Learn about the size of deposit you’ll need, how much you could borrow and whether you’re eligible for a mortgage.
Our mortgage calculator gives you an idea of what you could borrow and shows the current interest rates. You can also compare monthly payments.
You’ll find it helpful to have an Agreement in Principle. There’s no charge for this, and no obligation to apply for your mortgage with us.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Average time: 2 hours
If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you’ll need to:
At the interview your Mortgage Adviser will:
In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.
When all this is done and if everything is ok, we’ll write to make you a mortgage offer.
Average time: 2-3 months
The legal side of buying or selling a property can be carried out by either a ‘solicitor’ or ‘licensed conveyancer’, for simplicity we refer to both of these as ‘conveyancer’. They will check who owns the property you want to buy, what’s included in the sale, and whether there are any clauses in the property’s legal title you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.
You’ll need to:
You can use the Lloyds Bank Conveyancing Service to compare quotes from our panel of up to 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you - the price, the firm's location or their service rating.
Alternatively, you can appoint your own conveyancer, or your mortgage adviser can help arrange one during your mortgage appointment using the Lloyds Conveyancing Service.
All conveyancers instructed through the Lloyds Bank Conveyancing Service offer a 'no completion, no legal fee' guarantee, so you'll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.
Using the Lloyds Bank Conveyancing Service isn’t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.
Average time: Usually takes place in one day.
When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.
You’ll need to:
After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.
Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.
Congratulations! You now own your first home.