Mortgages in the UK
|Maximum LTV ratio|
|Minimum loan amount||£100,000|
|Fixed rates||From 1.95% to 3.50%|
|Minimum age of borrower||18|
|Maximum age of borrower
by the end of the loan term
|Maximum percentage of monthly
income for mortgage
To get a mortgage loan in the UK, you need to submit the following documents to the bank:
- passport copy
- bank statements for the six previous months confirming regular income (salary, dividends, rental income, bonuses)
- personal income tax forms for the two previous months.
Banks also request proofs of assets, i.e. proof of property ownership and investment, account or bank deposit statements, etc.
Typically, the more
Loan applications usually take
The costs incurred by the borrower when formalising a mortgage in the UK tend to amount to about 1% of the property value. There are also additional life and property insurance fees. The exact amount to be paid depends on a variety of factors.
|Property appraisal and Due Diligence||
value on average)
|Borrower's life and property insurance|
|Mortgage arrangement fee||1% of the loan amount|
|Early repayment penalty
(not applicable to floating rates)
|1% of the remaining