Ready to own your future?
Your homeownership journey starts here.
Wanting to own a home can sometimes feel impossible, especially with talk of soaring house prices and big deposits. It's also frustrating to feel like your rent money is "going down the drain", as we found 73% of UK renters feel.
But what if homeownership is more achievable than you think?
Instead of funding your landlord's mortgage, imagine investing in your own property. Over 30 years, we discovered that UK renters could miss out on building a staggering £428,244 in equity (in other words, providing security for their financial future). It's no wonder 56% of renters would seriously consider buying if mortgage repayments matched their rent.
By taking just a few moments to figure out your borrowing power, affordability, and potential repayments options, you can begin your homeowning journey with a bang.
Ready to break the rental cycle?
From taking those first steps to unlocking your front door, uncover your mortgage costs from start to finish with our handy calculators.
Borrowing Calculator
No matter how ready you feel, or how much you know about getting a mortgage, our handy calculators can help you figure things out. Let’s get started:
Wondering how much you could borrow for your first home? Unlock your homebuying potential with our borrowing calculator:
Repayment Calculator
Curious about what your monthly mortgage payments could look like? Our repayment calculator does exactly that.
It’s free, quick, and easy - simply input a few key details and we’ll do the rest!
Affordability Tool
You know what you could borrow – now, let's check what you can comfortably afford. Our affordability calculator will show you what shape your finances are in for your mortgage.
Email my results
Interesting in saving your result? Enter your details below and we'll send you this information within an email.
Make sure you check the tick box to stay up to date with the latest mortgage information.
Where do I start?
If you’re happy with the amount you can borrow and you’re comfortable with the monthly payments, you’re probably wondering: What’s next?
With mortgages, knowledge is power, so we've created a handy checklist to help you take your first step towards your first home with confidence:
Is your rent similar to what your estimated mortgage payment could be?
No matter if your rent is higher, lower, or the same as your mortgage, owning means building your own wealth. Every mortgage payment grows your equity – the portion of your home's value you truly own. This isn't just a number: it's a tangible asset that increases with each payment and as your property value grows. Equity is money that comes back to you in the future, empowering you to sell, release funds for home improvements, or even help others purchase their first property.
Do you have a deposit?
A standard deposit is usually 10% of the property price. However, if you don’t have this amount, it doesn’t mean your homeownership dreams are scuppered. Many options are available to help you get onto the property ladder, including first time buyer schemes and specialist options allowing you to pay a smaller deposit (or even none, in some cases) to secure a mortgage.
Have you budgeted for additional costs (e.g moving vans, conveyancing fees, surveys)?
Getting a mortgage is a big step, but remember there are other essential costs beyond your deposit. You'll need to budget for things like conveyancing fees (the legal work), surveys (to check the property's condition), and other moving expenses. While you’ll more than likely be exempt from Stamp Duty Land Tax as a first time buyer, you will have to pay this if your property is more than £300k. These costs can quickly add up, so it's smart to factor them in from the start so there aren’t any shocks or surprises along the way.
What documents do I need to get a mortgage?
When applying for a mortgage, lenders will need a clear picture of your identity and financial situation to ensure you’ll be able to meet your payments each month. You'll typically need to provide:
- Proof of ID and address: This is either a passport or driving licence, plus recent utility bills (usually from the last month)
- Proof of income: Your latest payslips (usually for the last three months), P60, and bank statements. If self-employed, you'll need accounts and tax returns (SA302s)
- Proof of deposit: Bank statements showing your savings, and/or a gifted deposit letter if family are contributing towards this
- Details of financial commitments: Information on any loans, credit cards, or other regular outgoings you may have.
Whether you’re ready to buy or are thinking of taking the plunge in the near future, it’s useful to have an idea of everything you’ll need beforehand. Not only will you be fully prepared for your first mortgage appointment, it can even help speed up the application process too.
I feel like I’m ready: what’s next?
With your finances, deposit, and documentation all in order, you're now ready to speak to a mortgage adviser. They have the experience and knowledge to help you navigate the entire mortgage process from start to finish. Not only will an adviser find the right mortgage for your budget and needs, but they also have access to exclusive deals and incentives you wouldn't secure by going directly to a bank.
Ready to take the next step? Simply fill out the form below, and our team of experts will be in touch to discuss your options and next steps at a time and in a setting that works for you.
Never miss a beat! Sign up for handy hints, tips, and tricks to get you out of the renting cycle and into homeownership.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Regional rent vs mortgage comparison
Different areas of the UK mean different rents and mortgage costs. But the main question is: how does yours stack up? Does the area closest to you show that you could be missing out on building significant equity, instead of paying your landlord every month?
Below is a carousel revealing where pays what, and whether you’d be better off with a mortgage:
Debunking common mortgage myths
Are common misconceptions about mortgages holding you back from buying your first home? It's easy to feel overwhelmed by what you think you know about deposits, credit scores, family support, or even visa restrictions.
The truth is, many of the hurdles aspiring homeowners anticipate aren't as high as they seem. We're here to bust those myths and show you that getting on the property ladder is likely more achievable than you imagine.
Not necessarily. Needing a big deposit isn’t always a requirement to getting a workable mortgage. Many buyers in the UK usually have a deposit between 5 and 10% of the property’s value. For example, if you wanted to buy a property valued at £250,000, you’d need £25,000 to meet your 10% deposit. Some lenders have begun to offer a 100% mortgage, meaning you don’t need a deposit. In any case, always make sure to speak to a mortgage adviser and do your research.
For more information, click here.
Potentially. Homebuyers come in many forms, including those with families and dependents. Many of these buyers manage to get a mortgage and move into their new home. However, lenders may be more cautious about offering a mortgage to prospective homeowners with dependents (children or cared for family members), meaning you may have more limited options or higher repayments. Your adviser will be able to talk you through what this looks like for you, and the options available to you.
For more information on buying your first home, click here.
Yes. It’s often possible to get a mortgage in the UK if you have a Tier 1 or Tier 2 (now known as a Skilled Worker) visa. However, the process can be slightly different and you might face specific criteria compared to a UK citizen, or someone with Indefinite Leave to Remain (ILR). We understand that this can feel complicated, but fear not: an adviser will be able to take you through the process from start to finish.
For more information, speak to an expert mortgage adviser.
Mortgage rates fluctuate depending on what’s going on in the wider world, and it's smart to consider their impact on your budget. The good news is that even when rates seem higher, there are still many options to explore to find a mortgage that works for you. This is where the value of using a mortgage adviser really comes into its own, as they’ll shop around to find you a deal that aligns with your budget.
For more information, click here.
A less-than-perfect credit score or a patchy financial history can feel like a major roadblock to getting a mortgage. However, it's not always a definitive "no”. Lenders look at various factors to assess how financially responsible you are, and there are products out there designed for those with past financial challenges. But, don't let your credit history stop you from exploring your options. A mortgage adviser can help you understand what's possible and guide you towards solutions that might work for you.
For more information, click here.
Support from family doesn’t have to come in the form of gifted funds. There are a number of family assist options, where relatives can help by providing security (savings, or equity in their own home). You could also have a family member named on the mortgage without being on the property deeds (known as a joint borrower, sole proprietor mortgage). Speak to an adviser about the range of family support options available.
For more information, click here.
Life can be unpredictable, and if the worst was to happen, you’d want to know that you or your loved ones could continue making your mortgage payments no matter what. To ensure you can stay in your home, we offer a range of protection insurance options to fit your needs and circumstances, and provide you with valuable peace of mind. These include life insurance, income protection, critical illness cover, and more - all of which an adviser can talk you through.
For more information, click here.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Speak to a mortgage adviser
Ready to wave goodbye to renting and start investing in your future? Speak to one of our expert advisers and get mortgage ready today.
MY MAB is a digital mortgage coach designed to help you save up, plan, and track your home buying journey – whether you’re buying your first home, or fancy a move.
If you're working towards your homeownership dream but aren't quite ready yet, you’ll love the MyMAB app.
It's a digital mortgage coach designed to help you set savings goals, review what you can truly afford, and track every step towards your homebuying journey with ease.
Download the app
Whatever your dream home looks like, we can help you get there.
The first home toolkit: resources for renters
There’s plenty to get to grips with when buying your first home, but we’re here to make life easier with a range of handy resources. From expert articles to in-depth guides, these resources will act as your trusty companion, no matter where you are on your homebuying journey:
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From daydream to doorstep
When it comes to being tired of paying rent, you're not alone. We've helped countless individuals and families, just like you, to break free of the renting cycle and get onto the property ladder.
Discover how our experts helped them navigate the homebuying process, overcome obstacles, and ultimately achieve their dream of homeownership. Read their inspiring stories below:
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Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.