How to get a mortgage in the UK?

Getting a mortgage can feel like a maze—especially if it’s your first time buying a home. However, once you break it down, it becomes much more manageable. Here's a clear, step-by-step guide to help you navigate the process.

Getting a mortgage

1. Work Out How Much You Can Borrow

Before anything else, figure out how much you can realistically afford.

• Use online mortgage calculators (e.g., from Halifax or Nationwide).

• Most lenders will let you borrow around 4–4.5 times your annual salary.

• Consider your outgoings: credit cards, car finance, subscriptions, etc.

  
  

💡 Top Tip: Your affordability is based on your income and spending habits—lenders will check your last 3–6 months of bank statements. Do you really need that PRET subscription?

2. Save for a Deposit

You’ll usually need at least 5% of the property price as a deposit. However, for better mortgage rates, aim for at least 10%–20%.

Breakdown:

• Property Price: £300,000

• 5% Deposit: £15,000

• 10% Deposit: £30,000

  
  

💡 Top Tip: Budget for fees (surveys, solicitors, stamp duty).

3. Check Your Credit Score

Lenders use your credit score to decide if you’re trustworthy to lend to.

• Use free apps like ClearScore, Experian, or Credit Karma.

• Make sure your name and address are correct on the electoral roll.

• Avoid applying for new credit just before a mortgage application.

  
  

💡 Top Tip: Pay off any overdrafts or credit cards if you can—it shows lenders you manage money well.

4. Decide If You Want a Mortgage Broker

You can go direct to a lender (like a bank), but many people use a mortgage broker to shop around for the best deals.

• Pros: They save you time and can access deals not available to the public.

• Cons: Some charge a fee, though many are free (they get paid by lenders).

5. Get a Mortgage in Principle (MIP or DIP)

This is a quick check from a lender that says, “In theory, we could lend you X amount.” Estate agents often ask for this before taking you seriously.

• It’s not a guarantee, but it’s a strong signal.

• Valid for around 30–90 days.

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💡 Top Tip: Make sure that you understand the different mortgage options offered to you.

6. Find a Property and Make an Offer

Now that you know your budget, you can start house hunting.

• Use sites like Rightmove and Zoopla.

• When you find something, make your offer through the estate agent.

  
  

Once accepted, things move fast—be ready with your broker or lender.

7. Submit Your Full Mortgage Application

Your broker (or you) will now submit your full application to the lender.

They’ll ask for:

• Payslips (usually 3 months)

• Bank statements (3–6 months)

• ID documents

• Proof of deposit

  
  

They’ll also carry out a valuation on the property.

8. Receive Your Mortgage Offer

If all checks out, you’ll get your official mortgage offer. This means you’ve been approved and can move forward with buying.

💡Top Tip: This usually takes 2–4 weeks from the full application.

9. Exchange Contracts & Complete

Once your solicitor is ready, you'll exchange contracts and pay your deposit. Completion (aka moving day!) usually happens a week or two after.

• You’ll officially own the property once funds are transferred.

• Get the keys and pop the champagne

  
  

Summary Checklist ✅

•  Work out your budget

•  Save your deposit

•  Check your credit score

•  Choose a broker or lender

•  Get a Mortgage in Principle

•  Find a home + make an offer

•  Submit full application

•  Receive mortgage offer

•  Exchange + complete

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