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About your mortgage
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Based on your yearly income,
you may be able to borrow
Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.
Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
The Online Mortgage Application Process
Buying a home or a new investment property is an exciting prospect. However, many people find the mortgage application process time-consuming and stressful.
As independent, whole-of-market brokers, the Revolution team handles mortgage applications every day, from multi-million-pound development deals to first-time home purchases.
Here we'll run through how the process works, what you need to know before you start, and why having an experienced broker on your side is critical to approval.
What are the Benefits of Using a Broker for my Mortgage Application?
So, the first thing to do is verify that your broker is whole-of-market. That means we aren't tied into any bank, lender or product.
Revolution Brokers will recommend any lender or mortgage product we believe is the best option for you, whether it's the one you're most likely to be approved for, the cheapest, or the ideal choice for an unusual application.
Being whole-of-market means that we can scour the lending sector for the most competitive rates, construct a compelling application with the highest chances of approval, and avoid you applying to inappropriate lenders who won't be suited to you.
Here's how that helps:
- Revolution Brokers signposts you to the right lenders, whether that's a specialist bad credit mortgage provider, a bank experienced in self-employed mortgages, or a lender with the most generous affordability policies.
- You get your mortgage approval faster, with express applications and a streamlined process managed on your behalf by an expert team.
Whole of market brokers
Mortgage that suits you
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What is Involved in the Mortgage Application Process?
The process itself is relatively straightforward.
- First, we work to assess your circumstances and determine which lender can best meet your borrowing requirements.
- Next, we secure an agreement in principle without any hard credit checks. You can take this away and look at the costs, fees and monthly repayments to decide if it feels like a great deal.
- When you’re happy, you can go ahead with making an offer and appointing a solicitor.
- Next, you'll need the property to be valued - the lender usually carries this out. When they have a full valuation report, they will be able to make a formal offer to lend and collate the rest of your paperwork.
- The following step is to instruct your solicitor and pay their fees. Your legal representative runs searches on the property and draws up the contracts.
- Exchanging contracts means that both parties sign and file their contracts, and then you can move forward to completion and pick up your keys!
What Information Do I Need to Apply for a Mortgage?
The actual documents you need might vary between lenders, but usually include:
- Proof of ID and address - e.g. passport, utility bills and bank statements.
- Evidence of your income - often with three months of payslips and a P60.
- Bank statements for the last three months for all active accounts.
- Proof that you have the deposit ready to pay.
- Credit reports.
- Property details.
- Contact information for your estate agent and solicitor.
What Information in my Mortgage Application is Most Important to the Lender?
Your application is assessed in a few different ways.
- Income assessments look at what you earn, what you spend, and how comfortably you can keep up with the repayments. Lenders all have different policies, so if you're self-employed, one might require evidence of three years of trading, whereas another might be happy with a year.
- Eligibility criteria will consider the type of employment you are in, how stable that role is, and the risk factor if you are on a fixed-term contract.
- Lenders also need to analyse your other debts and outgoings. Usually, the regular payment value is deducted from your earnings to arrive at a net expendable income for the affordability assessment.
- Your age is another factor, which makes no difference to some lenders, and is a critical criterion for others. Some lenders have age caps relating to the maximum age applicant they will accept at the application date or the end of the term.
- The property you wish to buy is also assessed and must be valued to provide suitable security for the lender's funds. Non-standard properties such as thatched cottages or concrete houses are also less easy to mortgage and often require a specialist lender.
- Loan to Value means how much you want to borrow against the value of the property. If you need a £100,000 mortgage against a property worth £200,000, that equates to a 50% LTV. Each lender has different LTV policies, with some requiring more extensive deposits than others.
- The source of your deposit has to be verified in line with money laundering regulations. Deposits paid through savings or gifts from immediate family members are the most common.
- Credit checks will analyse your credit file and identify whether you have had any serious credit issues in the past. Again, each lender is different. While some may disregard minor matters or even severe problems due to expire from your credit file shortly, others will not lend in any bad credit scenarios.
Do I Have to Take Out Mortgage Insurance?
No, it isn't mandatory. You will need buildings insurance, but other products are optional. They include life cover, income protection insurance and a contents policy.
Very often, lenders will offer insurance at the same time as making a mortgage offer. It's up to you whether to take out the policy, and our team can always advise whether it is a competitive deal or whether you could find a better value policy elsewhere.
How Are Self-Employed Buy to Let Mortgage Applications Different?
Generally, the lender will look at the property's rental potential and how well this covers the mortgage payments rather than at your other income.
Some lenders also have a minimum income threshold, often of £25,000 per annum. You might find that mainstream mortgage providers require a minimum number of years of landlord experience and need at least three years of accounts or tax returns to consider the application.
Revolution Brokers works with a vast network of specialist lenders with much more flexible terms, so there is always a mortgage product out there if these conditions do not apply.
When is the Right Time to Apply for a Mortgage?
Many people start looking for a mortgage when they've already found their ideal property - and if the application isn't approved, it can cause a great deal of frustration!
Our advice would be to look at agreements in principle before you start searching for a property. You are in a better negotiating position if you can demonstrate that you have a mortgage provider lined up and will know how much you are likely to be able to borrow.
Can I Apply for a Mortgage with a Bad Credit Rating?
One of the most common reasons for mortgage rejection is bad credit. By working with an experienced broker, you can avoid this happening and find a mortgage even if you have no credit history or serious credit issues such as repossessions.
There are many mortgage products designed for adverse credit applicants and specialist bad credit lenders who can usually help.
Expert Support with UK Mortgage Applications
If you're keen to get your mortgage offer in place quickly or would like to know that you are applying to the best-suited lender with the most competitive rates, an independent broker is vital.
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Securing an excellent mortgage offer with Revolution Finance
Brokers couldn't be easier:
As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.
The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.