Residential mortgage
Mortgages for your own home, whatever your circumstances
A residential mortgage is a loan you take out to buy a property you plan to live in yourself, not to
rent out. It’s the most common option for first-time buyers, families moving home, or those
looking to improve their living conditions.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Key terms
- Deposit: from 5–10% of the property value (the higher the deposit, the better the terms).
- Income assessment: your main income, expenses, and credit history are taken into account.
- Property purpose: you must live in the property; it cannot be used as a rental.
Most common types of mortgage interest rates in the UK
- Fixed rate: interest rate stays the same for 2, 3, 5 years or more — ideal for those who want payment stability.
- Variable rate (base rate tracker): your interest rate moves with market changes.
Documents you will need
For employed:
- Passport, residency card, settled or pre-settled share code
- Council Tax bill or latest utility
- Last 3 month bank statement
- Last 3 month payslips
- Contract of employment
- Proof of deposit ( last 12 month bank statement)
- Completed questionnaire ( attached)
- Credit report
For self – employed:
- Passport, residency card, settled or pre-settled share code
- Council Tax bill or latest utility
- last 3 month bank statement
- SA302 & Tax Overview for 2023-2024, 2024-2025
- Proof of deposit ( last 12 month bank statement)
- Credit report
Your home may be repossessed if you do not keep up repayments on your mortgage.
City Mortgages Club Ltd is an Appointed Representative of Rosemount Financial Solutions (IFA) Ltd which is authorised and regulated by the Financial Conduct Authority. Entered on the FCA Register (https://register.fca.org.uk/) under reference 535515. City Mortgages Club Ltd is registered as a Company in England & Wales No. 11711914. Registered Address: 45-55 Commercial Street, London, E1 6BD, United Kingdom.
