When you’re shopping for mortgages, being self-employed can put you at a disadvantage. So, what mortgages available for self employed people?

If you’re self-employed, various type of mortgages are available:

But, because your income affects how much you can borrow (and self-employed income can vary year-to-year) lenders generally need to see evidence of at least 1 year’s worth of earnings, if not more in some cases.

It makes sense to have all your finances ship-shape before applying and you might need to plan further ahead due to the higher scrutiny on your earnings.

You might find Shared Ownership is a potential option for you if your self-employed earnings don’t give you the house buying budget you need. Or, you might find an alternative way onto the property ladder like Wayhome—where there is no mortgage and you can get a 

Below we take you through all your options in more detail.

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Everything you need to know about self employed mortgages

Being freelance brings many freedoms, but when it comes to something as important as owning a home, it gets more complicated. Around 15% of the UK workforce is now self-employed—almost twice the level of 40 years ago. Despite this, only 10% of home loans are available to those that work for themselves.

If you’re a sole trader, or hold a stake of 25% or more in a company, you will be treated as self-employed. You could also be considered self-employed if you are:

A sub-contractor with income from more than one contract

Employed by a limited company, or limited liability partnership, whose reward package includes dividends and/or a share of the profits

Your income affects the amount you can borrow

When it comes to applying for a mortgage, lenders will base your ability to borrow on your income. So, the higher your declared earnings are, the more they are likely to lend. You should bear that in mind.

When you’re busy, finding time to do this can be difficult. But, there are things you can consider to save time.

You may want to go direct to a bank or building society, particularly if they already hold other accounts for you or your business. Firstly, check their self-employed policy and details of any fees that might apply. For example, depending on the type of mortgage that’s available to you, you may need a bigger deposit. Or, you may be offered a less competitive rate than if you were employed.

You could also use a mortgage broker to search for you. They will have information about which lenders are more likely to lend to self-employed people and be able to give you advice on your options.

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What are some mortgage types available to self-employed people?

There are a number of mortgage products that can work for the self-employed and contractors.

With a fixed rate mortgage, your repayments stay stable for as long as the interest rate is fixed for an agreed period. This is usually between 1 and 5 years. This option can help you better plan ahead when it comes to what you need to earn from future contracts and assignments for instance.

While your rate is fixed, you’ll be protected from interest rate rises. But, you won’t benefit from any reductions. So, it can pay to make sure you’ve got the best rate you can find at the outset. Whilst interest rates remain low, this may be a good option for many people. And, because this is a repayment mortgage, every payment you make pays back part of the amount you borrowed plus the interest. This means that by the time you have paid off the full amount, you completely own your home.

With a variable rate mortgage, the interest rate on the mortgage changes when the lender/bank changes their rate. You are not protected from interest rate increases, which could potentially affect your repayments, but you could benefit if interest rates go down. Similar to fixed rate repayment mortgages, every payment you make pays back part of the amount you’ve borrowed plus the interest.

You may be able to take advantage of movements in the Bank of England's base rate with a tracker mortgage. These mortgages track any movements in the Bank of England base rate—the anchor point for most mortgage products. They typically last for between 2 and 5 years and tie your mortgage interest rates to the base rate plus a fixed amount.

For example, the current Bank of England base rate of 0.5% (as of December, 2019) plus a fixed 1.5%, for a total interest rate of 2%.

If the base rate goes down, so do your repayments. But if the rate goes up, then you may have higher repayments every month.

You might consider an interest-only mortgage if you know you'll be able to repay the lump sum of the loan at the end of the mortgage term and you can plan for that in the future. Your monthly repayments will be made up of just the interest on your loan, so the total payment will be lower than with a repayment mortgage, but won't increase your equity in your home.

Taking out, or switching to, an interest-only mortgage can be a short-term option for freelancers, contractors or small business owners with reduced earnings. This is because they can often be switched to other self-employed mortgage types midway through the term.

Something to always keep in mind is that if house prices go down you might find yourself in something called ‘negative equity’. This means your home might be worth less than the mortgage secured on it.

For example, if you bought a property for £170,000, with a mortgage of £150,000 and the property falls in value to £140,000, you would be in negative equity.

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What other ways can you become a homeowner?

If getting a mortgage for the right home or saving a large deposit is proving too difficult, there are other routes you can look at to 

Shared Ownership is a part-mortgage, part-rent scheme where you typically buy between 25%-75% of the property with the help of a lender. Over time, you can buy more of the home through what’s known as ‘staircasing’.

, which combined with a mortgage, allows you to buy between 25% - 75% of the property. The remaining share in the home is typically owned by a housing association or private property developer, who you’ll pay rent to.

 schemes are often restricted to ‘new build’ homes and developments. Not everyone is eligible for these types of homes and it can be expensive to staircase. Because of the staircasing fees it may only make sense to do it in large chunks. Lastly, in some cases it may be harder to sell on if you want to leave because there are rules that only permit selling to someone else who qualifies for shared ownership.

Wayhome offers a no-mortgage, no-debt, gradual homeownership product. With just 5% deposit on homes between £150,000 and £500,000, we partner you with financial institutions—like pension funds—to buy a home together, in cash.

If you buy 5% of the home with your deposit, you’ll pay rent on the remaining 95% to the funding partner. Similarly, you can staircase at any time from as little as £1 to a maximum 5% of the home’s value each year to increase your ownership percentage.

Unlike Shared Ownership, we don’t charge you anything to buy more of your home and—as long as the home is worth the same, or more, than when it was first bought—you can buy out the funding partner.

Find out more about how gradual homeownership works with Wayhome

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With any of these options, what information might you need to provide?

Like any employed applicant, you’ll need to show recent bank statements and regular outgoings such as childcare costs, holiday spending and pension contributions. If you have any personal loans and credit cards you’ll probably need to include details of repayments .

When it comes to proof of earnings, the standard requirement is a verified record of the past 3 years.

You may also be asked for accounts showing:

and/or salary and dividends for directors of limited companies

Some lenders can be put off by a downward trend in your accounts or base their assessment on your worst year. You may have good and bad months or years, or you may be keeping equity in the business. Luckily, there are flexible lenders who take an average of the past 3 years’ profits.

If you are a contractor and have formal contracts in place, with paperwork to show fixed earnings, you may not need several years of accounts. Lenders will normally run a full credit check on you and your score will form part of the assessment. Any previous credit issues, for example a County Court Judgment, may well affect your ability to borrow.

What self-employed people can do to try to improve their chances of owning a home

There are many factors that can influence your ability to buy your own home. If you’re self-employed, you may want to consider some of the following to improve your chances of owning your own home:

Not all lenders have the same criteria. A mortgage broker may be able to advise you on the most suitable lender.

If there’s a particular area you love, you’re happy with a new build or need a property of a certain size, and the mortgage you can get restricts you, then there are other products you can consider.

Check with your local council. This may help with your credit score.

Make sure there aren’t any unfavourable entries against you, especially ones you’re not aware of.

5) Be careful about the type, and amount, of credit you take out

For instance, lenders may interpret payday loans as financial difficulty.

6) Minimise credit checks for other insurance or credit applications

Multiple credit checks in a short space of time may reduce your overall credit score. Be aware if using comparison sites for insurance as they may run multiple checks.

7) Allowing your credit card to reach its limit may be an issue

The closer you are to your credit card limit, the lower your credit score could be.

8) Paying more than the minimum amount may help

Just making the minimum payments may suggest to the lender that you could be in financial difficulty.

9) Thinking about how much deposit you need to have

Preparation is key, especially if family members are giving you money towards your deposit.

10) If using business funds, speak to your accountant

Taking regular withdrawals, rather than taking a large lump sum, might lead to a smoother underwriting. When taking a large lump sum the lender may ask your accountant to confirm this won’t be detrimental to your business, causing an extra delay in the process.

11) Get yourself an agreement-in-principle

Most estate agents may not let you view the property, let alone make an offer, without an agreement-in-principle. An agreement-in-principle indicates that you’re viewing properties you can afford to make an offer on. It’s also a good indication that your credit report is satisfactory.

If you’re a limited company director then the last 2 years’ worth of fully signed accounts is required in most cases. Though, some lenders may accept just 1 year’s accounts. The latest accounts can’t usually be over 18 months old, so you may want to finalise the latest year’s accounts as soon as possible.

Self-employed workers need to request three years SA302s and a tax overview from HMRC. Some may accept as little as 1 year’s SA302, but 3 years’ worth may give you access to a fuller range of lenders and deals.

You’ll likely need the last 12 months of contracts, fully signed by all parties. These need to clearly show your day-rate having been paid in sterling, with an expiry date ideally included on each contract. Obviously, not all contracts have an end date, some run day-to-day, so rolling contracts may be accepted.

You’ll typically need six months’ worth of payslips.

As a self-employed person, you’re under more scrutiny because your earnings can be seen as less consistent. But, with careful planning and with your finances in order, you may still have access to mortgage products.

Here's everything you need to know about mortgages when you're self employed from the mortgage options available to you to how to get one.

Mortgages for self employed people

What to do when your mortgage offer is withdrawn on the day of completion

Following the recent interest rate rises, mortgage offer withdrawals on the day of completion are becoming more common. We know it’s extremely frustrating—when you’ve had a mortgage offer withdrawn, it feels like the dream of homeownership is slipping through your fingers.

But, you aren’t out of options. Here’s how you can get back on track; from what to next, to how you can buy your home when a mortgage doesn’t work.

Find out why your offer’s been withdrawn

Why would a lender withdraw a mortgage offer on the day of completion?

Find out why your offer has been withdrawn

If your mortgage offer has been withdrawn on the day of completion, the first thing you should do is find out why it happened. The lender should’ve given you a reason when they notified you. But, if you’re still not sure why your offer has been withdrawn, you should get in touch with your lender as soon as possible. This will help you to work out what you should do next.

If they’ve identified problems with the property, you may want to look for a different home. You wouldn’t want to buy a property if it’s a risky investment or unsafe to live in. As frustrating as it is, this could be a blessing in disguise.

If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes. So, your lender could’ve withdrawn your offer because, with the new interest rates, they no longer believe you can afford to buy your home.

Buying your first home is overwhelming at the best of times, never mind if you mortgage offer has been withdrawn this far through the process. If you’re still not entirely sure why your mortgage offer’s been withdrawn, here are a couple of common reasons:

The recent interest rate rise has affected your affordability

When you apply for a mortgage, the lender looks at your income and outgoings to check if you‘d be able to afford your monthly mortgage payments. Then, they offer you a mortgage based on how much you can afford at the 

Your offer may have been withdrawn if the recent interest rate increase happened 

 the day of completion. This is because the new interest rates will increase your monthly mortgage payments and the lender may not believe you can afford them anymore. They may see it as too risky offer you a mortgage for the price of the home you’re trying to buy.

 worth up to 10x your income. Skip ahead if you want to find out more.

Another reason your mortgage offer could be withdrawn after exchange or on the day of completion is that your circumstances have changed. Whether you’ve lost your job or significantly increased your outgoings; any changes that may stop you from being able to pay back your mortgage could result in your offer being withdrawn.

It’s classed as suspicious activity if anything you declared on your mortgage application turns out to be false. Anything that seems suspicious will be flagged and your mortgage offer will most likely be withdrawn. This shouldn’t happen if you keep your mortgage lender up to date with any changes to your circumstances.

Mortgage underwriters carry out extensive checks to make sure you can afford to take out a mortgage. This includes a hard credit check, which uncovers any missed payments or adverse history on your credit file. All of the necessary checks should be done before the exchange of contracts. But, mortgage lenders could run this check again after exchange or on the day of completion.

If they do run another hard credit check and find new adverse records on your credit file, your offer could be withdrawn. To avoid this, it’s important to disclose anything that might affect your credit score even if you’re sure it won’t affect your ability to buy the home.

When you’ve had a mortgage offer withdrawn at this stage, it may be tempting to run straight to a new lender. However, you could end up in a worse position if you try to fast-track the process and push another mortgage offer over the line.

Having two mortgage offers declined in a short period of time could be extremely harmful to your credit file. So, though it’s easier said than done, the best thing you can do is take some time to consider your options.

three people looking joyful in a meeting

You may want to speak to a professional to help you find the best way to move forward. If your mortgage has been withdrawn because you can’t afford to buy a home with the new interest rates, you may want to consider alternative ways to buy your home. Your local Citizens Advice Bureau will be able to tell you what buying schemes are available in your area.

If you still want to buy your home using a mortgage, you should speak to a mortgage adviser. They can help you assess your options and may be able to help you move forward.

If you’ve realised you can’t buy the home you actually want with a mortgage, don’t worry—you’re not alone. Unfortunately, the mortgage system doesn’t work for many first-time buyers.

That’s why so many people rely on mortgage alternatives, like:

Choosing the mortgage alternative that works for you depends on the type of home you’d like to buy and where you’d like to live. A couple of questions that could help you decide the best route to take are:

Would you like a home with established value that’s for sale on the open market, or a new build home?

Would you rather have more freedom about where you live, or choose from a selection of developments within certain areas?

With Shared Ownership and Help to Buy, you can only buy new build homes. These homes tend to be built in areas of regeneration, often located outside of established neighbourhoods and school catchment areas.

So, some people feel they’d have to majorly compromise to buy a new build. In fact, some people would rather stay renting than sacrifice their lifestyle just to get onto the property ladder.

If that sounds like you, Wayhome’s Gradual Homeownership might be the better option. With us, you aren’t forced to buy a new build. Instead you can buy the home you 

A table comparing Gradual Homeownership, Shared Ownership and the Help to Buy Equity Loan

See how our customers, Rob and Aimee, bought their dream home with Wayhome.

Gradual Homeownership is the new way to buy a home worth 10x your household income completely debt-free, with just a 5% deposit and no mortgage.

We’re able to do this because we don’t lend you any money. Instead, we work work out your home-buying budget based on what you can afford in rent, not what you can afford to borrow.

Since there’s no mortgage, there’s also no interest. It means you won’t have the rug pulled out from underneath you like you might with a mortgage lender.

And better yet, there’s also no risk of falling into negative equity if property values fall in the future.

You buy the part of the home you can afford today, then gradually buy the rest over time with no additional fees.

We don’t believe people should have to compromise on the things that matter to them just to get on the property ladder. Whether that’s:

moving away from the area you know and love

buying a 2-bed flat instead of a 3-bed house

missing out on that garden you’ve always dreamed of…

We believe buying your first home should feel like a step up, not a sacrifice. That’s why we created Gradual Homeownership—so that you can buy the home you actually want in the area you love.

What to do if your mortgage offer's been withdrawn on the day of completion or after exchange and how you could buy your home even after an offer withdrawal.

Mortgage Offer Withdrawn on the Day of Completion: What to do

There's a lot of information out there about the different pathways to a mortgage and, ultimately, homeownership. But what about when that journey doesn't go quite as planned?

We all want to end up in our dream home. But unfortunately, the road to homeownership isn't always a smooth one. There's a lot of information out there about the different pathways to a mortgage and ultimately homeownership. But what about when that journey doesn't go quite as planned?

No one wants to see the words, 'mortgage declined' or 'mortgage rejected'. We wanted to break down all of the reasons mortgage applications might be denied. And more importantly, what you can do to improve your chances of not being rejected in the future. We'll also examine the alternative routes to homeownership if being accepted for a mortgage isn't a viable option.

Read our guide to find out more.

Why might your mortgage application be denied?

First, let's look at the potential reasons why you can't get a mortgage at the moment.

This is a big one. Your credit history can follow you around, lingering on your Experian credit report just waiting for the worst possible time to pop up. It could be one of the biggest factors in your application being declined.

Think about it. Your mortgage is arguably the biggest loan you'll ever take out. Lenders want to be sure that you're 'good' for your mortgage repayments. If you have a track record of bad credit or too much debt, you appear like a much higher risk in your mortgage application.

If you'd like to find out more details about your credit score, you can get a report from websites such as Experian or apps like ClearScore.

Here are a few of the factors that can bring down your credit score.

If you make a late payment, pay the wrong amount or have missed payments on a loan or credit cards, this naturally affects your credit score. Things like this will show up on credit reports from providers like Experian. Think of it like a report at work. If you were constantly late, missing deadlines or not doing your work at all, your employer would see you as high risk, and chances are, you'd face consequences. It's no different when sticking to agreed credit terms on a loan.

Unsurprisingly, if you declare bankruptcy, the chances of your mortgage application being declined are significantly higher.

If you're issued a county court judgement and pay the full debt owed within a month, you might not have to worry too much. However, if the repayments aren't made, the outstanding CCJ could affect your credit score for up to six years.

It's pretty tempting to make the minimum repayments every month. But that's how lots of people end up accumulating debt. Think of it this way, if you manage to over pay, you'll spend less on interest and improve your credit score. No brainer, right?

You might have the best credit score out there, but being a victim of identity theft can quickly undo all of that hard work. You don't want to be refused or declined a loan for something that wasn't your fault!

If you want to get a mortgage but have no credit history at all, this can be a reason your application is rejected. There's no evidence that you can pay bills on time or stick to agreed terms. Consider building up your credit score by adding a couple of regular direct debits (where possible).

To be eligible for a UK mortgage, you need to be registered to vote at your current address. This way the banks can confirm your identity and where you live.

It's quick and simple to register. You can do it on the government website in minutes.

When you apply for credit, you leave footprints. Your footprints all contribute to your overall credit report. If you make too many credit applications and they're not successful, it doesn't look great for your credit potential.

It's a good idea to not apply for any new credit at least 12 months before you plan on making your mortgage application.

If for whatever reason, you have a lot of debt, this will unfortunately negatively impact you getting a mortgage successfully. If you know you need to decrease your debts, there are plenty of free budget planner resources out there.

If you need confidential help about reducing your debts, there are organisations that offer free advice such as National Debtline. Always make sure any financial organisations you work with are authorised and regulated by the Financial Conduct Authority. Check their registered office address as you don't want to be gambling with your finances.

Payday loans can stay on your credit history for a number of years, even if you managed to repay in good time.

While it may not necessarily mean you can't get a mortgage at all, lenders will certainly take it into consideration, and your chances of getting approved might decrease. It may be that they feel you can't cope with the financial commitment of a mortgage.

Everybody's human, there may be administration errors

Lenders are people too. With the best will in the world, humans and technology are capable of errors. If you've been rejected and you're not sure why, you might be able to get the details of the credit reference agencies the lender used (for example Experian). It might be that there's an error on your credit report that needs amending.

If you earn a modest income, this could be one of the reasons you can't get a mortgage. Lenders may question your affordability when it comes to your mortgage application. With a smaller income, you may want to explore Shared Ownership options or other government house buying schemes to get on the property ladder.

Similarly, if you have a small deposit, there are now a range of mortgages that help you buy your property with as little as 5% of the purchase price.

Here's where a mortgage advisor can really come into their own. They'll usually know exactly what the kind of demographic the lender tends to give a loan to, and can guide you through the process.

You're a contract worker or self-employed

These things won't necessarily mean you'll be declined. The process may just be slightly more complicated. You'll usually need to produce accounts for a minimum of three years for your mortgage lender.

Some lenders will even insist you provide evidence that you have work secured for the future. If you're a contract worker or self-employed, you'll want to consider these factors before applying for a mortgage.

You've lived in the UK for less than three years

A large number of lenders won't give you a mortgage if you're a new arrival in the country. But it's not a one size fits all approach. You can speak to an experienced mortgage broker who will be able to advise on the best way to apply for a mortgage if you're new to the UK.

You'll probably be required to produce an employment contract and your visa. This will prove your right to live and work in the UK.

How to improve your chances of getting a mortgage

It's frustrating and disappointing when your application is refused. Even if you have an agreement in principle, lenders can still back out. But it's important to remember that this isn't the end of the road. There are things you can do to help strengthen your mortgage application.

Not all lenders will provide the answer, but some will. This will give you a jumping off point to know how you can strengthen your application in the future.

If they're not able to provide the reasons you've been declined, it's time to have a look at your credit report and see if there's anything in your file that could have raised alarm bells for the lender. Something about your application may not have met their criteria and it's important to know what this is.

Websites like Experian have different options available depending whether you want to view your report once or on an ongoing basis as you try to make improvements. Experian can give you plenty of useful advice that will help your future applications.

One of the reasons your mortgage might have been declined is because the lender assumes you can't afford the monthly repayments. Time to sit down and see how you can change your budget to achieve your goal. This might be by decreasing your living costs. Or it might be saving for a larger deposit for your next mortgage application.

At this point, you might want to consider government house buying schemes or Shared Ownership options.

Make yourself a candidate the lender can't resist

Every lender has their own criteria for who they accept for mortgages. But there are a number of things you can do to make yourself as attractive as possible across the board.

The higher deposit you have, the less risky you're likely to look to a lender because you don't need to borrow as much. However, we know that everyone's personal circumstances are different (income, single households etc) and this isn't always an option. But more on that later.

Check your credit report before the lender and build on your credit score

If you need to do any damage control on your credit report, it's a good idea to try and do it before you open yourself up to investigation by lenders. Remember, sites like Experian are your friend here. There may be information that needs updating or simple changes you can make to improve before you apply for a mortgage.

This is where having a trusted mortgage broker is helpful. They'll be familiar with sites like Experian, and can cast an eye over your report to help you better understand your credit score before you apply.

As part of this process, they might suggest disassociating your finances with anyone who might damage your credit rating. If you've ever had a joint bank account or similar and that relationship has ended for whatever reason, you'll need to make sure you're disassociated from anyone you're no longer financially involved with.

Check whether you have inactive accounts and close them. You'd be surprised at what's lurking out there. Having stagnant accounts leaves you open to potential fraud attacks which could be damaging to your credit report.

This is self explanatory. Any missed, late or incorrect payments will count against you. Some can stay on your file for up to six years. It's not worth the risk!

Show your lender that you're reliable. Where possible, set up direct debits or standing orders to ensure your payments are made correctly and on time.

As we mentioned previously, lenders use the electoral roll as a means of identity verification. It's a two minute job that could save you a lot of hassle down the line.

Keep an eye on your spending before applying for a mortgage

You'll usually be required to produce bank statements during your mortgage application. A mortgage lender will want to be confident that you can afford your monthly repayments, even if rates went up by a few per cent. If they see you have a large number of 'unnecessary' outgoings, they may question your capability of making your repayments.

It's a good idea to go easy on the spending in the months leading up to your application. Tightening your belt buckle a bit will help you save every penny possible.

Check your mortgage application ahead of time

To decrease the odds of you being declined, you can actually do a 'test' run of your mortgage application. This is what's known as an '

An agreement in principle is a conditional offer that indicates whether or not you could expect to be accepted when you make your full application. It's based mostly on your credit file and your income. But be aware, it's not a guarantee and it's not compulsory. However, some cautious sellers may only accept viewings based on whether you have an agreement in principle.

If you decide to carry out this process with a particular lender or broker, it doesn't mean you necessarily have to buy from them when you commit to your mortgage.

Be mindful because, similarly to credit applications, too many of these checks may harm your credit report. This may ultimately harm your mortgage application in the future.

Could I buy my property without a mortgage or deposit?

There are a few ways of going about purchasing property that are away from the traditional criteria. These will be entirely dependent on your individual financial situations (income, whether you're self employed etc) and you'll probably want to seek the advice of your mortgage broker before you take any next steps.

There are advantages and disadvantages to having a mortgage but you should carry out that research individually.

Here's a quick guide to how you could get your first (or next) property mortgage free or without a deposit.

One way to potentially purchase your property without a deposit is a springboard mortgage. This will rely on the bank of mum and dad (or other friends and family). Your 'helper' would put a percentage of the purchase price into a savings account as security against the loan, giving you the chance to show your lender that they're able to trust you to repay your loan.

This gives you a helping hand into the housing market and into a mortgage without the financial difficulty of saving for a large deposit. Generally speaking, you'll repay a fixed rate for the first three to five years (depending on the lender). At the end of this term, your 'helper' will receive their money back (provided you've kept up with your monthly repayments).

You may have heard the term 'cash buyer' before. This means that they've saved the purchase price and don't need the assistance of a bank loan to help them to buy.

The sale of the property is much less likely to fall through.

You won't have to deal with any potential mortgage issues. A large number of failed sales are because someone has been declined for a mortgage.

The chain is typically dramatically reduced because the purchaser isn't relying on the funds from the sale of their property.

The time it takes for sales to go through is typically reduced.

You'll have the security of knowing that you own the house outright, avoiding the financial stress of monthly repayments.

What we're trying to say is there there are options out there. You could still be able to find your dream home for the future.

If you still can't get a mortgage for the type of home you want and need, we might be able to help.

Can't get a mortgage? Here's the steps you can take to increase your chances next time and how to buy a home without a mortgage.

I can't get a mortgage. What can I do?

In this article we look at the answers, explore what role a mortgage offer plays and how long it lasts for once you've received it.

It's common to take out a mortgage when buying a home these days and a big milestone is when you get a formal mortgage offer from your lender.

But once you've got an offer, it's normal to have plenty of questions. Like how long does it take to get from the offer stage to completion? How long does a mortgage application take? And how long does it take to get a mortgage?

In this article we look at the answers, explore what role a mortgage offer plays and how long it lasts for once you've received it.

What is a mortgage offer and how can I get one?

First things first, let's understand how you get to the offer and what's involved when you get a mortgage.

LEARN

Mortgages for self employed people

Mortgage Offer Withdrawn on the Day of Completion: What to do

I can't get a mortgage. What can I do?

How long does a mortgage offer last?

Everything you need to know about springboard mortgages

The different types of mortgages

Deposit for a Mortgage: Everything you need to know before buying

What is a staircase mortgage?