To get a rough estimate of how much you can borrow, you can use our online mortgage affordability calculator. Keep in mind that this is just estimates, and your actual borrowing capacity may vary based on individual lending criteria.
Call us now on 0800 122 3303
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Start with a government-issued photo ID, such as a valid passport or driver’s license. This establishes your identity.
Your lender will want to assess your ability to repay the mortgage. Be prepared to provide:
Most lenders require proof of your current address. Utility bills, bank statements, or a council tax bill can serve as proof.
Lenders will obtain your credit report, but it’s good practice to review it in advance to correct any errors or address issues.
You’ll need to prove the source of your deposit. This can include bank statements, gift letters if the deposit is a gift, or proof of other funds.
Your deposit is the initial amount you contribute towards the purchase of your home. Typically, first-time buyers aim for a deposit of at least 5% of the property’s purchase price, though larger deposits can lead to better mortgage terms.
The size of your monthly payments depends on the loan amount, interest rate, and the term (typically 25 to 35 years). Also whether you opt for a Capital Repayment or interest only mortgage.
You may need to pay for a valuation or survey of the property, which assesses its condition and value. Costs vary depending on the type of survey.
Stamp Duty Land Tax is a tax on property purchases. The amount you pay depends on the property’s value, and first-time buyers often benefit from exemptions,
The interest rate on your mortgage will determine the cost of borrowing. Interest rates can vary, with fixed-rate and variable-rate options available. It’s essential to consider the impact of interest rates on your monthly payments and long-term affordability.
Some lenders charge arrangement or product fees for setting up the mortgage. These fees can vary, so it’s essential to factor them into your budget so you don’t have any unwanted surprises or extras costs.
Conveyancing solicitors handle the legal aspects of the property purchase. You’ll need to budget for their fees and related costs.
Lenders typically require you to have buildings insurance in place to protect your home. Contents insurance is advisable but not mandatory.
