10 expert tips for getting a mortgage

Most people will need a mortgage to purchase a home. Whether you’re a first time buyer going through the mortgage process or you need some mortgage tips, our comprehensive guide covers everything you need to know about how to get a mortgage. 

 

1. Find independent mortgage advice 

An independent mortgage advisor  isn’t tied to a specific lender. This often means they will find you the best mortgage deal because they can search across the entire market, rather than being tied to one lender. 
 
They assess your financial situation, compare the available mortgage types and products, and guide you through the application process to ensure you get the best deal for your needs. 
 

Free mortgage advice from L&C

2. Check your credit score

A strong credit score makes you more attractive to mortgage lenders and can secure you better interest rates. Check your credit report online with the two main credit reference agencies: Experian and Equifax. Look for any errors in your personal details, address history or financial information and request corrections immediately. 
 
Check your report at least three months before applying for a mortgage to allow time for improvements. Understanding your score helps you target lenders and mortgage products that are most suitable for you. 
 
Couple with mortgage adviser
Family laughing on the sofa

3. Boost your credit score

Credit score improvements typically take 3-6 months to show, so it's best to start early. Here are some ways you can build your credit score:


  • Get a credit card and use it regularly for small purchases, ensuring you pay off the full balance each month to demonstrate responsible borrowing. 
  • Take out a mobile phone contract where you pay a regular monthly bill. This will help build credit by demonstrating your ability to pay reliably each month. 
  • Consider putting utility bills in your name to build additional credit. 
 
Avoid applying for multiple credit products simultaneously, as this can negatively impact your score. For more tips, discover 10 ways to boost your credit score before applying for a mortgage. 
 

4. Manage your payments and spending

Keep up with minimum repayments on all existing credit cards and loans, as missed payments significantly impact mortgage applications. If you’re struggling with repayments, contact lenders about payment holidays, which won’t directly affect your credit score, but may influence mortgage affordability assessments. 
 
Set up direct debits to avoid accidentally missed payments. Recent missed payments (within the last 12 months) can significantly impact mortgage approval chances, while older issues have less influence on lenders’ decisions. 
 

5. Register to vote

Lenders prefer applicants with stable lifestyles, including full-time employment and a fixed address of at least 12 months. Being registered on the electoral roll offers an easy and reliable way for lenders to verify your identity. Electoral registration is free, and it can be completed online in just a few minutes. 

6. Get your paperwork organised

Gather essential documents, including:

 

  • Three months of bank statements. 
  • Recent payslips, P60 forms and tax returns if you’re self-employed. 
  • Self-employed applicants also need SA302 forms from HRMC, 2 to 3 years of business accounts, and an accountant’s letter confirming income stability. 
 
Organise documents digitally for easy sharing with brokers and lenders. Keep physical copies as backups, as some lenders still require original documents. Start gathering paperwork early, as some documents may take several weeks to obtain.
 
Couple getting their paperwork in order

7. Save for a deposit 

Most buyers require a minimum deposit of 5-10% of the property’s purchase price. However, larger deposits can unlock better mortgage deals and lower interest rates, as you’ll have a better Loan to Value (LTV) ratio. 
 
Loan to Value (LTV) is the ratio of the money you are borrowing compared to the value of the property. If you have a smaller deposit, you’ll have a high LTV ratio, which means you’ll likely be offered a mortgage deal with higher interest rates and bigger monthly payments. A larger deposit with a lower Loan to Value (LTV) ratio usually results in better interest rates and lower monthly repayments.  
 
Explore our low deposit schemes to help you move. 
 

8. Reduce your debt  

Existing debt directly impacts mortgage affordability calculations. Credit card debts, personal loans and car finance all reduce your borrowing capacity. Focus on paying down high-interest debt first and consider whether you should prioritise debt reduction over saving for a deposit. 
Money Jar

9. Know what you can borrow 

Most lenders offer 4 to 5 times your annual salary, but they’ll also look at your monthly spending to make sure you can afford the repayments. Online calculators can give you a rough estimate of what you could borrow, but getting a mortgage in principle from a lender will provide you with an exact figure. 
 
Knowing this number will help you budget and understand what you can afford, so you can start viewing properties within your price range. When it’s time to make an offer on a home, it also makes your offer stronger. 
 

10. Explore high-interest savings accounts

You want your deposit money to grow as much as possible, so look for savings accounts that have high interest rates. However, you’ll also need easy access to the funds for when you’re ready to buy.
 
Fixed-rate savings bonds usually pay higher interest, but your money is locked away for months or years. Banks often give better rates for regular savings accounts if you want to put away the same amount each month, or, with an ISA, you can save up to £20,000 a year and pay no tax on the interest you earn. 
 
Keep things simple and avoid risky investments. Stick to safe savings accounts that guarantee your money will be there when you need it. 
 

There’s a lot to take in when starting out on your mortgage journey. Our independent partners, L&C Mortgages, offer fee free advice to help find the right mortgage for you.



Speak to L&C today

Mortgage FAQs

  • A mortgage in principle is a lender’s estimate of how much they might let you borrow before you apply for a mortgage. 
  • The amount you can borrow for a mortgage depends on several factors, including your income, credit score, deposit and the value of the property you want to buy. 
  • A mortgage typically requires a suitable deposit, proof of income, a good credit score and details of any debts. Lenders use this information to decide if you qualify and how much they can lend you. 
  • Several factors can affect your ability to get a mortgage, including your credit history, income, employment status, deposit, debt levels and the value and type of property you want to buy. 
  • When applying for a mortgage, you’ll typically need to provide the following documents:

     

    • Proof of ID - a passport or driving license. 
    • Proof of address – a bank statement or utility bill. 
    • Evidence of your income – payslips or accounts if you’re self-employed. 
     
    Read our guide for more information on the documents you need to get a mortgage. 
     
  • Things that may stop you from getting a mortgage include a low credit score, too much debt, irregular income, or not having a big enough deposit. 
     
    However, numerous lenders can help people with different financial circumstances, so it’s always advisable to speak to a mortgage broker to find out what you can afford. 
     
  • Yes, mortgage lenders review your spending habits to assess whether you manage money responsibly. They look at regular expenses, debts and any risky spending to decide if you can afford the loan. 
     
    Explore our brand-new homes across the UK, with fantastic offers to help you move. 
     
    Call or visit our Sales Advisers today to start your homebuying journey. 
     

Help to Sell

If you’re looking to start your next adventure, but are worried about the hassle of moving, we have a range of schemes available to help you sell your existing home.

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Part Exchange

We could be your guaranteed buyer, so no stress or fuss, just an easy move for you and your family. 

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Low Deposit Offers

If you have a low deposit, we have a variety of schemes available to help make moving more affordable.

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First Homes Scheme

First Homes is a brand-new Government-backed scheme designed to help more first time buyers onto the property ladder.

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Mortgage service provided by London & Country Mortgages Ltd, Beazer House, Lower Bristol Road, Bath, BA2 3BA. Their FCA number is 143002. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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