How first-time buyers can protect mortgage rates before an offer is accepted

A first-time buyer planning to spend £250,000 with a £25,000 deposit faces rising mortgage rates and wonders how to lock a deal before the seller replies. Mortgage technical manager Nick Mendes notes that a full application normally follows offer acceptance, though a decision in principle can confirm borrowing potential. Rates may still change between that stage and the final application, but Nationwide offers a reservation option that secures the quoted rate for up to 90 days after a decision in principle.

This is not a blanket recommendation, as the product must still meet the borrower’s criteria. Meanwhile, the buyer should appoint a conveyancer, gather proof of deposit, payslips and statements, and disclose any gifted portion to avoid delays once the offer is accepted.