Question 1

How much can I borrow for a residential mortgage?

Accepted Answer

A standard guide is 4–4.5× your annual income, with some lenders going up to 5.5× for higher earners. Affordability is also tested against your outgoings, debts and a stress-test rate. Joint applications can borrow against both incomes.

Question 2

What types of residential mortgages are available?

Accepted Answer

The main options are: Fixed rate (rate set for 2/3/5/10 years), Tracker (follows the Bank of England base rate plus a margin), Discount (a discount off the lender's SVR for a period), and Offset (savings reduce the interest-bearing balance).

Question 3

Can a non-UK resident get a UK residential mortgage?

Accepted Answer

Yes, though the lender panel is narrower. Non-UK residents typically need a 25–40% deposit, evidence of UK or international income, and may be required to use a specialist or international-arm lender. Stamp duty is also higher (+2% non-resident surcharge).

Question 4

How long is a typical mortgage term in the UK?

Accepted Answer

The default mortgage term is 25 years, though terms from 5 to 40 years are available depending on age, lender and product. A longer term reduces monthly payments but increases the total interest paid.

Question 5

What documents do I need for a UK mortgage application?

Accepted Answer

Typical evidence: passport / driving licence (ID), 3 months' bank statements, 3 months' payslips (or 2 years' SA302s if self-employed), proof of address, deposit source evidence, and details of any existing credit commitments.

Question 6

Is it cheaper to use a mortgage broker or go direct to a bank?

Accepted Answer

A whole-of-market broker compares rates from many lenders and may access broker-only deals. Going direct limits you to one lender's products. Brokers are paid via lender procuration fees and/or client fees. As an introducer, we connect you with FCA-authorised broker partners.

Residential Mortgage Enquiry

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