Helping you secure the right Purchase Mortgage for your home

Why use a broker when buying a home?

You can go directly to a lender — and for a straightforward case with a simple income and a standard property, some people do. But going direct means you’re limited to one lender’s products, one lender’s assessment of your income, and one lender’s view of whether you fit their criteria.

As an independent broker, we search across the whole market. We know which lenders are competitive right now, which ones are likely to view your income favourably, and which ones suit the type of property you’re buying. We also manage the process from start to finish — so you’re not left chasing paperwork or wondering what’s happening.

How much can you borrow?

You may have heard figures like “four or five times your income” — and while that’s a reasonable starting point for a rough idea, it’s not really how lenders work today. Income multiples are more of a cap than a formula. The actual figure is determined by each lender’s affordability calculator — the same one used by their underwriters — which takes into account your income, outgoings, committed expenditure, number of dependants, and the interest rate being applied.

Most lenders will stretch to around 5 times income in the right circumstances, and some will go as high as 6 times for borrowers with strong incomes, low outgoings, and the right profile. Two people earning the same salary can get very different borrowing figures depending on their outgoings, and the same person can get different figures from different lenders because their calculators weight things differently. The income multiple is a useful rough guide — but for anything more precise, you need to run the actual numbers.

It’s also worth understanding that the maximum you can borrow isn’t necessarily the right amount to borrow. Use our mortgage calculator to get a rough idea of monthly payments at different levels, then speak to us for a proper picture based on your actual situation.

Deposits — what you need and why it matters

The standard minimum deposit is 5% of the purchase price — but it’s worth knowing that some lenders will consider smaller amounts in specific circumstances, and there are schemes where no deposit is required at all.

Low and no-deposit options

A handful of lenders will accept deposits of less than 5% — some as low as £5,000 regardless of the property value, for applicants with a strong income and credit history. Beyond that, there are several schemes worth knowing about:

• Right to Buy / Right to Acquire — council and housing association tenants may be able to purchase their home at a discount, which can act as the deposit. In some cases no additional cash deposit is required.
• Family Assist mortgages — a family member provides security (either savings or their own property) to support the application, allowing the buyer to purchase with little or no deposit.
• Joint Borrower Sole Proprietor mortgages — family income (rather than security or savings) is added directly to the application. Above 95% LTV this can now go as high as 100%, provided the joint borrowers meet the lender's income and homeowner criteria. See how this works.
• Track record mortgages — some lenders will consider applicants who have been renting for a period of time and have a strong payment history, accepting that rental track record as evidence of affordability in place of a traditional deposit.

These schemes have specific eligibility criteria and not all lenders offer them. If any of these situations apply to you, it’s worth a conversation — there may be more options available than you think.

Why a larger deposit generally helps

Deposit size directly affects the interest rate you’ll be offered. Lenders price mortgages based on what percentage of the property value you’re borrowing. The more you put in, the less risk the lender is taking, and generally the better the rate they’ll offer.

Getting an Agreement in Principle

Before you start making offers, it’s worth getting an Agreement in Principle (AIP) — a document from a lender confirming they’d be prepared to lend you a certain amount, based on an initial check of your circumstances.

An AIP does a few useful things:

• Confirms your budget with confidence before you start viewing seriously
• Shows sellers and estate agents you’re a credible buyer
• Identifies any issues with your credit or income early — before you fall in love with a property
• Speeds up the full application once you’ve had an offer accepted

We can get an AIP in place quickly — often the same day — and we’ll make sure it’s with a lender that genuinely suits your situation, not just the first one that says yes.

Fixed rate or variable — which is right?

Most buyers today opt for a fixed rate mortgage, which locks your interest rate — and therefore your monthly payment — for a set period, typically two or five years. The appeal is certainty: you know exactly what you’re paying and can budget accordingly.

Variable and tracker rate mortgages move with the Bank of England base rate or the lender’s own rate. They can be cheaper when rates fall — but your payments go up when they rise. They also sometimes come without the early repayment charges that fixed rates carry, which gives more flexibility if your plans change.

The right choice depends on your attitude to certainty, your financial position, and how long you plan to stay in the property. We’ll talk through the options in the context of your situation rather than just recommending whatever is cheapest on paper today.

What if my income is more complex?

Employed with a straightforward salary is the easiest case for a lender to assess, but it’s far from the only one we deal with. We regularly help buyers with:

• Self-employed income — sole traders, directors, partnerships
• Contract or day-rate income
• Multiple income sources — employed plus freelance, salary plus rental income
• Bonus or commission-based pay
• Recently changed jobs or newly promoted

See our dedicated pages on self-employed mortgages and contractor mortgages if either of those applies to you.

The process — what to expect from start to completion

1. Initial conversation — We talk through your situation, your budget, and what you’re looking for. No charge, no commitment.
2. Agreement in Principle — We identify the right lender and get you an AIP so you can start making offers with confidence.
3. Offer accepted — Once you’ve had an offer accepted on a property, we move to full application. This is when the broker fee of £195 is payable.
4. Full application — We submit the application with supporting documents. The lender instructs a valuation of the property.
5. Mortgage offer — Once the lender is satisfied with the application and valuation, they issue a formal mortgage offer. Typically two to four weeks from full application.
6. Solicitors and exchange — Your solicitor handles the legal side. We stay in the background to answer questions and help move things along if needed.
7. Completion — The money is transferred, you get your keys.

Other costs to factor in

The mortgage is the big number, but it’s not the only cost of buying a home. Worth factoring in before you commit to a budget:

• Stamp Duty Land Tax — charged on purchases above certain thresholds. First-time buyers get a reduced rate. Current thresholds are available on the HMRC website.
• Solicitor’s fees — typically £1,000–£2,000 for a standard purchase, depending on complexity and property value.
• Survey costs — a basic valuation is usually carried out by the lender, but an independent survey of the property’s condition is worth considering, particularly for older properties.
• Mortgage arrangement fee — some mortgage products carry a lender fee, typically £500–£1,500. We factor this into the comparison so you’re looking at true cost, not just rate.
• Buildings insurance — required by most lenders from the point of exchange. Contents insurance is also worth arranging.
• Removal costs — easy to forget until you’re moving day.

Our fee — and why we charge one for purchases

The broker fee for a standard residential purchase is £195, payable on full application. There is no charge for initial conversations, getting you an Agreement in Principle, or any advice before you decide to proceed.

It’s a fair question to ask why we charge a fee for purchases when remortgages are free. The honest answer is that purchase mortgages involve significantly more upfront work — researching lenders, preparing applications, chasing valuations, liaising with solicitors — and a meaningful proportion of purchases don’t complete, for reasons entirely outside our control or yours. A sale falling through, a survey flagging issues, a chain collapsing — these happen. The fee reflects the work done regardless of outcome, and at £195 it’s kept deliberately low.

See our full fee schedule for all costs.

Frequently asked questions