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You need to start by knowing you can afford to borrow. Contact a reputable mortgage advisor who can search the whole market to find you the best deal (it’s how the majority of mortgages in the UK are arranged) and ensure that you have all the necessary documents to hand.

Mortgage affordability is the term used by lenders to assess a person’s financial position in order to ascertain how much they can reasonably afford to spend on a mortgage each month. Every lender will have their own criteria for this calculation and will stress test the results at varying levels.

Loan to Value (LTV) is the amount you are borrowing expressed as a & against the overall value of the property. For example, if you are buying a property for £100,000 and you are borrowing £90,000. The loan to value will be 90% meaning you require a deposit of £10,000.

Also known as an ‘agreement in principle (AIP) ’ or a ‘decision in principle (DIP)’,  these are non-binding certificates issued by a lender  following a credit check. They confirm that ‘in principle’ a mortgage may be offered. This agreement is not final and does not relate to a specific property. It is based on a surface-level assessment of a candidate’s affordability and credit history at the time it is run. A full application would still need to be made in order to achieve a formal mortgage offer.

Most banks and building societies offer residential mortgages. Application requirements and interest rates will vary. You can either research the various mortgage products yourself or find an experienced mortgage advisor to do it for you.

A buy-to-let mortgage is required for a property that you do not intend to live in but instead will rent out in order to make a profit.

How much you can borrow will depend on your income, whether you have any financial dependents, your monthly financial commitments, your age and the property you are looking to buy. There may also be additional considerations depending on which lender you are borrowing from.

Depending on your circumstances, you will need a minimum of 5% of the value of the property. i.e. if the house you want to buy is £300,000, you will need at least £15,000 for your deposit.

Of course! It is possible to get a mortgage if you are self-employed. Most lenders will need to see proof of 2-3 years of income. However, there are lenders who can work with just 1 year of earnings.

No lender is ‘better’ than the others. The key is to find the right lender for your individual circumstances.

Usually 6–8 weeks but it can be longer or shorter depending on how quickly you are able to submit all the relevant documentation and on the current service levels for your chosen lender. A good adviser will take into account your aspirations and lender timescales when making a recommendation.

Many people now use the help of family to enable them to buy a home. There are a range of possibilities from simply gifting a deposit to jointly going on a mortgage to help boost the overall income.

It should usually be free to have an initial consultation with most mortgage advisors. Some will submit a full application for no fee. However, some mortgage advisors will charge a few in order to progress the mortgage application through to completion.