Short answer: to get a mortgage in the UK you check your credit file, work out your budget and deposit, get an Agreement in Principle, find a property, make a full application with your documents, wait for the lender’s valuation and mortgage offer, then exchange and complete through your solicitor. From an accepted offer to getting the keys usually takes about 8 to 16 weeks, depending on the chain.
I’m Charles Calvert, a mortgage broker in Fareham. Here’s the exact process I take clients through, step by step.
Step 1: Check your credit file
Lenders will look at your credit history, so you should look first. Check your file with the main credit reference agencies, make sure you’re on the electoral roll and fix any mistakes. My credit report guide shows how. If there’s something on there you’re worried about, see bad credit mortgages. It’s often more possible than people think.
Step 2: Work out your budget and deposit
Most lenders want at least a 5% deposit, and a 10% or 15% deposit opens up more lenders and better rates. Some lenders also offer low or no-deposit schemes for first-time buyers. Remember the other costs too: solicitor, survey, moving and, depending on price, stamp duty. See how much you can borrow and the first-time buyer costs guide.
Step 3: Speak to a mortgage broker
A broker compares lenders for you and knows which ones suit your income, credit and property. I search 80+ UK lenders, and your first chat with me comes with no fee and no obligation.
Step 4: Get an Agreement in Principle (AIP)
An AIP (also called a Decision in Principle or mortgage in principle) is a lender’s provisional “yes” to a certain amount. Estate agents usually want to see one before taking an offer seriously. With me it’s usually done within a day or two of our first chat, often the same day once your details are ready. More here: what is a mortgage in principle?
Step 5: Find a property and have your offer accepted
Once your offer is accepted, instruct a solicitor or conveyancer straight away. I can recommend conveyancing that keeps things moving.
Step 6: Make your full mortgage application
We choose the deal (for example fixed or tracker) and submit the full application. Have these ready:
- Photo ID and proof of address
- Three months’ payslips (or two years’ accounts or tax calculations if self-employed)
- Three months’ bank statements
- Proof of deposit, plus a gifted deposit letter if family is helping (see gifted deposits)
Step 7: Valuation and mortgage offer
The lender values the property. This is not the same as a survey (see valuation vs survey). Once the underwriter is happy, the lender issues your mortgage offer, typically within about 2 to 4 weeks of applying, sometimes faster.
Step 8: Exchange and complete
Your solicitor handles searches and contracts. At exchange you’re legally committed. Your buildings insurance needs to be in place from then. On completion day the money moves and you get the keys. It’s also the right time to think about life insurance and mortgage protection.
What it costs to use me
There’s no fee for my advice, appointments, Agreements in Principle or mortgage applications. A fee is only payable once you receive your full mortgage offer: £495 for purchases, £299 for remortgages and £895 for specialist lending. There’s no fee for product transfers or protection.
Already own a home? See moving home or remortgaging. Buying to rent out? See buy to let mortgages.
Frequently asked questions
How long does it take to get a mortgage?
An Agreement in Principle is usually in place within a day or two of our first chat. After a full application, a mortgage offer typically takes about 2 to 4 weeks. The whole purchase, from accepted offer to completion, usually takes around 8 to 16 weeks depending on the solicitors and the chain.
What do I need to get a mortgage?
You’ll need a deposit (usually at least 5%), proof of identity and address, proof of income such as payslips or accounts, recent bank statements and a credit history lenders are comfortable with.
Can I get a mortgage with a 5% deposit?
Yes. Many lenders offer 95% mortgages, and some schemes help first-time buyers with less. The choice of lenders and rates improves as your deposit gets bigger.
Is it better to go to a bank or a mortgage broker?
A bank can only offer its own deals. A broker compares many lenders and knows which are likely to accept your circumstances, which can save time and avoid declined applications on your credit file.
Can I get a mortgage if I’m self-employed or have bad credit?
Often, yes. Self-employed buyers usually need one to two years of figures. Many people with missed payments, defaults or CCJs can still borrow through the right lender.
Your home may be repossessed if you do not keep up repayments on your mortgage.