Arranging a mortgage can feel overwhelming, especially if it is your first time buying a home. There is jargon, paperwork, and a lot of opinions flying around.
This guide is designed to cut through the noise and explain the basics in a clear, no pressure way, so you can move forward feeling confident and informed.
Start with your budget
Before you look at homes or lenders, you need a realistic idea of what you can afford.
Rough figures are absolutely fine to begin with.
Start by working out your monthly income after tax.
Then list your regular outgoings such as utilities, food, travel, childcare, subscriptions and everyday spending.
What is left over each month is your starting point for mortgage repayments.
From there, you can use online mortgage calculators to estimate how much you may be able to borrow and what size deposit you will need.
Get your paperwork ready early
Having your documents organised makes the mortgage process much smoother once you apply.
Most lenders will ask for:
Proof of ID such as a passport or driving licence
Proof of address such as recent utility bills
Proof of income including recent payslips and sometimes bank statements
Evidence of your deposit, usually a bank statement or a letter confirming a gifted deposit
Getting this ready early helps avoid delays when you find the right home.
Understand the key mortgage terms
A few common phrases come up again and again when arranging a mortgage.
Base rate
This is the Bank of England interest rate. Mortgage rates are influenced by it, but they are not the same thing. We share regular updates on interest rate decisions so buyers understand what is happening and why.
APRC
The annual percentage rate of charge shows the true yearly cost of a mortgage, including interest and fees. It is useful for comparing mortgages like for like.
Loan to value
Often shortened to LTV, this is the size of your mortgage as a percentage of the property value. A higher deposit usually means access to better rates.
Fixed rate mortgage
The interest rate stays the same for a set period, commonly two or five years. This offers payment stability and is popular with many buyers.
Variable rate mortgage
The interest rate can change at any time. Most fixed rate mortgages move onto a variable rate when the initial deal ends.
Start mortgage shopping
Mortgages are available from high street banks, online lenders and specialist providers.
Comparison websites can be a helpful starting point, but it is also worth speaking to a qualified mortgage adviser who can explain your options clearly.
Once you find a suitable deal, apply for an agreement in principle. This shows sellers that you are serious and gives you confidence to start viewing homes properly.
Be aware of conditional selling
Most estate agents operate ethically, but it is important to know your rights.
Conditional selling is when a buyer is pressured into using a specific mortgage broker or financial service to have their offer considered. This practice is not allowed.
You are always free to choose your own mortgage adviser and financial products.
Final thoughts
Mortgages can feel complicated, but taking things step by step makes a huge difference.
If you are buying in Thetford and want honest guidance alongside clear information, we are always happy to help.
And as always, if you need tailored financial advice, speak to a qualified mortgage professional. This article is a general guide, not financial advice.
If you found this useful, feel free to share it with anyone starting their home buying journey.
Article by Andrew Overman | Partner | Location Location East
