Find out all about mortgages in the UK, from what types are offered to the salary multiples that banks use in assessing your ability to buy.

The UK mortgage market is one of the top most innovative and competitive markets in the world.  The UK mortgage market differs in comparison to other countries in that there is no intervention by the state or state funded entities.

In the UK mortgage market, lenders usually charge a valuation fee, which pays for a chartered surveyor to visit the property and ensure it is worth enough to cover the mortgage amount.  Such type of survey is not a full survey.  That is why it may not identify all the defects that a house buyer needs to know about, nor does it form a contract between the surveyor and the buyer.

Some UK mortgage types:

• In the case of “repayment mortgages”, each monthly payment pays off a little of the underlying debt, as well as interest on the loans.  After the completion of the term, the mortgage is then cleared.
• In the case of “endowment mortgages”, an endowment policy is provided to life insurance and saved funds to repay the loan at the end of the term (generally 20-25 years).  If the investment performs badly, then a shortfall is added to your loan at the end of the repayment period.
• In the case of “individual savings account (ISA) mortgages”, an ISA (much like an endowment) is used as the loan repayment method.  If your investment performs badly, you could face a shortfall at the end of the UK mortgage term.
• In the case of “pension mortgages”, which are similar to both ISA and endowment UK mortgages, but work on the basis that pensions provide tax-free cash on retirement.  After the end of the mortgage term, the loan is paid out of your tax-free lump sum.

Some facts on obtaining a UK mortgage:

• What is a UK mortgage?  A UK mortgage is a loan – usually from a bank or building society to buy a home.  You borrow money and pay it back to the lender with interest over a set period of time known as the “term”.  This loan is secured against the home you buy – if for any reason you cannot repay your UK mortgage payments.
• How much can I borrow?  The amount you can borrow depends on your circumstances.  Traditionally, UK mortgage providers will lend up to 3 ½ times your salary (before taxes).  If you’re buying as a couple, they may multiple your joint income by 2.5.
• What do lenders want to know?  Each UK mortgage lender considers mortgage applications differently.  You should keep full details of your employment, salary and history on hand – plus a record of previous, regular UK mortgage or rentals payments.
• Do I need a deposit?  Traditionally, UK mortgage lenders expect buyers to save a cash deposit of between 5% and 10% of the property’s value, to be paid up-front.  This is still a sensible thing to do if you can, as it reduces the total amount you need to borrow. 
• What other costs are involved?  When you apply for a UK mortgage, providers should give you a Key Facts document about their company’s services, and a KFI (Key Facts Illustration) about the particular UK mortgage you want.

Note:  For more information, please contact a lender directly and/or your local regulatory body.  The information included in this article is for discussion purposes only and should not be deemed financial advice.

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