Mortgages uncovered - answers to the big questions
Published: 3 March 2026
Are you dreaming of buying your own place? If you do, you’ll probably need a mortgage.
So let’s get into some answers to the mortgage questions that might be on your mind.
What do you need to get a mortgage?
Getting a mortgage depends on whether or not the lender thinks you’ll be able to afford the payments and your chosen property is acceptable. They’ll want to check:
- Proof of your income – Whether you have a job or own your own business, a lender will want to understand your level of income.
- Your credit rating – A credit rating is an independent assessment of your likelihood to be able to make repayments. Lenders will take this into account when considering your application.
- Details of your financial commitments - So they can work out if you can afford the repayments.
- Your chosen property – Will need to be valued and be acceptable to the lender’s requirements.
How can I get a mortgage?
Found your dream fixer-upper or fallen in love with your forever home? No matter which lender you choose, there’s three steps for getting a mortgage offer.
- Know your numbers
Get familiar with the detail of your annual and monthly income, as well as your employment details. You also need to work out how much you spend each month – on things like rent, household bills, mobile phone contracts, credit cards or loans. Lenders need to know about all this so they can work out if you can afford to make the mortgage repayments.
- Get a Decision in Principle
A Decision in Principle gives you an idea of how much you may be able to borrow based on the information you’ve provided. They’re usually quick and simple to get. And getting one won’t affect your credit score.
- Make an application
Got a Decision in Principle? Great! Now you can start a mortgage application with your chosen lender (once you’ve found the home you want to buy).
Can you get a mortgage with a bad credit score?
Your credit rating shows lenders how much of a risk it could be to offer you a mortgage. It shows them how well you manage your money and how likely it is you’ll make the repayments.
If you have a low credit score, you could be classed as a higher-risk borrower. This can happen if you’re starting to build your credit score or don’t keep up with payments, regularly pay late or don't keep to credit agreements.
The higher your credit score, the better your rating will be and the more chance you’ve got of a mortgage application being accepted. The lower your score, the worse your rating will be and the bigger the risk of a mortgage application being turned down.
So, could a low credit score stop you buying a home? It all depends on your individual circumstances and how low the score is.
It could still be possible to get a mortgage with a low credit score. But it may mean you have to save a larger deposit and pay higher interest rates on a mortgage. The best thing to do is check with the lender.
Can you get a mortgage if you’re on benefits?
If your income is partly or fully from benefits, getting a mortgage could be difficult, but it’s not totally out of the question.
Like for any mortgage, a lender will check:
- Your individual circumstances
- If the property meets their requirements
- If you’ll be able to afford the mortgage payments
The type of benefits you get, and how long you’ll be getting them for, will also be a factor. For example,
- Your income may be entirely from receiving benefits
- You might be claiming Universal Credit on top of earning income from a job
- You may be getting a benefit for just a short period of time
If you’re on benefits and want a mortgage, speak to a mortgage broker or lenders directly to find out more.
How long does it take to get a mortgage?
The time it takes to get a mortgage offer and then complete the property purchase varies.
It could be anything from two to six weeks to get a formal mortgage offer. This timeframe includes:
- Getting the Decision in Principle
- Lender checks on your income, outgoings and affordability
- Valuations and property surveys
If you get a formal mortgage offer from your lender, they’ll tell you how long you have to accept it.
After you accept the offer, the legal conveyancing gets going - including property searches, exchange of contracts and transfer of funds. The actual time it takes will depend on the circumstances and can be as little as a few weeks but could be much longer.
Can you get a mortgage on an auction property?
Yes, it’s possible - but buying at auctions is different to the usual homebuying process.
For starters, there are two main types of auction:
- Traditional (or unconditional) auction - This is where the word ‘sold’ means a legally binding contract. The buyer pays a 10% deposit upfront and must complete within 28 days. This can be great if you’re a cash buyer and want to move fast but does come with its own risks.
- Modern (or ‘conditional’) auction - The winning bidder pays a non-refundable reservation fee in return for an exclusive, longer period (usually 56 days) to exchange contracts and complete. Popular with buyers who need extra time to finalise a mortgage.
There’s also online-only, live streamed and sealed bid auctions too.
If you’re going to use an auction, it’s worth having a mortgage Decision in Principle in place before bidding to help you understand how much you may be able to borrow. You will still need to get a mortgage offer.
No matter what type of auction it is, any lender will need to know about your individual circumstances and check you can afford the mortgage payments. Also, some lenders will only lend on auction properties that are in good condition. No running water or no kitchen? You might get turned down.
Can I get a mortgage at 60?
It’s getting more common for people in later life to need a mortgage. And the good news is, some banks and building societies will consider lending to you if you’re 60 or over (including us).
But getting approved for the mortgage will depend on your individual circumstances. It depends on things like:
- The mortgage term you want
- How much you need to borrow
- How you’ll afford to pay the mortgage
This article is not advice and you should seek independent financial or legal advice if needed.
