How to Get a Mortgage in the UK: Complete Guide

Last updated: May 2026 · 8 min read

A mortgage is likely the biggest debt you will ever take on. Understanding the different types, how lenders assess you, and how to get the best rate can save you tens of thousands of pounds over the life of the loan.

Types of Mortgage

Fixed rate: Your interest rate stays the same for a set period (usually 2 or 5 years). This gives you certainty over your monthly payments. When the fixed period ends, you move to the lender's standard variable rate (SVR), which is almost always higher. Most people remortgage before this happens.

Variable rate: Your rate can change. Tracker mortgages follow the Bank of England base rate plus a set margin. Discount mortgages offer a percentage off the lender's SVR. These can be cheaper initially but carry the risk of payments increasing.

Interest-only: You only pay interest each month, not the capital. The full loan amount is still owed at the end of the term. These are now mainly available to buy-to-let investors or borrowers with substantial equity. Repayment mortgages are the standard for residential purchases.

What Lenders Check

Lenders assess your income, existing debts, credit history, spending habits and the property itself. They stress-test your ability to pay if interest rates rise. Having a clean credit file, stable employment and minimal debt improves your chances. Check your credit report with Experian, Equifax or TransUnion before applying and correct any errors.

How Much Can You Borrow?

Most lenders offer 4-4.5 times your household income, though some specialist lenders go to 5-6 times for high earners or certain professions. A couple earning 40,000 and 30,000 pounds could typically borrow 280,000 to 315,000 pounds. Add your deposit to find your maximum purchase price, then check what stamp duty you would pay.

Using a Mortgage Broker

A whole-of-market mortgage broker searches deals from all lenders, including ones you cannot access directly. They handle the application paperwork and chase the lender on your behalf. Some charge a fee (typically 300 to 500 pounds), others earn commission from the lender. In my experience, a good broker saves more in rate savings than they cost in fees.

The Application Process

Once you have chosen a mortgage, you submit a full application with proof of income (payslips, P60, tax returns if self-employed), bank statements (usually 3 months), ID and proof of address. The lender instructs a valuation of the property. If everything checks out, they issue a formal mortgage offer, typically valid for 6 months.

Tips to Get the Best Rate

Save the largest deposit you can — rates improve significantly at 10%, 15%, 25% and 40% LTV thresholds. Pay off outstanding debts before applying. Avoid applying for other credit in the months before your mortgage application. Stay in your current job if possible — lenders prefer stable employment. Consider fixing for longer if you want payment certainty in an uncertain rate environment.