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Helping you on the journey to home ownership
Your home may be repossessed if you do not keep up repayments on your mortgage
Buying your first home is an exciting milestone in your life. But, as a first-timer, you may be wondering what the process actually involves.
So to help you on your way, we’ve summarised the key stages below with some links to helpful articles that will help make your journey to becoming a first time buyer as enjoyable as possible. If any of the mortgage terms we use are unfamiliar have a look at our jargon buster to help bring you up to speed.
A common question that people ask is: ‘what’s the biggest mortgage I can get? 
Rather than asking yourself: ‘how much can I borrow?’ you can ask yourself ‘how much can I afford?’.
Think about a deposit that’s achievable for you, carefully consider the size of mortgage and repayments you can afford, the costs involved in moving home and what you’d do if interest rates increase.
For more information to help you decide what you can afford, visit our section on the financial aspects of home ownership.
Finding the perfect property can be tricky. A useful exercise is to think about the aspects of your dream home that are really important to you. Create a prioritised list of ‘must haves’ and ‘nice to haves’ that will help you narrow down your search to the properties that have what you really need.
Don’t rush the process, be open-minded and keep your options open. It’s a massive commitment, but try to enjoy it. To help you, have a look at our article on finding the right home.
This is an exciting but nerve-racking point in your journey to becoming a first time buyer. The property you want is inches away and you’re ready to make an offer. Before you do, there are a few things to consider:
Before making an offer, compare the similar and nearby properties to the one you have in mind. Take note of any that sell, the price they sell at and what the original asking price was. This will help inform your offer.
It’s your solicitor’s job to deal with any negotiations with the seller’s solicitor.
The way a deal is made in England and Wales differs slightly from Scotland. In England you can speak directly to the seller, which means they’ll conditionally accept your offer direct with you. In Scotland your solicitor will usually negotiate the offer and so they’ll tell you if your offer has been accepted.
At this point in the process, you’ll have to make your lender aware of the property price and the mortgage you require to pay for it. After your vendor has seen proof that you have the necessary funds you’ll be clear to sign the mortgage deeds and contracts for exchange. Your exchange date is when your buildings insurance cover will need to start. You may also want to get a quote for your contents insurance at the same time as sometimes you get a discount for taking them together.
Now your solicitor will pay the balance of the property price and sort the remaining admin – getting the transfer document and the title deeds, pay the stamp duty and land registry.
When this is all completed, it’s time to start looking forward to the big move.
This is a day you want to be fully prepared for. Put some time into planning ahead to minimise stress and extra work you have to do on the day.
Here are a few key things to plan for:
When your boxes are in, it’s time to start making your new house a home.
Yorkshire Bank's mortgage support will make the mortgage process an easier journey for you.
Tools and guides to help you understand the financial journey to your new home.
Is a buy-to-let property the right investment for you? Find out with our examination of the many aspects involved.
To give you more protection against fraud we have changed the way you verify payments online and via mobile banking.
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We need to ensure it’s really you making the payment before the money leaves your account. How you do this depends on whether you’re using:
Will this happen every time I make a payment?
No, it’s not for every payment. Once saved the payment will become ‘Trusted’. That means you may not need to do the identity check again, unless you change details like the sort code, account number, name or reference.
What’s changed for your Business?
To make payments of more than £500, or totalling more than £1000 per day, you will now need to use the Mobile Banking App to verify your payments. Business customers using a One-Time Passcode will no longer be able to make payments greater than £500. Talk to us to learn more about the benefits of using the Mobile Banking App. Further info on your daily limits can be found here.
You may see a difference to when you’re asked to authenticate a payment via Business Internet Banking and the Mobile App, how you do this will remain the same by using:
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