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Step-by-step answers to the "how do I…" and "how much…" questions we get asked every week — from deposits and stamp duty to SA302s and Help to Buy.
From a qualified mortgage broker in Sleaford, Lincolnshire — helping people across England and Wales.
| Household income | 4.5 × income | 5.5 × income |
|---|---|---|
| £30,000 | £135,000 | £165,000 |
| £45,000 | £202,500 | £247,500 |
| £60,000 | £270,000 | £330,000 |
| £80,000 | £360,000 | £440,000 |
Higher multiples are usually limited to higher earners, certain professions or bigger deposits, and every lender sets its own rules.
An online calculator gives you a guess. A decision in principle from the right lender gives you a number you can shop with.
Lenders price mortgages in bands of loan to value (LTV) — how much you borrow against the property's value. Every band you drop into usually means a lower rate.
| On a £220,000 home | Deposit | LTV |
|---|---|---|
| Minimum for most lenders | £11,000 (5%) | 95% |
| Better rates start | £22,000 (10%) | 90% |
| Another step down | £33,000 (15%) | 85% |
| Some of the best rates | £55,000 (25%) | 75% |
Borrowed money — a personal loan or a credit card — normally isn't accepted as a deposit.
A small number of lenders offer 100% mortgages, usually to renters who can prove a solid history of paying rent on time. They're niche and the criteria are strict, but they do exist — ask us.
On top of the deposit, budget for stamp duty (if it applies), legal fees, a survey, any mortgage fees and moving costs.
Getting from 5% to 10% can save you more than you'd think, but don't wait years chasing it. We'll show you the numbers both ways.
Lenders judge your last three months more than anything. Make them boring.
| Stage | Typical time |
|---|---|
| Decision in principle | Same day |
| Application to mortgage offer | 2–4 weeks |
| Legal work to exchange | 8–12 weeks |
| Exchange to completion | 1–4 weeks |
Chains, leasehold properties and slow searches can all add time. Chain-free and new-build purchases are often quicker.
Most delays are paperwork. Reply to your conveyancer the same day and you'll shave weeks off.
| Portion of the price | Rate |
|---|---|
| Up to £125,000 | 0% |
| £125,001 to £250,000 | 2% |
| £250,001 to £925,000 | 5% |
| £925,001 to £1.5 million | 10% |
| Over £1.5 million | 12% |
Example: on a £295,000 home you'd pay nothing on the first £125,000, £2,500 on the next £125,000 and £2,250 on the last £45,000 — £4,750 in total.
| Portion of the price | Rate |
|---|---|
| Up to £300,000 | 0% |
| £300,001 to £500,000 | 5% |
Example: a first-time buyer paying £320,000 pays 5% on £20,000 — £1,000.
Everyone buying with you must be a first-time buyer, and it must be your main home. Above £500,000 there's no relief at all, so a £500,001 purchase costs £15,000 rather than £10,000.
| Scotland (LBTT) | Wales (LTT) | |
|---|---|---|
| Nil-rate band | £145,000 | £225,000 |
| First-time buyers | Nil band rises to £175,000 | No separate relief |
| Additional homes | 8% surcharge | Higher rates apply |
Rates as published on GOV.UK, October 2026. No changes have been announced, but tax rules can change at any Budget — we always confirm the figure before you commit.
Stamp duty is due within 14 days of completion and comes out of your savings, not the mortgage. Budget for it from day one.
You must claim within 12 months of selling your old home, or within 12 months of the filing date of your SDLT return, whichever is later. Miss it and the money stays with HMRC.
Example: buy a £300,000 home before your old one sells and you'll pay £15,000 in surcharge on top of the normal stamp duty. Sell within three years and that £15,000 comes back.
If something outside your control stopped the sale, such as a public authority or a court order, HMRC can sometimes allow a later sale. You'll need to write to HMRC and explain.
Put the 12-month deadline in your diary the day your old home sells. It's easily the most valuable form you'll ever fill in.
Your accountant's software produces a tax computation, and most lenders accept that instead of HMRC's SA302 as long as it comes with the matching tax year overview from your HMRC account.
Since 6 April 2026, sole traders and landlords with qualifying income over £50,000 send quarterly updates to HMRC through software. These updates aren't tax returns, so lenders still use your year-end figures. The threshold drops to £30,000 from April 2027 and £20,000 from April 2028.
Keep a folder with each year's SA302 and overview. You'll need them for every remortgage too.
| How you trade | What lenders usually use |
|---|---|
| Sole trader | Net profit |
| Partnership | Your share of the net profit |
| Limited company director | Salary plus dividends, or salary plus your share of net profit (some lenders) |
| Contractor | Day rate × days per week × 46–48 weeks (some lenders) |
| CIS worker | Gross pay from CIS statements, or tax returns |
Lenders usually average your last two years. If your income has dropped, they'll normally use the lower year.
Some lenders accept 12 months of trading, especially if you're doing the same work you did as an employee. More are expected to follow the FCA's 2026 consultation on helping people with variable incomes.
Related: CIS workers · IR35 and umbrella companies
A lower tax bill means a lower mortgage. If you're planning to buy, talk to us before your accountant finalises your figures.
| Product transfer | Remortgage | |
|---|---|---|
| Stay with your lender? | Yes | No — new lender |
| Credit check / affordability | Usually not | Yes |
| Legal work | None | Often free with the deal |
| Best for | Speed, or if circumstances have changed | The widest choice of rates, or borrowing more |
Since 2025, FCA rules let lenders use a lighter affordability check when you move to a cheaper like-for-like deal with a new lender. Not every lender uses it, but it's helped people who couldn't pass a full check.
Got a Help to Buy loan? See how to remortgage with one.
Put a reminder in your diary six months before your deal ends. Even a few months on the standard variable rate costs real money.
| What you're doing | Permission? | Admin fee |
|---|---|---|
| New deal, same lender, same amount | No | None |
| New lender, same amount | Yes | £115 |
| Borrowing more (limited reasons) | Yes | £115 |
| Repaying some or all of the equity loan | Yes (for part) | £200 |
Only to repay some or all of the equity loan, to fund approved structural alterations, or for a transfer of equity. You can't borrow more if your home is in negative equity.
The normal maximum is 75% for the mortgage, but it depends on your equity share. With a 20% equity loan it's 75%; with 10% it's 85%; with 30% it's 65%.
From year six, interest on your equity loan rises every April. Remortgaging is a good moment to plan how you'll pay it off.
The loan is interest-free for five years. In year six you pay 1.75% of the loan amount, and that rises every April by CPI plus 2% (CPI plus 1% for loans taken out before December 2019). There's also a £1 monthly management fee.
Example: you bought for £250,000 with a 20% equity loan (£50,000). Your home is now worth £300,000, so repaying in full costs £60,000. If it had fallen to £230,000, you'd repay £46,000.
You must repay when you sell, at the end of the 25-year loan term, or when you pay off your mortgage, whichever comes first.
You repay a share of today's value. If prices are rising, sooner usually beats later.
| Traditional | Modern method | |
|---|---|---|
| When it's binding | Fall of the hammer | After exchange |
| Paid on the day | Deposit, often 10% | Non-refundable reservation fee |
| Time to complete | Usually around 28 days | Often around 56 days |
Fees vary between auction houses, so always check the buyer's fees and any reservation fee in the auction terms.
Sometimes — if the lender can value the property and complete in time. Properties that need a lot of work often aren't mortgageable until they're fixed, which is where bridging comes in.
The guide price isn't a valuation and it isn't the reserve. Decide what it's worth to you before you walk in, and stick to it.
Nothing here matches “” yet. Ask us on WhatsApp — or try the other Ask Charlie pages below.
This is general information, not personal advice. Rules, rates and lender criteria change, so we'll always check your own situation before you make a decision. Your home may be repossessed if you do not keep up repayments on your mortgage.