Residential mortgages

A residential mortgage is a loan secured against a property you plan to live in as your main residence. It's the most common type of mortgage for people buying their own home, whether it's a house, flat, or apartment.

You typically need a minimum 5% deposit for a residential mortgage, though 10-15% is more common and will secure better rates. The exact amount depends on your circumstances and the lender's criteria.

The amount you can borrow depends on your income, typically 4-4.5 times your annual salary, though some lenders may offer more. Your deposit size, credit history, and other debts also affect the maximum loan amount.

Residential mortgages include fixed-rate, variable-rate, tracker, and offset mortgages. Each has different features and benefits, so it's important to choose the right type for your circumstances.

Yes, self-employed borrowers can get residential mortgages, though you'll need to provide detailed accounts and tax returns. Some lenders may require longer trading history for self-employed borrowers.

You'll need proof of income, bank statements, identification, and property details. The exact requirements vary by lender and your circumstances, but your broker will provide a comprehensive checklist.

The residential mortgage process typically takes 4-8 weeks, depending on the complexity of your case and the lender's requirements. It may be faster for straightforward cases or slower if there are complications.

Some lenders may consider residential mortgage applications for borrowers with minor credit issues, though the criteria may be stricter. You'll typically need a larger deposit and may face higher rates.

Fixed-rate mortgages have a set interest rate for a specific period, providing payment stability. Variable-rate mortgages can change with market conditions, potentially offering lower rates but with payment uncertainty.

Yes, residential mortgages are available for new build properties, though you may need a larger deposit and the developer may need to be on the lender's approved list. Some lenders offer incentives for new build purchases.