How to Get a Mortgage in the UK

Buying a house in the UK is a daunting prospect. I've heard it said that the average age for people to buy their first house without parental assistance is in the late thirties these days. The main reason for this is that it's very difficult to save up the high sums of cash lenders require as a deposit, particularly as the percentage of the house value required as deposit has sky rocketed in recent years.

While it is difficult to save the money you'll need as a deposit, once you've got your deposit in place, it doesn't have to be too complicated to get a mortgage (though you will be faced with reams of paperwork, which you'll have to pay attention to!).

It is recommended that you get a mortgage agreement in principle before you find the house that you want to buy. This simply means that you have spoken to a lender and they have agreed, based on the financial and personal information you've given them (including a credit check), that they would be willing to lend to you. Ask for a certificate which you can show estate agents, as this will prove to them that you are a viable purchaser.

A lot of estate agents have mortgage advisors in house who are able to offer advice on the different mortgage products available and help you to find the best rate and type of mortgage for you. If you don't feel comfortable with the big and admittedly quite scary world of choosing a lender, this service can be very valuable. You are still free to use your own surveyors and solicitors if you prefer.

Once you have chosen your property and made an offer, you will need to submit your mortgage application. This can either be done direct through the lender or through your broker if you have one.

And then you wait. Getting a mortgage offer can take a long time. Some lenders will have a decision with you in a couple of weeks, others can take a lot longer. It is worth researching turnaround times if you are in a rush.

When the mortgage offer comes through, you will be able to exchange contracts with the vendor. This makes the purchase legally binding. You do not start repaying the mortgage until closing, when ownership of the property transfers to you. This may be a different day.