How do you get a mortgage?

Now that you know what a mortgage is, how do you go about getting one?

Preparation is key with a mortgage. This is where you get to pave your way to a smooth ride. 

First, maximise your chances of getting the best mortgage deal 

  • get your credit score as good as it can be
  • save as much as you can to put down as a deposit – be prepared to show lenders proof that you have the deposit.
  • gather proof of your income – typically 3 months of payslips or 2-3 years of your accounts if you’re self-employed. 

Next, decide who’ll find the best deal for you. 

There’s two main approaches: 

  1. Use a broker 

A mortgage broker is a qualified and regulated adviser. They offer their services to help you find a lender that will grant you a mortgage. They’ll take information on your financial situation and your needs to explore the market. Then they can apply for a mortgage for you. They may charge a fee so it’s important to know how the deal they find you has saved money. You’ll want to know this so you can compare this with doing it yourself. You can ask them to explain this.

  1. Do it yourself 

If you’re confident you know what you want, there’s nothing to stop you getting a mortgage on your own. As a starting point, you can use comparison websites to compare rates.

Octopus Money Limited is an appointed representative of Octopus Investments Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered office: 33 Holborn, London EC1N 2HT. Registered in England & Wales under No. 14069098.

Octopus Money is a trading name of TW11 Wealth Management Limited. Registered in England and Wales (No. 10339119). Authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 763630.

As with all investing, your capital is at risk. If you choose to invest with Octopus Money, the value of your investments can go down as well as up and you may get back less than you invest.