Your Guide to Getting a Mortgage: What You Need to Know
By TMG | 20th May 2025
Buying a home is one of the biggest financial steps you’ll ever take—and getting a mortgage is a big part of that journey. Whether you’re a first-time buyer or thinking about remortgaging, understanding how mortgages work can help you make smarter decisions.
What Is a Mortgage?
A mortgage is a type of loan you use to buy a home. You borrow money from a lender and agree to pay it back, with interest, over a set period—usually 25 to 35 years.
Types of Mortgages
There’s no one-size-fits-all mortgage. Here are some common options:
Fixed-Rate Mortgage: Your interest rate stays the same for a set time, giving you predictable monthly payments.
Variable-Rate Mortgage: The interest rate can go up or down, which means your monthly payments may change.
How Much Can You Borrow?
That depends on your income, credit history, deposit amount, and other monthly expenses. Most lenders will look at your ability to repay the loan before approving a mortgage.
The Mortgage Application Process
Here’s a quick look at what to expect:
Get a Mortgage Agreement in Principle – A rough idea of what you can borrow.
Find a Property – Once your offer is accepted, things get moving.
Submit a Full Application – Provide documents like proof of income and ID.
Valuation and Survey – The lender checks the property is worth the loan.
Offer and Completion – Once approved, you’re on your way to picking up the keys!
Why Use a Mortgage Broker?
Getting a mortgage can feel overwhelming, but you don’t have to do it alone. A good broker (like us at The Mortgage Giant) will:
Help you find the best deals
Explain the fine print
Speed up the application process
Save you time and money