Thinking about buying your first home in the UK? It’s exciting — but also a bit scary, especially when people start throwing around words like “mortgage in principle” and “loan-to-value ratios”. Don’t worry. This guide breaks everything down in plain English, no jargon, no fluff.
Whether you’re eyeing a cosy flat in Manchester or a semi-detached in Surrey, here’s how to actually get a mortgage in the UK (without losing your head).
Step 1: Work Out What You Can Afford
Before diving into Rightmove listings, get a clear picture of your budget. Mortgage lenders will look at:
- Your income (including bonuses, side gigs, benefits)
- Monthly outgoings (credit cards, student loans, childcare, etc.)
- Credit score
💡 Top Tip: Use an online mortgage calculator to get a ballpark figure. Don’t forget to budget for stamp duty, legal fees, valuation, and a survey. Also, factor in moving costs, home insurance, and any potential renovation expenses.
Step 2: Save for a Deposit Mortgage
Most UK lenders require at least a 5% deposit, but the more you can put down, the better your mortgage deal.
- 5% deposit = 95% mortgage (you’ll pay more interest)
- 10–20% deposit = better rates
- 40%+ deposit = top-tier mortgage offers
💸 Government schemes like Lifetime ISA or the old Help to Buy ISA (now closed to new applicants but still usable if you have one) can help first-time buyers boost their savings.
📊 Let’s say you’re eyeing a £250,000 home:
- 5% = £12,500
- 10% = £25,000
- 20% = £50,000
It’s a lot, but the long-term savings on interest rates can be huge.
Step 3: Check and Improve Your Credit Score To Buy Mortgage
Lenders will run a credit check. The better your score, the better your chances of getting a mortgage — and at a lower interest rate.
✅ Get a free credit report from:
📈 Ways to boost your score:
- Get on the electoral roll
- Pay off outstanding debts
- Avoid missed payments
- Don’t max out credit cards
🚫 Avoid applying for credit cards or loans right before your mortgage application — it can hurt your score.
Step 4: Get a Mortgage in Principle (MIP)
Also called an Agreement in Principle (AIP), this is a quick check that tells you how much a lender might offer based on basic info.
💬 Estate agents love seeing this — it shows you’re serious.
You can get an MIP from banks, building societies, or mortgage brokers, usually online in under 10 minutes. It’s not a guarantee, but it gives you a realistic idea of your budget.
Step 5: Start House Hunting
Now for the fun part! With your MIP sorted, you can start booking viewings.
🏡 Sites to browse:
Set alerts and be ready to act quickly, especially in competitive areas.
🎯 Be realistic about what you can afford, and view multiple properties before making a decision. Don’t rush.
Step 6: Make an Offer
Found “the one”? Time to make an offer. You’ll go through the estate agent and can often negotiate the price (yes, really).
✅ If accepted, you’ll need to instruct a solicitor/conveyancer and formally apply for your mortgage.
You may also want to get a Homebuyer’s Survey at this point — not mandatory, but helpful in spotting any issues.
Step 7: Apply for a Mortgage
Now the real paperwork begins. Your lender will ask for:
- Proof of ID (passport or driving licence)
- Proof of income (payslips, P60s, bank statements)
- Proof of deposit (savings account, gifted funds with letter)
🏦 This is where using a mortgage broker can really help — they’ll know which lenders are best for your situation.
Be prepared to answer questions about your job, expenses, and spending habits. It can feel intrusive, but it’s standard procedure.
Step 8: Property Valuation & Survey
The lender will arrange a valuation to make sure the property is worth what you’re paying. You can also get a homebuyer’s survey for peace of mind (recommended, especially for older properties).
🛠️ A basic valuation is often free; a more detailed survey costs £300–£1,000.
There are three types of surveys:
- Condition Report (basic)
- Homebuyer Report (mid-range, most popular)
- Building Survey (in-depth, ideal for older homes)
Step 9: Get a Mortgage Offer
If everything checks out, the lender will issue a formal mortgage offer. Congrats — you’re nearly there!
Make sure the offer details are correct (amount, rate, length), then give it to your solicitor. Mortgage offers are usually valid for 3–6 months.
Step 10: Exchange Contracts and Complete
This is the legal bit:
- Exchange contracts: Pay your deposit and set a completion date
- Completion day: Your lender transfers the funds and you get the keys!
🎉 Welcome to your new home!
🔑 Your solicitor will handle the paperwork and register the property with HM Land Registry.
Final Thoughts
Getting a mortgage might seem daunting at first, but once you break it down, it’s totally manageable — especially with the right info and support. Take your time, ask questions, and don’t be afraid to shop around for the best deal.
And don’t forget:
- Always read the fine print
- Stay on top of your credit and spending
- Talk to brokers if you feel overwhelmed
You’ve got this. Happy house hunting!g!
