Buying a home advice

• Know what you can afford before looking at houses.

• Complex earners may need more documentation to prove their affordability.

• Work with a mortgage broker for help finding deals and managing the paperwork.

In this guide:

• What are my steps to getting a mortgage to buy a house?

• The mixed applicant: When one partner has owned a home before and the other hasn’t. 

• The non-standard earner: Getting a mortgage if your income isn’t regular or structured. 

• Joint borrowers, but a sole proprietor (JBSP): For those needing help to get on the property ladder.

• Foreign income: If you’re an expat or on a visa, the "paperwork trail" becomes a mountain.

• Buying a house with a mortgage

Mortgage advice for buying a property

Buying a house is a financial process, but it can be pretty fun too. Especially when you’re house hunting and picturing yourself in different spaces. But before you get to that point, securing a mortgage deal is a wise first step. With many steps and financial considerations, there can be some common scenarios – which we help tackle below.

What are my steps to getting a mortgage to buy a house?

While everyone’s journey will look a little different, there are some key steps you’ll need to take (and ones we advise):

• Check your credit score: Lenders will look at this to determine how reliable you are. Pull your credit report, check for errors, and pay down existing debts to boost your score.

• Save for a deposit: Typically, you’ll need anywhere from 5% to 20% of the property's value saved up. Don't forget to save extra for surveyor fees, legal fees, and moving expenses.

• Work out your budget: Calculate what you can realistically afford each month. A good rule of thumb is that your housing costs shouldn't exceed 28% to 30% of your gross monthly income (though lenders will have their own affordability criteria).

• Gather your documents: You’ll need proof of identity, tax returns, bank statements, and your last few months of pay slips. If you’re self-employed, you'll usually need 2-3 years of certified accounts.

• Get a mortgage in principle: Before you look at houses, it’s a good idea to talk to a mortgage broker to work out figures and see how much you could borrow.

• Start your house hunt: Find a home that fits your budget and needs, then make an offer.

• Formally apply for your mortgage: Once your offer is accepted, you go back to your mortgage broker to start the formal mortgage application for that specific property.

• Property valuation and underwriting: Your mortgage lender will hire an independent valuer to check the property is worth the amount you've agreed to pay. Meanwhile, underwriters will make sure you can afford the loan.

• Exchange contracts: Sign the legal documents. This is when your deposit is transferred, and the loan is finalised.

• Completion and moving in: The funds are officially transferred to the seller, the keys are handed over, and the house is officially yours!

The mixed applicant

When one partner has owned a home before and the other hasn’t. 

If one of you has owned a property before (or inherited a property), then you lose the first-time buyer status. Some lenders may apply the first-time buyer lending criteria if the lead applicant is a first-timer, but many won’t.

In this situation, you’d also lose the first-time buyer stamp duty relief. As such, you’ll pay the standard residential rates, which can be an additional, unexpected cost. It’s worth noting that location matters – England and Northern Ireland, Wales, Scotland have different thresholds and rates.

For example, if you’re buying at the UK’s average house price in May 2026, £268,000 (UK House Price Index), as a first-time buyer in England or Northern Ireland, you’d pay £0 in stamp duty. 

If you lost your first-time buyer status, on the same property, you’d pay £3,400 in stamp duty. This is 1.27% tax as it falls within the second band. Calculations here are correct as of May 2026. Stamp duty is paid upfront and rates can change, so be sure to calculate your stamp duty bill so you know how much you may owe.

Stamp duty thresholds are subject to change, and different rates apply for Scotland and Wales (check with HMRC for current rates).

The non-standard earner

If your income isn’t regular or structured, you may need to provide additional documents to prove affordability. 

Lenders love to see a regular income. If you don’t have that, then the process gets a little more complex (but not impossible).

Self-employed and business owners: In 2026, lenders are more flexible, but they still typically require 1-3 years of accounts. Complexity arises if your income fluctuates significantly or if you are a Limited Company Director who keeps profits in the business (retained profits) rather than paying yourself a high salary.

Contractors and freelancers: If you work on a day-rate basis, lenders may calculate your income by multiplying your day rate by a set number of weeks (usually 46-48). If you have large gaps between contracts, you might be flagged as "high risk."

Complex pay structures: If a large portion of your income comes from bonuses, commissions, or RSU (restricted stock unit) vestings, lenders often "haircut" that income, which means they only count 50% or 60% of it toward your affordability.

While you’re welcome to go at it alone, we advise working with a trusted mortgage broker who can help you navigate the process of proving your affordability and securing the right mortgage deal. 

Joint borrowers, but a sole proprietor (JBSP)

For those needing help to get on the property ladder. 

This is when a parent or partner joins the mortgage to add their income to the application, therefore helping you borrow more money, but they are not added to the property deeds. This means your kind loved one is fully on the hook for the debt, but they have no legal right to the home. Some lenders accept up to 4 people to be added to the mortgage, giving the sole proprietor plenty of support.

If you default on the mortgage, the lender can pursue the supporting partners for the full amount. In short, be sure you can keep up the mortgage payments. It's also worth knowing that if repayments aren't maintained, this could affect the supporting borrower's own financial position – including any mortgage they already have on their own home.

While it sounds ideal for first-time buyers who need a leg up to get on the property market or older borrowers, the process requires specialised legal advice to protect all the borrowers involved in the transaction. 

To see your options for this type of mortgage, contact your mortgage broker, who can give you the full run down of what that could look like for your affordability, monthly repayments, term length, etc. 

In early 2026 (from January to April), we found that there is more or less an even split of buyers who are going at it alone, and those buying with someone else. In April 2026, we found that 49% of first-time buyers were sole proprietors, with 51% going in on a joint mortgage. The scales were tipped back in January 2026 where 56% of first-time buyers were solo, with 44% joint borrowers.*

This gradual shift over the first 4 months of the year highlights a growing reliance on pooled resources, likely driven by evolving market conditions and the persistent challenge of solo affordability. While the year began with individual buyers confidently taking the lead, the spring market has seen a distinct pivot toward partnership, proving that for many, stepping onto the property ladder in 2026 could be becoming a team sport.

Foreign income 

If you’re an expat or on a visa, the "paperwork trail" becomes a mountain.

Being paid in the major currencies, such as EUR or USD, is widely accepted. Other currencies (such as Canadian or Australian dollars) will depend on the lender. If your income is in another currency but you’re buying a house in the UK, lenders will typically shave off 10-25% of your affordability to account for the exchange rate volatility. 

And while you can live abroad, having a UK address history or being a UK resident working for an international company makes the process a little easier. That said, using a mortgage broker is advised to help apply to lenders that accept specific currencies and find competitive rates.

While lenders prefer borrowers with permanent residency or settled/pre-settled status, those with visas (e.g., Skilled Worker) usually need at least 1-2 years of UK residency, a UK credit history, and 6-12 months remaining on their visa. If you haven’t lived in the country for over 2 years, you may need to save up at least a 25% deposit. Keep in mind that foreign buyers will face a 2% surcharge on the stamp duty in England and Northern Ireland (correct as of May 2026). Wales and Scotland set their own boundaries and rates – so be sure to check with relevant authorities like HMRC for the latest rates for each location.

Here at Mojo Mortgages, we can help UK residents.

Sources:

* Data shown is from Mojo Mortgages’ own customer records covering the period between 1 January 2026 to 30 April 2026, for first-time buyer count and the percentage of which were sole proprietors and which were joint borrowers.