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Homebuyer
mortgages

Helping you purchase your dream home, remortgage your property, or take your first steps on the property ladder

Getting started with homebuyer mortgages

A residential, or ‘homebuyer’ mortgage, is a loan taken out against a property that you plan to, or already, live in. You put down a deposit and borrow the balance up to the purchase price or valuation amount (whichever is lower). You then pay your lender back, with added interest, over a set period of time. 

We know that your home purchase can be your biggest financial commitment, so we’re here to handle the hard work for you. Whether you’re ready to purchase your forever home, looking to save money on your remortgage, or even starting out as a first-time buyer, our experts are here to support you through the whole mortgage process. 

Let’s find a homebuyer
mortgage

Our easy-to-use homebuyer mortgage calculator lets you find a mortgage rate and tells you how much your monthly repayments will be. All you have to do is give us a few details.

What makes MFB the best mortgage & finance solution in the UK?

  • We treat every mortgage like it’s our own
  • We give you two direct points of contact who you’ll work with from application to completion, giving you a seamless and stress-free process
  • Our team of experts will navigate the mortgage market to find you the best rate
  • Our whole-of-market access means we can source you rates from both Highstreet banks and, for more complex cases, from more specialist lenders that you wouldn’t otherwise have access to

What our clients say…

We could go on all day about what makes us great, but our client's reviews speak for themselves

Frequently asked homebuyer mortgage questions…

How much deposit will I need?

As a minimum, you’ll need a deposit of at least 5%. It’s worth bearing in mind that in most cases the larger the deposit you can put down, the more competitive the mortgage interest rate pricing. 

How much can I borrow?

The answer to this will entirely depend on your individual circumstances. Lenders will want to review your income (or combined income if you’re purchasing with a partner or friend) to ensure that the mortgage is affordable for you. As a general rule, lenders will offer around 4.5x the total applicant income, but our expert brokers may be able to help you access more. Visit our ‘how much can I borrow’ calculator for an estimate of what size loan you could access.

How long will it take to get a mortgage?

It can take between two to six weeks to get a mortgage offer , but this depends on how complex your mortgage application is and the recommended lenders service levels. After you’ve secured your mortgage offer, it takes on average a further 6 weeks to complete and draw down your loan. Once again, this will vary based on the number of properties in the chain and any complications during the conveyancing and legal process of the application.

What fees will I need to pay on a residential mortgage?

There are a number of fees that you will need to pay when applying for your residential mortgage, and it’s important you factor these into your costs. 

The fees themselves will vary from lender to lender, but as a guide, you will need to pay: 

  • Lender arrangement fee – this is what lenders will charge you to set up the mortgage. This can be a fixed amount or a percentage of the loan amount and will typically be due on completion. Most lenders will allow you to add this to the loan, although remember you will then be charged interest on this. 
  •  Valuation fees – this fee covers the cost of a lender’s survey of your home. On many mortgage products, lenders will not charge a valuation fee as an incentive for borrowers, but generally cost around £250.  It's important to remember that this is a valuation for mortgage purposes and not a substitution for a more in-depth homebuyers or structural valuation report
  •  Legal fees – these fees cover the costs of the conveyancing work on your mortgage, and will vary depending on your solicitor. If you don’t have a solicitor already, one of our expert residential brokers will be able to help you find one and make sure you understand what you’re paying for, as some may quote without the required legal searches included
  • Stamp Duty Land Tax (SDLT) – if you’re purchasing a property, you may be liable to pay SDLT on purchases (or transfers of equity) over £250,000 or £425,000 for first-time buyers. Our SDLT calculator will help you work out how much you’ll need to pay. 

What is a Standard Variable Rate (SVR)?

Each lender has their own SVR, which will track the Bank of England Base Rate or a similar financial rate such as LIBOR / SONIA. When you come to the end of your initial rate term, you will automatically revert onto your lender’s SVR if you haven’t had your broker arrange your remortgage for you in advance. 

Lenders SVR’s are typically much more expensive than other fixed and variable rates on the market. Lenders have complete control over their SVR pricing, meaning that shifts in money market activity don’t necessarily mean changes to your mortgage repayments.

Highstreet bank vs. Specialist lender: What’s the difference?

Your financial circumstances, the complexity of your application, and your mortgage requirements will all impact whether it’s better for you to secure a mortgage with a Highstreet bank or a specialist lender. Or, it may just come down to which provider offers the most competitive mortgage deal for you. Our specialist brokers have whole-of-market access and will therefore review all your options to ensure you secure the best rate for your individual needs. 

Generally speaking, specialist lenders offer a more flexible approach to their lending and may be more willing to take a view on more complex applications. Specialist lenders will also have more bespoke criteria to support borrowers. Many specialist lenders are intermediary-only, meaning they don’t deal with borrowers directly. As a whole-of-market broker, our experts will recommend you the best specialist mortgage product deals to suit your needs.

Can I overpay on my residential mortgage?

Most lenders will allow you to make overpayments on your mortgage up to a maximum of 10% (there are a few which allow 20%) of your outstanding balance per annum. If you can afford to, it can be highly beneficial to overpay your mortgage, as you can reduce the overall term of your loan and the total amount of interest you pay. Our expert brokers can review your existing mortgage offer to confirm whether overpayments are permitted with your current mortgage deal.

Can I let out my property on a residential mortgage?

Potentially. The most important thing to do when you’re considering letting out your home on a residential mortgage is to speak to one of our expert brokers who can check under what circumstance your lender may accept the request to let out your home. Some mortgage agreements won’t allow you to do this without the lender’s specific ‘consent to let’, and you could face significant consequences if you breach your mortgage conditions.

What Government schemes are available?

The Government are looking at new ways of helping people get onto the property ladder and often offer different schemes to help people buy their homes. 

Currently, they offer a shared ownership scheme which is UK wide, which allows you to buy a share of a home if you cannot afford the deposit or mortgage to buy it in full. You then pay both the mortgage on your share and rent to a landlord to cover the remainder. For more information on the shared ownership scheme, visit the Government website

Although the Help to Buy scheme is no longer available, you can still set up a Lifetime ISA to buy your first home or save for later life. You must be 18 or over, but under 40 to open a Lifetime ISA. To learn more about Lifetime ISAs, read the Government website here.  

Can I have two residential mortgages?

Technically, yes, you can have more than one residential mortgage. However, lenders will be looking for substantial evidence that you use both properties as homes, rather than as property investments such as buy to lets or holiday homes. Lenders will also have strict criteria when you apply for an additional residential mortgage, as well as look to ensure you meet the required affordability assessments. Speak to our experts (as well as a tax advisor) if you’re looking to purchase a second home with a residential mortgage. 

Why should I use a broker for my home mortgage?

When purchasing or remortgaging a property for yourself or your family, it’s no small investment. The process deserves to be treated diligently and with the amount of time and consideration it needs,  

Applying for a mortgage can be complex and daunting, particularly with so many lenders and finance options out there to consider. Our mortgage brokers can help speed up this process for you and remove the stress and hassle of the application. They will also give you invaluable advice and support throughout the whole process, giving you the confidence you need, to get the results you want. 

Our residential mortgage brokers are award-winning experts in their field. They have the experience, expertise, and qualifications to support you with your home purchase, remortgage or first-time buyer needs. Their level of knowledge and understanding of the mortgage sector means you can be confident that we’ve recommended the right mortgage product for you. Our team of experts are helpful and friendly and want to source you the best mortgage deal possible. To discuss your home purchase or remortgage plans, get in touch with our residential brokers here.

Talk to an expert

Have all the facts and figures you need to purchase or remortgage your home? Our experts will make the whole process easier for you! Give us a call or choose a convenient time for us to call you. Drop us an email or chat with a human on our live chat.



Learn More About Home Buyer Mortgages

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