Getting started with mortgages

This guide offers a clear overview of mortgages and how they fit into the buying process. We work in partnership with Lomond Mortgage Services, who can provide expert advice and tailored support throughout your mortgage journey, helping you move forward with confidence.

Understanding what you can afford
Start by getting a clear picture of what you can comfortably borrow. This is usually based on your income, regular outgoings and overall financial position. As a guide, lenders may offer around three to four times your annual salary, although this will vary. It’s also important to factor in monthly costs and consider how changes in interest rates could affect your repayments over time.

Saving for a deposit
You’ll need a deposit towards the purchase price, with many lenders typically offering up to 90% of the purchase price. A larger deposit can often lead to more favourable mortgage rates and provide greater long‑term security, particularly in changing market conditions.

Types of mortgages

Repayment mortgages – Your monthly payments cover both the loan amount and the interest, gradually reducing the balance until it’s fully repaid at the end of the term.

Interest‑only mortgages – Your payments cover the interest only, with the original loan amount due at the end of the term. This option requires a separate plan in place to repay the capital.

Applying for your mortgage
Before making an offer, it’s often helpful to secure a mortgage in principle, which gives you a clearer idea of what you can borrow. When applying, you’ll usually need to provide proof of income, bank statements and identification documents. Lenders will also assess your credit history, so maintaining a good credit profile is important. If any issues arise, your adviser can guide you on next steps and help explore the most suitable options for your circumstances.