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What is a residential purchase mortgage?

Buying a property is the single biggest purchase you are ever likely to make. When you take out a mortgage, the loan is secured against the value of your home, for a set number of years, until you pay it back. You may already have a mortgage and are looking to remortgage to move on to a larger property, or you could be a first-time buyer. Perhaps you are buying a brand-new home or you’re an investor looking for a buy-to-let mortgage to rent out a property.

The Mortgage Brain can help you wherever you are on the ladder and whatever type of mortgage you need. Our expert mortgage advisers will guide you through the process step-by-step, making sure we find you a mortgage that’s exactly right for you.

How much can you afford to borrow?

If you would like to know how much you could possibly afford to borrow, use our calculator below.

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Are you applying for a single or joint mortgage?

Based on your yearly income, you may be able to borrow:

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Most lenders will let you borrow 3.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
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Depending on your personal circumstances, some lenders may let you borrow 4 – 4.5 times your salary.
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Lenders usually cap the amount they lend at 5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
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This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The information provided by the calculator does not constitute a formal mortgage offer.

Frequently asked questions

  • How quickly could I get a new mortgage?

    That depends on your individual circumstances and whether it’s a new application or one with an existing lender. Some lenders require an updated valuation for an existing mortgagor and if you are making a new application, various checks will need to be carried out including ID and credit checks and employment references. We are highly experienced in progressing applications as quickly as possible and will advise on the documentation you need to get ready.

  • Can I get a 100% mortgage?

    There are lenders prepared to offer no deposit or 100% mortgages as long as you still meet their lending criteria. The interest rates on these mortgages are generally higher and you will also have to budget for other moving costs such as stamp duty and legal fees.

  • Will applying for a mortgage affect my credit score?

    It possible that applying for a mortgage could see a slight drop in your credit score but that shouldn’t affect your lender’s decision. If you are looking to get a mortgage in principle the lender will make a soft inquiry, so it won’t affect your credit score. It’s best not to apply for other credit such as a credit card at this time, instead wait until you have your mortgage and have moved in.

  • What are your fees for arranging a mortgage?

    We do not charge a fee for a mortgage consultation. There may be a fee for arranging your mortgage. The precise amount depends on your circumstances. However, it will be no more than £495 or 1% of the advance-whichever is greater.

Some current top new mortgage deals

Here are some of today's best mortgage deals, based on a new mortgage, borrowing £250,000 at an LTV of 75% over 25 years.
£1,356.41
Initial monthly payment
5 year Fixed
Initial rate
4.23%
Total fees
£1,014.00
Follow on rate
8.74%
APRC
7%
Initial period cost
£82,856.01

Standard variable rate 8.74% | Lender arrangement fee £899.00 | Total fees £1,014.00 | Early repayment charge applies until 31-Mar-2029

Your rate of 4.23% will last for the first 61 months of your mortgage (the initial period). During that period you’ll be charged £1,356.41 a month. After that, you’ll switch to the Barclays Bank’s standard variable rate (SVR) of 8.74%

£1,358.53
Initial monthly payment
5 year Fixed
Initial rate
4.25%
Total fees
£1,079.00
Follow on rate
7.99%
APRC
6.7%
Initial period cost
£81,576.80

Standard variable rate 7.99% | Lender arrangement fee £999.00 | Total fees £1,079.00 | Early repayment charge applies until 5 years

Your rate of 4.25% will last for the first 60 months of your mortgage (the initial period). During that period you’ll be charged £1,358.53 a month. After that, you’ll switch to the Nationwide BS’s standard variable rate (SVR) of 7.99%

£1,362.56
Initial monthly payment
5 year Fixed
Initial rate
4.26%
Total fees
£1,516.00
Follow on rate
6.99%
APRC
6.1%
Initial period cost
£84,495.72

Standard variable rate 6.99% | Lender arrangement fee £1,499.00 | Total fees £1,516.00 | Early repayment charge applies until 30-Apr-2029

Your rate of 4.26% will last for the first 62 months of your mortgage (the initial period). During that period you’ll be charged £1,362.56 a month. After that, you’ll switch to the HSBC’s standard variable rate (SVR) of 6.99%

Why choose The Mortgage Brain?

We have access to over 12,000 mortgage deals with hundreds of lenders

All our advisers are CeMAP qualified to find the most suitable mortgage for you and your circumstances

You can follow your mortgage application every step of the way via our online customer portal

We have thousands of happy customers and have a 5 star rating on Trustpilot and 4.9/5 on Google reviews

Your dedicated adviser will be with you every step of the way, from the initial consultation to the completion of your mortgage

What our customers have to say...

How our expert mortgage advice service works

We’ve made it easy for you to get in touch to start talking about your mortgage.

We know it can be a stressful experience so our expert mortgage advisers are a friendly team and will help you to find the best mortgage deal to suit your own personal situation, whether it’s your first mortgage or you are further up the property ladder. Based on your income and deposit, or equity in your current property, we will show you a range of mortgage options. Once you have decided which one you prefer, we will progress your application with the lender until your mortgage is approved.

It’s a simple and stress-free way to find a mortgage!

How our expert mortgage advice service works

Are you ready to secure your new mortgage deal?

Connect with one of our expert mortgage advisers to discuss the right residential purchase mortgage for you.  Click below to book a 30 minute, no obligation, appointment.

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