Property

Complete Guide to UK Mortgages 2026

Everything you need to know about mortgages in the UK. Types, how to get one, costs, calculators, and expert guidance for first-time buyers and home movers.

· 4 min read

This comprehensive guide covers everything you need to know about getting a mortgage in the UK.

What Is a Mortgage?

A mortgage is a loan secured against property. If you don’t repay, the lender can repossess your home.

Key Facts Details
Typical term 25-35 years
Secured against Your property
Monthly payments Interest + capital (usually)
Deposit required Minimum 5%

Types of Mortgages

By Interest Rate Type

Type How It Works Best For
Fixed rate Same rate for set period (2-5 years typical) Certainty, budgeting
Tracker Follows Bank of England base rate Flexibility, potential savings
Variable/SVR Lender’s standard rate Short-term only
Discount Reduction off SVR for set period Lower initial payments

Our guides:

By Repayment Method

Type How It Works End Result
Repayment Pay interest + capital monthly Own home outright
Interest-only Pay interest only, capital at end Need repayment plan

Specialist Mortgages

Type For
First-time buyer Those who’ve never owned
Buy-to-let Landlords
Self-employed Variable income
Shared ownership Part-buy, part-rent
Help to Buy Government scheme (closed)

Related guides:

How Much Can You Borrow?

Income Multiples

Lender Approach Typical Multiple
Standard 4-4.5x income
Some lenders Up to 5-5.5x
Joint applications Combined income

Affordability Assessment

They Check Why
Income How much you earn
Outgoings Regular commitments
Debts Credit cards, loans
Dependents Children, others
Future rate rises Stress testing

Use Our Calculators

Deposits Explained

Minimum Deposits

Deposit LTV Rate Impact
5% 95% LTV Highest rates
10% 90% LTV Better rates
15% 85% LTV Good rates
20%+ 80% LTV or less Best rates

Building Your Deposit

Strategy Details
Regular saving ISAs, savings accounts
Lifetime ISA 25% government bonus
Family help Gifted deposit, guarantor
Schemes Shared ownership

Related: Lifetime ISA Guide

The Mortgage Process

Step by Step

Stage What Happens Timeline
1. Agreement in Principle Quick credit check, borrowing estimate Same day
2. Find property Make offer, get accepted Varies
3. Full application Detailed checks, documents 1-2 weeks
4. Valuation Lender values property 1-2 weeks
5. Mortgage offer Formal approval 1-2 weeks
6. Legal work Conveyancing 4-8 weeks
7. Exchange Contracts signed —
8. Completion Keys handed over Usually 1-2 weeks after exchange

Documents Needed

Document Why
ID (passport, driving licence) Prove identity
Proof of address Utility bills, bank statements
Payslips (3 months) Prove income
Bank statements (3 months) Show spending
P60 Annual earnings
Tax returns (if self-employed) 2-3 years
Proof of deposit Where it comes from

Mortgage Costs

Upfront Costs

Cost Typical Amount
Deposit 5-20% of property
Arrangement fee £0-£2,000
Valuation fee £0-£500
Legal fees £1,000-£2,000
Survey £300-£700
Stamp Duty Varies (calculators below)

Stamp Duty Calculators

Ongoing Costs

Cost Frequency
Mortgage payments Monthly
Buildings insurance Required by lender
Life insurance Usually advisable
Maintenance Ongoing
Service charges If leasehold

Key Mortgage Calculators

Calculator What It Does
Mortgage Calculator Monthly payment estimates
Affordability Calculator How much you can borrow
Repayment Calculator Total cost over term
Overpayment Calculator Savings from overpaying
Deposit Calculator Deposit needed
LTV Calculator Loan-to-value ratio
Interest-Only Calculator Interest-only payments
Buy-to-Let Calculator Landlord mortgages

First-Time Buyers

Special Considerations

Topic Details
No chain Often faster process
Government schemes Shared ownership, First Homes
Stamp Duty Relief for FTBs (check current rules)
Lifetime ISA Use bonus toward deposit
Lower deposits 5% options available

First-Time Buyer Checklist

Step Done
Check credit report ☐
Build deposit ☐
Get Agreement in Principle ☐
Budget for all costs ☐
Research areas ☐
Get mortgage advice ☐

Remortgaging

When to Remortgage

Situation Consider Remortgaging
Fixed rate ending Before SVR kicks in
Better rates available Check the market
Home value increased Access better LTV
Need to borrow more Home improvements
Circumstances changed Better products available

Full guide: Remortgaging Guide

Getting Help

Mortgage Brokers

Pros Cons
Access whole market May charge fee
Expert advice Not always best deals
Handle paperwork —
Know specialist lenders —

Where to Get Advice

Source Details
Independent broker Whole-of-market
Bank/building society Their products only
Online comparison Research tool
Citizens Advice Free guidance

Summary: Getting Started

Before You Begin

Check Details
Credit report Fix any errors
Deposit saved Know your amount
Affordability Realistic budget
Documents ready Speeds up process

Key Questions to Ask

Question Why It Matters
What’s the total cost? Not just monthly payment
What fees apply? Arrangement, valuation
Can I overpay? Flexibility
What happens after fixed period? SVR rate
Early repayment charges? If circumstances change
Topic Guide
Mortgage types Tracker Mortgages
Buying schemes Shared Ownership
Switching Remortgaging
Later life Equity Release
All calculators Links above

A mortgage is likely the biggest financial commitment you’ll make. Take time to understand your options, use our calculators to plan, and consider professional advice — especially for your first mortgage or complex situations.