Back | How it Works

Securing an excellent mortgage offer with Revolution Finance Brokers couldn't be easier

1Get in Touch

Complete a quick form to give us an overview of your mortgage or financing requirements, and we'll provide recommendations about the best opportunities for you.

2Submit Your Application

Once you've chosen your preferred mortgage deal, we'll steer you through the paperwork with comprehensive application management from start to finish.

3Mortgage Completion

Revolution Finance Brokers will finalise the details and enable you to move forward without delay!

Get Started

Back | About

About

Back | Insurance

Business Protection Insurance

Life Insurance

Building Insurance

Home Insurance

Mortgage Repayment Protection

Family Income Benefit

Critical Illness Cover

Back | Calculators

Commercial Stamp Duty

How Much Can I Borrow?

Buy To Let

Bridging Loan

Residential & Commercial Bridging

Mortgage Repayment

Development Finance

Commercial Mortgage

Back | Your Mortgage Position

Your Mortgage Position

Bad Credit

Bridging

Buy to Let

Development Finance

Self Employed

Mortgage for professionals

Lifetime Mortgages

Expat mortgages

Interest Only

Mortgage Affordability

Mortgage Application

Income Types

Residential Mortgages

Commercial Mortgages

Property Types

Remortgages

First Time Buyers

Mortgage Declined

Offset Mortgage

Other

Back|Bad Credit

Bad Credit Mortgages

Mortgage for Applicants with Bad Credit

Mortgage with Defaults on Your Credit

Buy to Let Mortgage With Bad Credit

Finding a Mortgage with Poor Credit

Mortgage Interest Rates with Bad Credit

Mortgage After Repossession

Getting a Mortgage After Payday Loans

Avoiding Repossession

Subprime Mortgages

Mortgage with a CCJ

Mortgage with Credit Card Debts

Adverse Credit Mortgage Online

Self-Employed Mortgage with Bad Credit

Shared Ownership Mortgage with Adverse Credit

Right to Buy as a Bad Credit Applicant

Commercial Mortgages for Bad Credit Borrowers

Deposit Requirements for Bad Credit Mortgages

Finding a Mortgage Offer After Rental Arrears

How Can I Repair my Credit Score to Get a Mortgage?

How Does the Help to Buy Scheme Work for Bad Credit Applicants?

How to Decipher Your UK Credit Reports

How to Secure a Bad Credit Buy to Let Mortgage

Is it Possible to Find a Mortgage After Bankruptcy?

How to Qualify for a Mortgage with Zero Credit Score

Joint Mortgage Applicant Has Bad Credit

Are There Mortgage Options After a Debt Management Plan?

Are There Mortgage Options After a Debt Relief Order?

Back|Bridging

Bridging Finances

Auction Finance

Fast Bridging Finance

Low-Cost Bridging Loans

Bridging Loans Guide

Bridging Loans for Residential Homes

Bridging Loan at 100% Loan to Value?

Commercial Bridging Finance

Bridging Loan with Adverse Credit

Fast Bridging Finance

Financing a Property Purchase at Auction

Finding Regional UK Bridging Loans

Financing an Auction Property Purchase

Bridging Finance for Land Developments

Long & Short Term Bridging Finance

Bridging Finance on Rental Investments

UK Bridge to Let Mortgage Borrowing

Using Bridging Finance for Development Projects

Back|Buy to Let

Buy to lets

Buy To Let Mortgages for Expats

Buy To Let Refurbishment Mortgages

Buy to Let Interest-Only Mortgages

Changing Your Mortgage to Buy to Let

Mortgages for Buy to Sell Investments

Company Mortgages for SPVs

Stamp Duty for Buy to Let

HMO Finance

LTD Company Property Finance

Holiday Let Mortgages

Holiday Let Mortgages 80 LTV

Repayment Mortgage for Buy to Let

Buy To Let Mortgages For New Builds

Buy to Let Mortgages Guide for Investors

Buy To Let Mortgage With Poor Credit

Let to Buy

BTL UK Portfolio Mortgages

Portfolio Landlord Mortgages

Property Refurbishment Finance

Best Buy to Let Mortgages: 75% LTV

Buy to let 80% LTV Mortgages

Buy to Let Remortgage

Securing BTL Mortgage Quotes & BTL Agreement

Buy to Let Mortgages for First Time Buyers

Buy To Let Mortgages For Retiree Landlords

Back|Development Finance

Development Finance

Development Finance Explained

Guide to Construction Finance

Development Exit Finance

Why Location Matters in Development Finance Applications

Development Finance for Residential Properties

Finance a Property Development with No Deposit

Development Finance Applications

Development Finance ROI

Checklist of Considerations before you Develop Your First Propertyce

Development Finance FAQs

Lender Criteria for Development Finance

Back|Self Employed

Self Employed Mortgages

Company Director Mortgages

Mortgages for LLPs

BTL Mortgage If You Are Self Employed

Self-Employed Mortgage After 2 Yrs Accounts

Mortgages For Newly Self Employed

Mortgage for Partnerships & Sole Traders

Mortgages for Self-Employed Accountants

Back|Mortgage for Professionals

Mortgages for UK Professionals

Foster Carer Mortgages

Mortgages For Armed Personnel

Mortgages for Doctors

Mortgages for Graduates

Mortgage for Teachers

Mortgages for Solicitors, Barristers & Lawyers

Mortgages For Social Workers

Back|Lifetime Mortgages

Lifetime Mortgages

Equity Release With & Without Mortgage

Equity Release with a Mortgage

Interest-Only Equity Release Mortgages

Home Reversion in Equity Release Financing

Analysing Equity Release Product Safety

Equity Release as a Retirement Strategy

Repaying an Equity Release Mortgage Early

Back|Expat Mortgage

Expat Mortgages for UK Nationals

Expat Remortgages for UK Nationals

Finding a UK Mortgage Broker as an Expat

Buy To Let Mortgages for UK Expats

Mortgage Calculator Guide for Expats

Back|Interest Only

Interest Only Mortgages

Switching Your Mortgage to Interest-Only

Part Repayment & Interest-Only Mortgages

Repayment vs Interest-Only Mortgages

Interest-Only Mortgage for First-Time Buyers

Secured Interest-Only Home Loans

Interest-Only Retirement Mortgages

Interest-Only Lifetime Mortgages

Repayment Vehicles for Interest Only Mortgages

Back|Mortgage Affordability

Mortgage on 5.5 x Salary

Mortgage on a Single Income

Mortgage with an Overdraft

Mortgages on 4 - 4.5 x Salary

Mortgage based on Salary

Mortgage on a Single Income

Requirements for a £350,000 Mortgage

Mortgages at 6 x Income

Affordability Check for a Mortgage Application

How Do Mortgage Affordability Checks Work?

Back|Mortgage Application

Mortgages for Individuals

Friends or Family Members

VISA Mortgages

Foreign National Mortgage

Multiple Applicant Mortgages

Single Parent Mortgage

Mortgage Application Process

Mortgage Agreement in Principle

Joint Applicant, Sole Proprietor Mortgages

Single Parent Mortgage

Joint Mortgage Applications

Rejected Mortgage Application

Back|Income Types

Mortgage with Non-Mainstream Income

Mortgage on a Temporary Work Contract

Mortgage on a Zero Hours Contract

Mortgages for Part-Time Workers

Mortgage Applications Based on Pension Income

Mortgage Options for Gambling Income

Mortgages for Freelancers & Self-employed

Mortgages for Contractors with Variable Income

Mortgages for Agency Staff Employed Through an Umbrella Company

Back|Residential Mortgages

Residential Finance

Moving Home

Consumer Buy to Let Mortgages

Specialist Mortgages

Second Charge Mortgage Brokers

Offset Mortgages

Shared Ownership Mortgages

Self-Build Mortgages

Regional First-Time Buyer Mortgages

Interest Only Mortgages

Tier 2 Visas Mortgages

Mortgages at 95% Loan to Value

Back|Commercial Mortgages

Commercial Property Finances

Commercial Mortgages

Property Investment Finance

Commercial Remortgages

Semi Commercial Mortgage

Interest Only Commercial Mortgages

Mortgages For Flats Above Shops

Mortgaging Land Purchases

Portfolio Landlord Mortgages

Mortgages with Bad Credit

Mortgages for Land Investments

Mortgages for Pub Businesses

Large Commercial Mortgage

Bridging Loans for Commercial Mortgages

Mortgages for Large Investments

Commercial Mortgages for B&Bs

Mortgages for Dental Practices

Mortgages for Pharmacies

Remortgaging Commercial Property

Care Home Commercial Mortgages

Second Charge Mortgages

Business Through Mortgage Lending

Deposits on Commercial Mortgages

Hotel Mortgages

Affordability Criteria in Commercial Mortgages

Pros & Cons of Commercial Mortgages

Buy to Let Mortgages for Businesses

Mortgage Terms on Commercial Lending

Asset Finance & Working Capital

Unsecured Business Loans

Business Expansion Finance

Invoice Finance

Partnership Buyout Finance

Hire Purchase

Lease Purchase

Back|Property Types

Mortgage Rates on New Constructions

Timber Framed House Mortgages

Home with Identified Asbestos

Mortgage on a Maisonette

Property with a Deed of Covenant

Mortgages on Non-Standard Developments

Mortgages on Single Brick Properties

Eco-Friendly Home Mortgages

Ex-Local Authority Flat

Flying Freehold Mortgage

Thatched Roof Property

Flat Mortgages for High Rises

Studio Flat Mortgage

Mortgage on a Home with a Flat Roof

Mortgage Survey Undervalues Your Property

Properties in Flood Risk Areas

Mortgage Lending on Homes with Annexes

Steel Framed House Mortgages

Mortgages for Concrete Properties

Mortgages for Leasehold Properties

Mortgaging a Cottage Property

Mortgage for below Market Value

Repossession Property Purchase

Planning Permission for British Properties

Mortgage on a Home Adjacent to Commercial Properties

Back|Remortgages

Back|Mortgage Declined

How To Deal With Having A Mortgage Declined On Affordability

Finding a Solution When You Have Had a Mortgage Declined Post-Valuation

Help for Homebuyers Who Have Had a Mortgage Declined After Agreement in Principle

Tips and Advice on Proceeding If You Get Declined for a Mortgage After Exchanging Contracts

What to Do if You Have Had a Mortgage Application Declined

Back|First Time Buyers

First Time Buyers

Deposit Requirements

First Time Buyer Guarantor Mortgages

Applying for a First-Time Buyer Mortgage

Finding a First Time Buyer Mortgage With a 5% Deposit

First-Time Buyer Stamp Duty and Mortgage Costs

Back|Offset Mortgages

UK Offset Mortgages

What is a Flexible Mortgage - And Who is It Best Suited To?

Offset Mortgages Rated - Pros and Cons

Average Rates on UK Offset Mortgages

What Are Cashback Mortgages - and How Do They Work?

How To Find the Lowest Fixed Rates on Offset Mortgages

Is a UK Current Account Mortgage Right For You?

Guide to Offset Mortgage Online Calculators

How Family Offset Mortgages Work

Mortgage Reserves - How an Offset Works

Back|Other Mortgages

Second Charge Mortgages Brokers

Applying for a Mortgage With a New Job

Mortgages for Uninhabitable Property Purchases

Can I Mortgage a Contaminated Land Investment?

Can I Mortgage a Listed Grade Two Property?

Can I Get a Mortgage While on Maternity Leave from Work?

How Does a Public Footpath Impact My Mortgage Chances?

How Many Mortgage Products Can I Have Simultaneously?

What Deposit Sources are Acceptable in the UK?

What Sort of Homeowner Loan Am I Eligible For?

Complete Guide to the UK Mortgage Process

How Can a Broker Improve My Mortgage Eligibility Assessment?

Mortgage Applications

The expert guide to UK mortgage applications - how they work, what documents you need, and why accuracy matters!

Let’s Get Started Ask A Question

Discover What Our Customers

Have to Say!

Almas Uddin

Founder and Mortgage Advisor

2023-05-09

Mortgage Applications

If you've never applied for a mortgage before or are unsure how the process works, we're here to help!

This guide explains all the basics about mortgages applications, and how it all works. For help finding your ideal mortgage, and with support throughout the application process, contact Revolution on 0330 304 3040, or drop us a message at [email protected].

How Do UK Mortgages Work?

A mortgage is a loan secured against your property taken out to purchase a home. Most mortgages last for around 25 years, although they can be up to 40 years.

Given that the loan is secured against the property, if you don't keep up with your repayments, the lender can repossess the home. That means they take ownership of the property and sell it to recoup their money.

To get a mortgage, you need to go through an application process. You apply for the cash you need to buy the property, and the lender charges interest on top. These are combined and repaid as:

A repayment mortgage, with a monthly payment with a proportion to pay back the capital loan, and a proportion to cover the interest charged. When the term ends, you have paid all of the original loan back, plus all of the interest, and own your home outright.
An interest-only mortgage. That means each month, you make a smaller payment, but it is only the interest element, and none of the original loan is repaid. When the term ends, you still owe the initial loan value.

Already Interested, Let’s Get Started!

The following

topics are

covered below

Can Anybody Get a Mortgage?

What are the Different Types of Mortgage Product to Choose From?

What are the Best Mortgages for First-Time Buyers?

What is a Bad Credit Mortgage?

Can I Get a Self-Employed Mortgage?

How do Buy to Let Mortgages Work?

What are Second Home Mortgages?

How Does a Commercial Mortgage Work?

Is Development Finance a Type of Mortgage?

What are Self-Build and New-Build Mortgages?

Do UK Mortgage Providers Only Lend Against UK Properties?

What is a Second Charge Mortgage?

How Do Retirement Mortgages Work?

Professional UK Mortgage Advice

Show less

Why Revolution Brokers?

Whole of market brokers

Mortgage that suits you

On time customer support

Can Anybody Get a Mortgage?

It depends. Lenders assess every application based on things like your income, the home you want to buy, what deposit you have available, and how old you are.

You can apply in several ways:

Directly to a bank or mortgage provider - although you are limited to only those products they sell.
Through an independent broker. This option means you have access to every deal on the market and can apply to the lender most likely to approve your application and with the most competitive deals.

What are the Different Types of Mortgage Product to Choose From?

There are many mortgage products, and it's essential to know how they work before making a long-term financial decision.

The list below shows the most common types of UK mortgage:

Standard variable rate mortgages (SVR) means that you pay standard interest rates and don't benefit from any fixed-rate discounts. The monthly payment can go up and down depending on the bank base rate, and you can usually transfer to another provider without paying exit fees.
Discount mortgages charge interest on the SVR rate but with a discount. These usually run for between two and three years.
Capped mortgages also rely on the SVR but with an upper limit on the interest chargeable.
Cashback mortgages offer incentives to take out a loan with a provider.
Fixed-rate mortgages have a fixed interest rate locked in. This rate is usually fixed for between two and five years, although it can be longer. Your monthly payment remains the same throughout the fixed term duration.
Flexible mortgages offer you the option to vary how much you pay per month, draw back out cash repayments already paid, make extra payments, or take a repayment holiday.
Joint mortgages are held between two applicants, who apply together, are on the deeds, and own the property jointly.
Offset mortgages are linked to your savings, held with the same lender. Your cash savings are offset against the mortgage balance, and you only pay interest on the difference between your mortgage debt and your savings.
Remortgaging means paying back your mortgage by taking out a new mortgage with another lender.
Tracked mortgages mean that the lender varies the interest charged, like an SVR rate, but this is based on a fixed percentage over and above the base rate.
Unencumbered mortgages are available on properties where no other existing mortgage or charge is secured against the home.

What are the Best Mortgages for First-Time Buyers?

Increasingly, lenders offer help to first-time buyers to make it easier to get onto the property ladder. There are also government support schemes available, so it's best to consult a whole-of-market broker to advise on the best options for you.

Most first-time buyers need a 10-25% deposit, but other products are available with a lower down payment.

Gifted deposit mortgages allow a parent or close family member to pay the deposit for you.
Guarantor mortgages offset the risk by having a family member guarantee your mortgage - and make the repayments if you fall behind.
Help to Buy equity loans are a government scheme for first-time buyers whereby you can borrow up to 20% of the property value to use towards your deposit.
Low deposit mortgages are available from a deposit of just 5%.
Low start mortgages offer lower initial monthly repayments.
Shared Ownership mortgages are a way for you to buy a proportion of a home from the housing association and pay rent on the balance.

What is a Bad Credit Mortgage?

Millions of people end up with credit issues on their file for one reason or another, making it difficult to find a mortgage through a high street bank.

Bad credit mortgages are usually offered by specialist lenders and often only available through independent brokers.

Can I Get a Self-Employed Mortgage?

You can indeed. Self-employed mortgages work the same as a mortgage for an employed person.

The difference is that you will need to provide tax returns or filed accounts to demonstrate your average annual income and are best advised to consult a broker before applying since not all lenders offer favourable terms to self-employed applicants.

How do Buy to Let Mortgages Work?

A buy to let mortgage is available for landlords and investors who want to borrow the cash to purchase a property they will let out to tenants.

Most buy to let mortgages are interest-only, with the rental income needing to be sufficient to cover the monthly interest charge.

What are Second Home Mortgages?

Second-home mortgages are designed for applicants who already own a property. The affordability criteria tend to be stricter since the lender needs to know you can keep up with your existing and the new mortgage repayments.

How Does a Commercial Mortgage Work?

Commercial mortgages allow businesses to buy properties and premises, either to operate from or as a rental investment.

Is Development Finance a Type of Mortgage?

Not exactly, no. Development finance is a short-term loan, usually interest-only, and used by developers to finance the cost of construction or redevelopment.

The loan is usually released in stages as the development progresses, with an inspection and valuation at each step before the cash is made available.

Bridging loans are another short-term loan and often used to quickly raise cash for a property purchase, for example, through a property auction.

Interest rates are higher, and most bridging loans run for a year. However, it is a viable option for buyers who can demonstrate their exit strategy and need the cash quickly.

What are Self-Build and New-Build Mortgages?

These two products are slightly different. Self-build mortgages are for applicants who want to borrow the funds to build their own property. Like development finance, the cash is released in pre-agreed stages following an inspection.

New build mortgages apply where a buyer wants to purchase a brand new development. This can be more complex, although if you are eligible for a government mortgage scheme, you will be more likely to be successful since most such initiatives are targeted at new-build developments.

Do UK Mortgage Providers Only Lend Against UK Properties?

Not necessarily! Applicants can take out an overseas mortgage to purchase a home abroad or a holiday home in another country.

You can also take out expat mortgages if you are a British national but live abroad. Expat mortgages are similar to domestic products, although the eligibility requirements can be much stricter.

What is a Second Charge Mortgage?

Second charges are additional loans secured against your home, in addition to a primary mortgage.

Some homeowners opt for a second charge mortgage as an alternative way to raise finance without having to remortgage - usually if they have an excellent interest rate on their existing mortgage or don't wish to incur exit penalties for switching to a new provider.

How Do Retirement Mortgages Work?

Retirement mortgages are usually available to applicants aged 55 or above and are designed to work around pension income.

Equity release mortgages are a different prospect:

Lifetime mortgages mean borrowing capital against the equity in your home. There are no repayments, but when you pass away or go into care, the lender will sell the property and recoup their lending plus interest.
Retirement interest-only mortgages work similarly, but you do pay the interest every month. That limits the total loan value reclaimable by the lender when they come to sell the property and increases the remaining cash value, which the estate will pass to your beneficiaries.

Professional UK Mortgage Advice

We hope this guide covers the essentials about how UK mortgages work. If you'd like to get started with an application, find out more about the type of mortgage best suited to your requirements, or compare the rates on offer, get in touch.

Mortgage advisors is wholly independent and available on 0330 304 3040 or via email at [email protected].

Almas Uddin

Founder and Mortgage Advisor

Mortgage Applications

Discover What Our Customers

Mortgage Applications

How Do UK Mortgages Work?

Whole of market brokers

Mortgage that suits you

On time customer support

Can Anybody Get a Mortgage?

What are the Different Types of Mortgage Product to Choose From?

What are the Best Mortgages for First-Time Buyers?

What is a Bad Credit Mortgage?

Can I Get a Self-Employed Mortgage?

How do Buy to Let Mortgages Work?

What are Second Home Mortgages?

How Does a Commercial Mortgage Work?

Is Development Finance a Type of Mortgage?

What are Self-Build and New-Build Mortgages?

Do UK Mortgage Providers Only Lend Against UK Properties?

What is a Second Charge Mortgage?

How Do Retirement Mortgages Work?

Professional UK Mortgage Advice

Further Reading

Friends or Family Members

Are Online Mortgage Quotes Worth Relying On?

Can I Apply for a Mortgage in Northern Ireland?

Can I Apply for a Mortgage in Only My Name if I am Married?

VISA Mortgages

Can I Get a Mortgage if I Have a Criminal Record?

Foreign National Mortgage

How Can I Apply for a Mortgage Alongside Existing Debt?

How Do Mortgage Applications Work in Scotland?

How Quickly Can I Get a Mortgage Application Approved?

Mortgage Agreement in Principle

Mortgages for Individuals

Mortgage Options for Homeowners on Furlough from Work

Multiple Applicant Mortgages

Single Parent Mortgage

Mortgage Application Process

Understanding Retention Clauses on a Mortgage Offer

Joint Applicant, Sole Proprietor Mortgages

What are LIFT Mortgages in Scotland?

What Happens If I'm Made Redundant While Applying for a Mortgage?

What History of Bank Statements Do I Need for a Mortgage Application?

Which Government Mortgage Schemes Can I Apply For?

How Can I Improve My Chance of Mortgage Approval?

Refer, Relax

FCA disclaimer

Ask the Expert Mortgage Brokers

Contact

Social

Ask the Expert

Mortgage Brokers