Get one step closer to finding the right deal for you by viewing a range of mortgages you’re eligible for before you apply. - First, decide what type of mortgage you need:
First home mortgages are for those who have never owned or inherited residential property before.
You won’t qualify as a first-time buyer if you’ve ever owned a commercial property with living accommodation, or if you’re looking to buy a property with someone else who’s previously owned a home of their own.
If your current mortgage deal is about to end, if you want to save money on your existing repayments, if you want to borrow more money or if you want to switch to a repayment mortgage, then remortgaging to a better deal might be right for you.
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You can speak to a professional mortgage broker at any time.
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Here are 10 things that could help you get a mortgage:
Lenders will check your credit history against its criteria to show you your chances of approval
This affects your credit score, so it’s important for anyone looking to apply for a mortgage
A higher deposit means you won’t need to borrow so much and you’re likely to be offered better rates
Paying your bills regularly and on time will be reflected in your credit score and shows lenders your reliable
Use an eligibility checker to find out which mortgages you qualify for without affecting your credit score
If you want to buy a home with someone else, getting a joint mortgage with them can mean you can borrow more, as long as they’ve managed their finances well in the past
You’ll need to budget for expenses like conveyancing fees and survey costs
It can take a while to build or repair your credit score. Mortgage lenders can check the last six years of your credit history, so it’s worth preparing early
There are plenty of options when it comes to getting the right mortgage for your circumstances. Compare those you’re eligible for to find the right deal for you
If you have problems with your credit history, your ability to get a mortgage might be affected, but there are some lenders that will consider your application.
You might be asked to provide more extensive proof that you can afford repayments and you’ll be asked about previous credit problems.
Interest rates and fees are usually higher than for residential options, but you’ll need this type of mortgage if you intend to rent out your property.
You just pay the interest accrued on your mortgage each month, and don’t repay the capital. You’ll need to repay the capital at the end of the mortgage term, so you’ll need a plan for how you’ll do this like separate investments, or simply selling the property.
These mortgages are relatively scarce, as most lenders require a deposit of at least 10%.
While you might be able to find a lender that requires only 5%, these low-deposit mortgages usually come with higher interest rates and fees.
Self-employed mortgage applicants will need to provide two to three years’ worth of accounts to prove you can afford a mortgage.
Lenders are less likely to lend on homes of non-traditional or unusual construction. - You might have to put down a higher deposit, or you’ll be offered higher rates.
A mortgage is a loan to buy a house and the property you buy is the security for the loan.
Choosing the right mortgage is an important financial decision and it’s important that you know you can afford one.
This will depend on a number of factors, such as salary, other income, bonuses, tax credits and maintenance payments.
Lenders will consider all these things to assess what you are able to loan and repay.
Many lenders will ask for at least 10%, while some of the best rates are only available to borrowers with a deposit of 25%.
However, there are government schemes such as Help to Buy and Right to Buy that will help you access a mortgage with lower upfront costs.
Most mortgage terms are between 15 and 30 years, but you can get terms for longer or shorter periods.
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
PLEASE NOTE: THE FCA DOES NOT REGULATE MOST BUY TO LET MORTGAGES
 For online mortgage comparison and advice Gocompare.com introduces customers to MortgageGym Limited which is authorised and regulated by the Financial Conduct Authority. Gocompare.com holds a controlling investment in MortgageGym Limited.
Intermediary Mortgage Lenders Association (IMLA) Mortgage Market Tracker, Q1 2019.