How to get a mortgage
We know it can seem overwhelming but we're here to guide you through. Below we outline the questions you'll be asked and the process of buying a property.
how to get a mortgage
Ready to take the first step and get on the property ladder? We're here to guide you through the process, one simple step at a time.
1. book your free call
30 seconds is all it takes to schedule your call with an expert mortgage adviser. Find out how much you can borrow and how much mortgage you can comfortably afford.
2. mortgage in principle
This is a pre-approval from a lender indicating how much you can borrow. It helps you understand your budget and strengthens your offer when buying a property.
3. find a property
Once you have an MIP (Mortgage in principal), you can start looking for a property. Make an offer to the seller or estate agent.
4. apply for a mortgage
If you agree a price you're both happy with, your lender will assess your financial situation and property details. They'll issue a formal mortgage offer, which is valid for a specific period.
5. instruct a Solicitor
They'll handle the legal aspects of the purchase, including, checking property ownership and title deeds, conducting searches on the property, preparing contracts and handling the transfer of funds.
6. exchange contracts
The exciting bit. Once all parties agree to the terms, contracts are exchanged.This is a legally binding agreement and the property is almost yours.
7. completion
The best bit. The final stage where the property ownership is transferred to you. The purchase price is paid to the seller, and the mortgage funds are released. Its all yours!
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Questions we'll ask you
To apply for a mortgage, you’ll typically need to provide your full name, date of birth and current address, along with your employment status (such as employed, self-employed or retired), occupation, and your employer’s name.
You’ll also need to provide details of your finances, including your annual income (such as salary, bonuses or self-employment income), any additional income sources, your monthly expenses, existing debts or credit commitments, plus any savings and investments you hold.
You’ll also be asked for information about the property if you have found one, including the type of property (such as a house or flat), the purchase price, the property’s location, and whether it will be your main residence, a remortgage or a buy-to-let investment.
You may also need to provide your mortgage preferences, including the loan amount you’d like to borrow, deposit, your preferred repayment term, the type of interest rate you want (fixed or variable), and whether you have any preferred lenders in mind.
Additional information may also be required, such as details of your credit history (including any defaults or CCJs), self-employment documents like tax returns or accounts if applicable, and any future plans that could affect your mortgage, such as job changes or family growth.
Mortgage lender questions
To get a mortgage, you’ll need to meet specific requirements and provide documentation to show that you can afford the loan. Here’s a rundown of what’s typically required:
Mortgage lenders typically look for a good credit score. Ideally, you’ll have a score that shows a history of responsible borrowing and on-time repayments. You can check your credit score with agencies like Experian, Equifax, or CheckMyFile in the UK.
Employed Applicants: You’ll need recent payslips (often three to six months’ worth) and possibly a P60 (an end-of-year tax summary) to show consistent income.
Self-Employed Applicants: Typically, self-employed individuals must provide two to three years of tax returns (SA302 forms) or certified accounts, along with bank statements, to show a steady income.
Additional Income: If you receive bonuses, benefits, or rental income, you may need to provide proof of these as well.
Most mortgage lenders require a deposit (down-payment) of at least 5-20% of the property value, though the percentage can vary based on your credit profile and the lender's requirements. A higher deposit often results in better mortgage rates.
You’ll need a valid form of ID (passport or driving license) and a utility bill or bank statement with your current address, typically from within the last three months.
If you're not a British citizen, you might need proof of your right to reside and work in the UK. Mortgage lenders often ask for details of visa status or residence permits, particularly if you’re on a temporary visa.
Mortgage lenders may request three to six months of bank statements to assess your spending habits and see if you can manage a mortgage payment. Some might also want to know about regular outgoings, such as loan payments, subscriptions, or childcare costs.