Get on the Property Ladder

How much you can borrow for a mortgage depends on your income, outgoings, credit history, and lender criteria. Speak to a mortgage adviser about your financial position and find out your mortgage affordability.

The deposit you need for a mortgage is usually a percentage of the property price, with 5–10% being typical for first-time buyers. However, there are schemes available where lower deposits are accepted. The bigger your deposit, the better the mortgage rates you can access. 

Buying a house involves more than just the purchase price. Some additional costs include:

• Stamp Duty/Land Transaction Tax (tax on properties above a certain price)

• Conveyancing legal fees

• Mortgage adviser fees 

• Survey costs to check the property’s condition

• Moving costs, such as packing materials or hiring a removal van/ movers 

• Buildings and Contents Insurance

There are different types of mortgages available, including:

Fixed rate: Your interest rate stays the same for a set period, which can be helpful for budgeting.

Variable-rate: Your rate can go up or down with the market, which could be cheaper initially, but is less predictable.

Government schemes: Some help first-time buyers with lower deposits or reduced rates.

The “best” mortgage depends on your circumstances, deposit size, and how long you plan to stay in the property. Speak to a mortgage adviser who can help find the right deal for you.

Some lenders now have enhanced affordability options, offering up to 6 times your income for first-time buyers. There are also government schemes like Help to Buy or Shared Ownership, which can reduce the deposit amount you need. Rules and eligibility vary across England and Wales, so speaking with a mortgage adviser is the best way to see what’s available for you.

To improve your chances of getting a mortgage approved, you need to maintain a good credit history, reduce outstanding debt, and keep proof of your income and savings ready for the lender. Working with a mortgage adviser can also significantly increase your chances by matching you with the right lender and presenting your application correctly.

Lenders focus on your credit history rather than just your score, looking for missed or late payments. Even if there are a few blips, there are specialist lenders who may still accept your mortgage application. You can review your credit using services like CheckMyFile before applying.

As long as you’re a UK citizen and have a UK credit file footprint, you can still apply for a mortgage even if you’re living abroad.

Your mortgage term might be a little shorter and your monthly payments slightly higher, but there are still plenty of deals available. Some lenders even offer mortgages up to age 80, depending on your circumstances.

While it’s not legally required, having life insurance is highly recommended if you have a mortgage. It can cover your mortgage if something happens to you, so your family or dependents aren’t left worrying about the home. You might also want to think about income protection, which helps if you can’t work due to illness or injury, and critical illness cover for extra support if you’re diagnosed with a serious condition. It’s all about giving you peace of mind.

If you’re self-employed or a contract worker, your income can vary from year to year, so lenders usually need a bit more evidence to make sure you can comfortably afford your mortgage. Some lenders may accept just one year of trading, but having two or three years of evidence of your income usually gives you more options and makes it easier to find the right deal.