Do I need a mortgage broker?

You don't have to use one, but a whole-of-market broker accesses deals from every lender, including some you won't find on comparison websites or by walking into a bank. They handle the paperwork, chase the lender and solicitor, and negotiate on your behalf. For straightforward cases, you could apply directly. For anything complex, such as self-employment, adverse credit, or unusual properties, a broker saves significant time and often finds better deals.

How much deposit do I need to buy a house?

The minimum is 5% of the property price for most residential mortgages. On a £250,000 house, that's £12,500. However, putting down 10–15% gets you noticeably better interest rates, which reduces your monthly payments and total cost. For buy to let, most lenders require at least 25%. First-time buyers may be able to use government schemes like Shared Ownership to reduce the deposit needed.

Can I get a mortgage if I'm self-employed?

Yes. Most lenders want at least two years of accounts or SA302 tax returns. Some accept one year if your income is strong. The key is proving consistent, reliable income. Using an accountant and filing your returns on time helps. A broker who specialises in self-employed mortgages knows which lenders are most flexible and what documentation they'll accept.

What's the difference between an agreement in principle and a full mortgage offer?

An agreement in principle (AIP) is a quick credit check that says a lender would likely lend you a certain amount. It's not a guarantee. Estate agents often ask for one to show you're a serious buyer. A full mortgage offer comes after a detailed application, hard credit check, income verification, and property valuation. Only a full offer is binding.

Should I fix my mortgage rate?

Fixed rates give you certainty: your payments won't change for the deal period, regardless of what the Bank of England does. This makes budgeting easier and protects you from rate rises. The trade-off is you won't benefit if rates fall, and you'll usually face early repayment charges if you want to leave the deal early. In uncertain economic conditions, most borrowers choose fixed rates for the security.

How long does a mortgage application take?

A straightforward application typically takes 4–8 weeks from submission to completion. Getting an agreement in principle takes 24–48 hours. The full application, including valuation and underwriting, usually takes 2–4 weeks. Conveyancing (the legal work) runs alongside but often takes the longest. Delays happen with complex income structures, unusual properties, incomplete paperwork, or long property chains.

What is loan-to-value (LTV) and why does it matter?

LTV is your mortgage amount as a percentage of the property value. If you buy a £300,000 house with a £60,000 deposit, your mortgage is £240,000, which is 80% LTV. LTV matters because lenders price risk: the lower your LTV, the better your rate. Dropping from 90% to 85%, or from 80% to 75%, often triggers a meaningful rate improvement.

What happens when my mortgage deal ends?

When your initial fixed or tracker deal expires, you automatically move onto your lender's standard variable rate (SVR). SVRs are almost always significantly higher, often 2–3 percentage points above the deal you were on. On a £200,000 mortgage, that could mean £200–£400 more per month. Most people avoid this by remortgaging to a new deal. Start looking 3–6 months before your deal ends.

Can I overpay my mortgage?

Most lenders allow you to overpay up to 10% of the outstanding balance per year without penalty. Overpaying reduces the total interest you pay and can shorten your mortgage term. Even an extra £100 per month on a £200,000 mortgage can save thousands in interest and take years off the term. Check your lender's overpayment limit before making extra payments.

What is stamp duty and how much will I pay?

Stamp Duty Land Tax (SDLT) is a tax on property purchases in England and Northern Ireland. Scotland has LBTT and Wales has LTT. The amount depends on the purchase price and your buyer status. First-time buyers get a discount on properties up to £625,000. Additional property buyers (buy to let, second homes) pay a 5% surcharge on top of standard rates.

What's the difference between repayment and interest-only mortgages?

With a repayment mortgage, each monthly payment covers some capital and some interest. By the end of the term, you've paid off the full loan and own your home outright. With interest-only, you only pay the interest each month, so the original loan balance doesn't reduce. You need a plan to repay the capital at the end. Most residential lenders now only offer repayment mortgages. Interest-only is more common for buy to let.

How do I improve my chances of mortgage approval?

Check your credit report for errors and fix them before applying. Pay down existing debts to improve your debt-to-income ratio. Avoid applying for new credit in the 3–6 months before your mortgage application. Make sure you're on the electoral roll. Save the largest deposit you can. A lower LTV improves your options. If you're self-employed, have your accounts up to date and filed with HMRC.

Can I get a mortgage on a non-standard property?

Properties with non-standard construction (timber frame, steel frame, concrete, thatched roofs) or unusual characteristics (ex-local authority, high-rise flats, flats above commercial premises) have restricted lender choice. Some high street banks won't lend on them at all. Specialist lenders and building societies are often more flexible. A broker with experience in these property types can identify which lenders will accept yours.

Can I get a mortgage if I'm on benefits?

Yes, as long as a lender believes you can afford the repayments. Lenders are more likely to consider benefits if you earn them alongside employment income. If benefits are your only source of income, your options will be more limited, but specialist lenders may still consider your application. A broker can help identify which lenders accept benefit income.

Can I take my mortgage with me if I move house?

Yes, this is called porting your mortgage. You transfer your existing deal to the new property, keeping the same rate and terms. Porting can help you avoid early repayment charges if you're mid-way through a fixed-rate deal. You'll still need to meet the lender's current affordability criteria, and if you're borrowing more for the new property, the additional amount will usually be on a separate deal.

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Mortgages at a glance

How much can I borrow?

Most lenders offer 4–4.5x your annual income. Some stretch to 5.5x with strong affordability.

How much deposit do I need?

Minimum 5%, but 10–15% unlocks better rates. Buy to let typically needs 25%.

Can I get a mortgage with bad credit?

Yes. Specialist lenders consider CCJs, defaults, IVAs, and bankruptcy. Rates are higher.

Fixed or variable rate?

Fixed gives certainty. Variable can be cheaper but your payments move with interest rates.

How long does it take?

Typically 4–8 weeks from application to completion. Complex cases take longer.

Do I need a broker?

Not required, but a whole-of-market broker accesses deals you won't find online.

How to get mortgage advice

Getting the right mortgage starts with talking to someone who knows the market. Here’s how it works with Money Saving Advisors.

Tell us about your situation: Are you buying your first home, moving house, remortgaging, or buying to let? Your circumstances determine which deals you qualify for.
We match you with a qualified advisor: You’ll speak with a CeMAP-qualified mortgage advisor who searches the whole market, not just one lender’s products.
Your advisor searches every lender: Unlike going to your bank, a whole-of-market broker compares deals from every UK lender to find what suits your income, deposit, and goals.
Compare your options: Your advisor presents the best deals with rates, fees, and total costs side by side so you can make an informed choice.
Apply with support: Once you’ve chosen a deal, your advisor handles the paperwork, chases the lender and solicitor, and keeps you updated until completion.

What kind of mortgage do I need?

The right mortgage depends on where you are in life. Each situation comes with different lender criteria, deposit requirements, and available deals.

I’m a first-time buyer

Some lenders offer mortgages specifically designed for first-time buyers. You’ll qualify if you’ve never owned a residential property before. Most first-time buyer deals accept deposits from 5–10%, and there are government schemes that can help reduce what you need upfront.

I’m moving house

If you’re moving, you’ll need a new mortgage on the next property. If you’re mid-deal with your current lender, you might be able to port your mortgage, transferring your existing rate to the new property. Otherwise you’ll remortgage or take a fresh deal.

I’m remortgaging

When your initial fixed or tracker deal ends, you’ll drop onto your lender’s standard variable rate, almost always more expensive. Remortgaging to a new deal before that happens can save you hundreds per month. It’s also an option if you want to borrow more or change your term length.

I’m buying to let

Buy-to-let mortgages are for properties you plan to rent out. Interest rates and fees are higher than residential mortgages. Most lenders require a 25% deposit and want the expected rent to cover at least 125% of the monthly payment.

What types of mortgage are there?

The right mortgage isn't just about the lowest rate. The type you choose affects how your payments behave over time and how much flexibility you have.

Type	How it works	Pros	Cons
Fixed rate	Your rate stays the same for a set period, usually 2 or 5 years	Payments don't change, making budgeting straightforward. Protects you from rate rises	You won't benefit if rates fall. Early repayment charges apply if you leave during the deal
Tracker	Tracks the Bank of England base rate by a set margin, e.g. base rate + 0.75%	Transparent pricing. You always know why your rate changed. Can be cheaper than fixed when rates are low	Payments rise when the base rate rises. Harder to budget with variable costs
Discount variable rate	A discount off your lender's standard variable rate for a set period	Can offer low initial rates. Often has lower arrangement fees	Your lender can change their SVR at any time, so your discount is off a moving target
Standard variable rate (SVR)	Your lender's default rate, which you move onto after your initial deal ends	No early repayment charges. Full flexibility to overpay or leave	Almost always more expensive than fixed or tracker deals. Lenders can change it whenever they want
Interest-only	You only pay interest each month. The loan balance stays the same, and you repay the capital at the end	Much lower monthly payments. Can free up cash for other investments	You must have a plan to repay the full loan at the end. Fewer lenders offer them for residential buyers
Offset	Links your savings to your mortgage balance. You only pay interest on the difference	If you owe £200,000 and have £30,000 saved, you pay interest on £170,000. Savings stay accessible	You won't earn interest on your savings. Rates may not be as competitive as fixed or tracker deals

Costs

What fees might I have to pay?

When budgeting for a mortgage, separate the costs your lender charges from the wider costs of buying a property.

Mortgage fees	Other buying costs
Your lender or broker charges these as part of the mortgage deal: Arrangement fee: £500–£2,000 to set up the mortgage. Some deals have no fee but a higher rate. Compare the total cost of both options Valuation fee: £150–£1,500 for the lender to check the property provides adequate security. Some lenders include a free basic valuation Broker fee: If you use a mortgage broker, they may charge a fee. Some brokers are fee-free and earn commission from the lender instead Early repayment charge: 1–5% of the outstanding balance if you leave your deal early. On a £200,000 mortgage, that’s £2,000–£10,000	These apply whether or not you’re taking out a mortgage: Deposit: At least 5% of the property value. A larger deposit means access to better rates Stamp duty: A tax based on purchase price and which part of the UK you’re buying in. First-time buyers get a discount on properties up to £625,000 Conveyancing: £1,000–£2,000 for the legal costs of buying or remortgaging, paid to your solicitor Survey fee: Separate from the lender’s valuation, a survey checks property condition. Costs vary by survey level

Mortgage fees

Other buying costs

Your lender or broker charges these as part of the mortgage deal:

Arrangement fee: £500–£2,000 to set up the mortgage. Some deals have no fee but a higher rate. Compare the total cost of both options
Valuation fee: £150–£1,500 for the lender to check the property provides adequate security. Some lenders include a free basic valuation
Broker fee: If you use a mortgage broker, they may charge a fee. Some brokers are fee-free and earn commission from the lender instead
Early repayment charge: 1–5% of the outstanding balance if you leave your deal early. On a £200,000 mortgage, that’s £2,000–£10,000

These apply whether or not you’re taking out a mortgage:

Deposit: At least 5% of the property value. A larger deposit means access to better rates
Stamp duty: A tax based on purchase price and which part of the UK you’re buying in. First-time buyers get a discount on properties up to £625,000
Conveyancing: £1,000–£2,000 for the legal costs of buying or remortgaging, paid to your solicitor
Survey fee: Separate from the lender’s valuation, a survey checks property condition. Costs vary by survey level

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How much can I borrow for a mortgage?

How much a lender will offer you depends on your income, your outgoings, your deposit, and the lender’s own criteria. Most high street lenders cap borrowing at 4–4.5 times your annual income. So if you earn £50,000, you’d typically borrow £200,000–£225,000.

Your lender will base this decision on:

Your earnings: or a combination of earnings if you’re applying jointly. You’ll need payslips, P60, and bank statements. Self-employed applicants typically need two to three years of accounts and SA302 tax calculations
Additional income: bonuses, commission, or tax credits can boost your borrowing
Your deposit: at least 5–10% of the property value. A bigger deposit means lower LTV and better rates
Your outgoings: bills, credit cards, loans, and regular spending. Lenders review recent bank statements
Your credit history: a clean record of meeting repayments gives you access to more deals

Some lenders go higher. Specialist lenders and building societies stretch to 5 or 5.5 times income for applicants with strong affordability, including low debts, minimal outgoings, and a solid credit history.

Joint applicants combine their incomes. If you earn £40,000 and your partner earns £35,000, a 4.5x multiple gives you a combined borrowing limit of £337,500.

Expert insight

Most people compare mortgage rates, but the cheapest rate isn't always the cheapest deal. A 1.5% rate with a £2,000 arrangement fee can cost more over two years than a 1.8% rate with no fee. Always compare the total cost across the full deal period, not just the headline rate.

Lawrence Howlett,Founder of Money Saving Advisors

Five practical tips to find a better mortgage rate

Check your eligibility first: Use an eligibility checker to find out which mortgages you qualify for without affecting your credit score. No point falling for a rate you can’t get.
Compare total cost, not just the rate: A 4.2% rate with a £2,000 arrangement fee can cost more over two years than a 4.5% rate with no fee. Always calculate the total cost across the full deal period.
Build your deposit if you can: Every LTV threshold you cross unlocks better rates. Moving from 90% to 85% LTV, or 80% to 75%, often triggers a meaningful rate drop. Even an extra few thousand in savings can make a difference.
Improve your credit score before applying: Check your credit report for errors. Pay down existing debts. Get on the electoral roll. Avoid new credit applications in the 3–6 months before your mortgage application.
Use a whole-of-market broker: A broker searches deals from every lender, including some you won’t find online or by walking into a bank. For complex cases, such as self-employment, adverse credit, or unusual properties, a broker often finds deals you’d miss on your own.

How does a mortgage work?

Compare deals

Your first step is to compare mortgage deals and find the right lender and product for you. A whole-of-market broker searches every UK lender to find deals that match your situation.

Apply for the mortgage

After you apply, you’ll need to provide documents: proof of income, ID, bank statements, and proof of your deposit. The lender will also value the property.

Underwriting and conveyancing

The lender underwrites your application and issues your mortgage offer, usually valid for three to six months. Your solicitor handles the legal work: searches, title checks, and conveyancing.

Exchange and completion

The lender releases the funds to your solicitor. You use your deposit and the lender’s funds to exchange contracts and complete the purchase.

Your mortgage begins

You make monthly repayments: capital and interest for a repayment mortgage, or just interest for interest-only. Most people take a 25-year term, though 5 to 40 years is available. When your initial deal ends (usually after 2 or 5 years), you move onto the lender’s standard variable rate unless you remortgage to a new deal.

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