By a Mortgage Expert with Over 20 Years in the Industry
Written by
Samantha Joyce · Senior Mortgage Advisor
Published: 5 Jan 2026 · 3 min read
Getting a mortgage is one of the biggest financial decisions most of us will ever make. Having worked in the mortgage industry for over two decades, I’ve seen firsthand how the right preparation and understanding can make the process smoother and save clients thousands over the life of their loan.
So, whether you’re buying your first home or moving up the ladder, here are the top five things to consider when getting a mortgage.
1. Know What You Can Really Afford
Before you even start viewing properties, take an honest look at your finances. A lender will assess affordability based on your income, outgoings, and credit commitments, but that doesn’t always reflect your comfort zone.
Just because a lender says you can borrow a certain amount doesn’t mean you should. Think about what’s realistic for you month-to-month, including potential rate rises, household bills, service charge, and lifestyle costs. A home should feel like financial security, not a strain.
2. Understand the Different Types of Mortgages
Not all mortgages are created equal. Fixed, variable, tracker, each type comes with its pros and cons.
A fixed-rate mortgage gives you certainty over your monthly payments, making budgeting easier.
A tracker or variable rate may start cheaper but can fluctuate, meaning payments could rise if interest rates go up.
I’ve seen clients jump at the lowest rate, only to regret not considering how that product fit their long-term plans. The best mortgage isn’t always the cheapest one, it’s the one that aligns with your future goals.
3. Factor in the Full Cost — Not Just the Rate
It’s easy to focus on the headline interest rate, but your mortgage’s real cost includes fees, charges, and potential penalties.
Look out for:
- Arrangement fees or product fees added to your loan
- Valuation and legal fees
- Early repayment charges (ERCs) if you plan to move or remortgage early
Sometimes a slightly higher rate with lower fees can actually work out cheaper overall. Always compare the total cost over the initial term, not just the interest rate.
4. Get Your Deposit and Credit in Shape
Your deposit size and credit score can make a big difference to the rates available to you. Generally, the larger the deposit, the lower the risk to the lender, and the better the deal you’ll get.
Even an extra 5% deposit can open up access to more competitive products.
Meanwhile, a strong credit profile tells lenders you’re reliable. Before you apply, check your credit report, make sure it’s accurate, and avoid taking on unnecessary new credit.
5. Seek Professional Advice: It Really Does Pay Off
After 20 years in this industry, this is the one constant truth: no two clients are the same. Every situation, income, goals, future plans, is different.
That’s why working with an experienced, whole-of-market mortgage advisor is invaluable. We can compare options across dozens of lenders, explain the pros and cons of each, and help you avoid pitfalls that might not be obvious until it’s too late.
A good advisor doesn’t just find you a mortgage, they help you plan for the future.
Final Thoughts
Getting a mortgage isn’t just about rates or paperwork; it’s about making a decision that fits your life, both now and in the years ahead.
With the right preparation and professional guidance, you can approach the process confidently, knowing you’ve found a mortgage that truly works for you.
At Morrow, we believe in giving clients clarity and confidence. Whether you’re buying your first home or reviewing your current deal, we’ll help you make informed, stress-free choices every step of the way.
