7 Key Steps to Securing Your First Mortgage – What Every UK Buyer Should Know
If you’re thinking about buying your first home, understanding how to get a mortgage will be right at the top of your to-do list.
Because a mortgage is such a significant financial commitment, it’s important to take your time, understand your choices, and pick the product that’s best suited to your situation.
At Redrose, we’ve put together this clear, step-by-step guide to help you prepare — from working out your budget, to applying for a Mortgage in Principle (MIP). We’ve also included a reminder about the UK Mortgage Charter, which sets out commitments from lenders to help borrowers facing payment difficulties — something worth knowing about even before you buy.
Here’s how to get started.
1 – Work Out Your Budget
Before you begin the mortgage process, take a close look at your monthly finances. Consider all your outgoings alongside what you can comfortably put towards a repayment.
Using an affordability calculator can give you a useful starting figure for what’s manageable.
2 – Find Out How Much You Could Borrow
Online mortgage calculators can give you a ballpark figure based on your income and deposit. Keep in mind that lenders also look at your regular expenses, existing debts, and other factors before deciding on the final amount.
3 – Check Your Credit Score
Your credit score is often the first thing lenders examine. It shows them how you’ve handled borrowing in the past.
Check your score with one of the UK’s main credit reference agencies and take action to improve it if needed — even small changes can help.
4 – Apply for a Mortgage in Principle (MIP)
Whether you’re buying alone or with someone else, an MIP gives you a clear idea of what you could borrow.
It’s not a full mortgage offer, but it shows sellers and estate agents you’re serious, can help you secure viewings faster, and is usually valid for around 90 days. Most MIPs only require a “soft” credit check, meaning your score won’t be affected.
5 – Understand the Types of Mortgage Available
No two buyers are alike, and the same goes for mortgages.
- Fixed-rate mortgages lock in your interest rate for a set time.
- Tracker or Standard Variable Rate (SVR) mortgages move in line with the Bank of England base rate, meaning repayments can rise or fall.
Most first-time buyers choose fixed rates for the certainty they provide.
6 – Decide on Your Mortgage Term
Your term — the number of years you’ll repay over — affects both your monthly repayments and the total interest paid. Longer terms spread the cost but increase the interest you’ll pay overall.
Lenders often offer terms of 30 to 40 years depending on your age and circumstances.
7 – Speak to Our Independent Mortgage Adviser
While you can apply directly to a lender, using a mortgage adviser can save time and potentially money.
At Redrose, we work closely with an independent mortgage adviser who can search the market for competitive products, explain the pros and cons, and guide you through the process from start to finish.
They’re also up to date with schemes and protections such as the UK Mortgage Charter, which outlines how lenders should support borrowers if they face financial difficulties — useful to understand before you commit.
For a free, no-obligation chat, call us on 01772 456 558 and we’ll arrange for one of our advisers to get in touch.
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7 Key Steps to Securing Your First Mortgage – What Every UK Buyer Should Know