exact conveyancing process that relates to buying your home, please speak to your appointed conveyancer.

Once you have your moving date, you’ll want to start planning. That means arranging any removals and letting the right people know. You can find out more in the next part of the guide.