Mortgages · 2026
Everything you need to know about UK mortgages in 2026 — how much you can borrow, what deposit you need, fixed vs variable, and the bits lenders really care about. Plain English, no jargon.
Or skip to the topics ↓The three numbers that matter
Every lender's decision boils down to how much you earn, how much you've saved, and what you spend. Get these three sorted and you'll know what's realistic before you talk to anyone.
Income
4–4.5× your annual income is the standard borrowing cap. Some lenders go to 5× for higher earners. Joint applications add both salaries.
Deposit
The bigger your deposit, the cheaper your mortgage. 5% gets you on the ladder; 25% gets you the best rates lenders publish.
Affordability
Keep monthly mortgage payments under 30–35% of your take-home. Lenders stress-test against this and so should you.
The seven topics
Every UK mortgage decision boils down to seven calls. Click a topic to read what it means, why it matters, and what most buyers actually choose.
Topic 1 of 7
Most lenders cap mortgages at 4 to 4.5 times your annual income. Some go to 5× for higher earners. A couple earning £50,000 each can usually borrow around £400,000–£450,000.
But borrowing the maximum isn't always the right call. Lenders check what you can afford on paper. You need to know what you can afford comfortably — with food, bills, holidays, and a savings buffer still intact.
A quick rule: your monthly mortgage payment shouldn't be more than 30–35% of your take-home pay after tax.
Topic 2 of 7
The bigger your deposit, the cheaper your mortgage.
LTV means "Loan to Value" — what percentage of the price you're borrowing.
Topic 3 of 7
Fixed rate. Your interest rate is locked in for 2, 3, 5, or 10 years. Your monthly payment doesn't change. Most UK buyers go fixed — predictable, safe.
Variable / tracker. Your rate follows the Bank of England base rate (or your lender's standard variable rate). When rates fall, you pay less. When they rise, you pay more.
For first-time buyers, a 2- or 5-year fix is the standard answer. Pick 5 years if you want maximum certainty, 2 years if you think rates will fall soon.
Topic 4 of 7
Repayment. Each monthly payment chips away at the loan. By the end of the mortgage term (usually 25–35 years), you own the house outright. This is what 95% of UK residential mortgages are.
Interest-only. You only pay the interest each month. The original loan is still there at the end of the term and you have to pay it off in one go. Almost never used for residential. Mostly for buy-to-let.
Go repayment. Don't overthink it.
Topic 5 of 7
A Mortgage in Principle (MIP, or AIP for Agreement in Principle) is a free, non-committal indication from a lender saying "based on what you've told us, we'd probably lend you up to £X."
It takes about 24 hours, doesn't affect your credit score (most lenders do a soft check), and lets you make offers as a "proceedable buyer". Estate agents and sellers take you much more seriously with one in hand.
Topic 6 of 7
Going direct to your bank is fine if you have a simple situation, good credit, and a normal income. You'll get whatever that lender offers — no comparison.
Using a broker is worth it if you're self-employed, have unusual income, want to compare 90+ lenders, or just don't have the time. Good brokers are free to you (paid by the lender) or charge a flat £300–£600.
If you don't know which to use, use a broker for your first mortgage. You'll learn the process and probably save money.
Topic 7 of 7
Most mortgages have:
Plus you'll pay stamp duty on the property purchase itself — separate from the mortgage.
How Woosh helps
We don't lend. We connect you to vetted UK mortgage brokers — the people who actually compare lenders — and we put their work alongside the rest of your purchase, in one place.
Vetted brokers in the Woosh network search the whole market. You answer one set of questions, they handle the rest — including the ones who'd reject your situation outright.
Your Mortgage in Principle sits next to the properties you're viewing and the offers you're tracking. No screenshotting between four tabs.
When your formal offer is issued, your conveyancer sees it the same day. The slowest stage of a purchase doesn't have to wait on an email chain.
Common questions
As a rule, lenders offer 4–4.5× your annual income. A solo earner on £45,000 can typically borrow around £180,000–£200,000; a couple earning £40,000 each can usually borrow £320,000–£360,000. Some lenders go to 5× for higher earners (£75k+). Add your deposit to get the maximum purchase price.
Fixed: your interest rate is locked for 2, 3, 5 or 10 years and your monthly payment never changes. Variable (or tracker): your rate moves with the Bank of England base rate, so monthly payments rise and fall. Most UK first-time buyers pick a 2-year or 5-year fix for the predictability.
No — you can go direct to your own bank — but for a first mortgage a broker is usually worth it. They search 90+ lenders, know which ones lend on unusual situations (self-employed, contract work, recent credit blips), and are typically free to you (paid by the lender). If your situation is simple and your bank's offer is sharp, direct is fine.
Yes. You'll need 1–3 years of accounts or SA302s (HMRC tax calculations) and ideally a steady or upward income trend. Some lenders accept 1 year of accounts; most prefer 2–3. A broker who specialises in self-employed applications will save you a lot of time.
There's no single magic number — every lender scores you differently. What matters most: pay everything on time, keep credit card balances well below the limit, stay at the same address, and don't apply for new credit in the 3 months before you apply. Check your report (free at Experian, Equifax, TransUnion) and fix any errors.
A Mortgage in Principle takes about 24 hours and won't affect your credit score. Then you're a proceedable buyer.
