How to Get a Mortgage

At Towerstone, we provide specialist property accountancy services for homeowners, landlords, and property investors. This article explains what you need to know to make informed decisions around this topic.

Getting a mortgage can feel intimidating, especially if it is your first time or if your circumstances are not straightforward. People often focus on interest rates and deposits, but lenders look at a much wider picture. In reality, getting a mortgage in the UK is a structured process with clear stages, and once you understand how lenders assess applications, it becomes far less daunting.

In this guide, I will walk through exactly how to get a mortgage in the UK, step by step. I will explain what lenders look for, how to prepare, where people commonly go wrong, and how to improve your chances of approval. This is written in practical UK English and reflects how mortgage applications are actually assessed, not just how they are marketed.

Step one, understand what a mortgage really is

A mortgage is a loan secured against a property.

You borrow money from a lender, usually a bank or building society, and agree to repay it over a set period, typically 25 to 35 years. The property acts as security, meaning the lender can repossess it if you fail to keep up with payments.

Because of this risk, lenders are cautious. Their decision is based on affordability, credit history, deposit size, and the property itself.

Understanding that the lender’s priority is risk management helps explain why the process is detailed.

Step two, work out how much you can realistically borrow

Before approaching a lender, you should have a clear idea of your budget.

Most lenders base borrowing on a multiple of your income, usually around four to four and a half times your annual income, sometimes higher for strong applications.

However, income multiples are only a starting point. Lenders also look closely at your monthly outgoings to assess affordability.

Key factors include:

• Your gross income

• Any additional income such as bonuses or overtime

• Credit commitments like loans or credit cards

• Childcare costs

• Living expenses

Online mortgage calculators can give a rough idea, but they are not a guarantee of what a lender will offer.

Step three, save for a deposit

The deposit is one of the most important parts of getting a mortgage.

In the UK, most lenders require a minimum deposit of 5 percent of the property price. However, a larger deposit significantly improves your options.

As a general guide:

• 5 percent deposits are possible but limited

• 10 percent deposits open up more lenders

• 15 to 20 percent deposits usually give better rates

• 25 percent or more provides the widest choice

A bigger deposit reduces the lender’s risk, which is why it leads to better interest rates and higher approval chances.

Gifted deposits and what lenders require

Many buyers use gifted deposits from family.

This is allowed, but lenders require evidence that the money is a genuine gift, not a loan.

Usually this involves:

• A gifted deposit letter

• Proof of source of funds

• Confirmation that no repayment is expected

Your solicitor and lender will both check this carefully.

Step four, check and prepare your credit profile

Your credit history plays a major role in mortgage approval.

Lenders look at how you have managed credit in the past to predict how you will manage a mortgage.

Before applying, it is sensible to check your credit report and ensure it is accurate.

Things lenders look for include:

• Payment history

• Missed or late payments

• Defaults or CCJs

• Credit utilisation

• Stability of address history

Small issues are not always fatal, but unresolved problems can significantly reduce your options.

Simple ways to improve your credit position

If you are planning to apply in the future, there are steps that can help.

Register on the electoral roll at your current address.
Make all payments on time.
Reduce outstanding credit card balances.
Avoid applying for unnecessary credit.
Keep older accounts open if they are well managed.

These actions often matter more than chasing a perfect score.

Step five, decide whether to use a mortgage broker

You can apply for a mortgage directly with a lender or through a mortgage broker.

A broker acts as an intermediary and can access deals from multiple lenders, including some that are not available directly to the public.

Using a broker can be particularly helpful if:

• You are self employed

• Your income is complex

• You have credit issues

• You are buying a non standard property

• You want guidance through the process

A good broker can save time, reduce rejected applications, and help protect your credit profile.

Step six, get a mortgage in principle

A mortgage in principle, also called an agreement in principle, is an early indication from a lender of how much they may be willing to lend.

It is not a guarantee, but it shows estate agents and sellers that you are a serious buyer.

Most mortgage in principle checks use a soft credit search, which does not affect your credit score.

This is a sensible step before making offers on properties.

Step seven, choose the right mortgage type

There are several types of mortgages in the UK, and choosing the right one depends on your circumstances and risk tolerance.

The main types include:

• Fixed rate mortgages

• Variable rate mortgages

• Tracker mortgages

• Interest only mortgages

Fixed rates provide certainty. Variable and tracker rates offer flexibility but can change over time.

Interest only mortgages have specific risks and are only suitable in certain situations.

Your choice should balance affordability, stability, and future plans.

Step eight, consider the mortgage term carefully

The mortgage term affects both your monthly payment and the total interest you pay.

A longer term reduces monthly payments but increases total interest. A shorter term costs more each month but reduces overall interest.

Many buyers choose a longer term initially to keep payments manageable, with the option to overpay later if circumstances allow.

Lenders will assess affordability based on the chosen term and your age at the end of it.

Step nine, make an offer on a property

Once you have a mortgage in principle and a clear budget, you can make an offer on a property.

Estate agents usually ask for evidence of your mortgage in principle and deposit.

If your offer is accepted, the process moves from planning to formal application.

At this point, preparation and organisation make a big difference to speed.

Step ten, submit a full mortgage application

After your offer is accepted, you submit a full mortgage application.

This is where the lender carries out detailed checks.

You will usually need to provide:

• Proof of income such as payslips or accounts

• Bank statements

• Identification documents

• Details of the property

• Information about your deposit

This stage usually involves a hard credit search.

Accuracy and honesty are critical. Inconsistencies cause delays or refusals.

Step eleven, property valuation by the lender

The lender will arrange a valuation of the property.

This is not a survey for your benefit. It is to ensure the property is worth at least what you are paying and is suitable security for the loan.

If the valuation comes back lower than the purchase price, you may need to renegotiate or increase your deposit.

Valuation issues are one of the most common causes of mortgage delays.

Step twelve, receive a mortgage offer

If the lender is satisfied with your application and the valuation, they will issue a formal mortgage offer.

This sets out:

• The loan amount

• The interest rate

• The term

• Any conditions

A mortgage offer is usually valid for several months, giving time for legal work to complete.

Step thirteen, work with your solicitor

While the mortgage is being arranged, your solicitor carries out conveyancing.

The lender and solicitor work together, with the solicitor confirming legal aspects of the property and the lender confirming finance.

Your mortgage funds are released to the solicitor shortly before completion.

This coordination is why delays can happen even when the mortgage is approved.

Common reasons mortgage applications fail

Understanding why mortgages are declined helps avoid mistakes.

Common reasons include:

• Affordability issues

• Unstable income

• Poor credit history

• Undeclared commitments

• Property not meeting lender criteria

• Valuation problems

Many declines are avoidable with better preparation or lender choice.

Self employed applicants and mortgages

Self employed applicants often worry about mortgages, but many lenders are happy to lend.

Usually you will need:

• One to three years of accounts or tax returns

• Evidence of consistent income

• A good credit history

Different lenders assess self employed income differently, which is why brokers are often helpful in these cases.

First time buyers and extra considerations

First time buyers often face additional checks because they have no previous mortgage history.

However, there are also incentives such as lower stamp duty thresholds and specific mortgage products.

Lenders focus on stability, affordability, and deposit rather than experience.

Preparation matters more than anything else.

How long the mortgage process takes

From application to offer, a mortgage can take anywhere from two to six weeks, sometimes longer in busy periods.

Delays are often caused by missing documents, valuation issues, or slow responses.

Being organised and responsive is one of the best ways to keep things moving.

What you should avoid during the mortgage process

Certain actions can harm your application.

Avoid taking out new credit.
Avoid changing jobs if possible.
Avoid large unexplained transactions.
Avoid missing any payments.

Lenders may recheck your circumstances before completion.

Planning for future affordability

When getting a mortgage, think beyond today’s payments.

Interest rates can rise, and personal circumstances can change.

Lenders stress test affordability, but you should also stress test your own budget.

A mortgage that is affordable now but leaves no buffer can become a problem later.

The true cost of a mortgage

The interest rate is not the only cost.

Also consider:

• Arrangement fees

• Valuation fees

• Broker fees if applicable

• Legal costs

• Insurance

Comparing mortgages properly means looking at the total cost, not just the headline rate.

When to seek professional advice

Mortgage advice is particularly valuable where:

• Your income is complex

• You have credit issues

• You are buying a non standard property

• You are unsure about risk tolerance

A good adviser does more than find a rate. They help structure a sustainable mortgage.

Final thoughts from real world experience

So, how do you get a mortgage in the UK.

You prepare your finances, understand your budget, secure a deposit, check your credit, obtain a mortgage in principle, choose the right product, and submit a well prepared application.

In my experience, most mortgage problems arise not because people are unsuitable, but because they are unprepared or misinformed. When buyers understand what lenders are looking for and plan accordingly, the process is far smoother.

Getting a mortgage is not about luck. It is about preparation. The better prepared you are, the more options you will have, and the less stressful the journey will be.

You may also find how to pay off your mortgage early and can i buy a house with a lifetime mortgage useful. For wider guidance, explore our mortgage guidance hub.