Martin Lewis explains key steps to take when securing a mortgage

Martin Lewis is well known for providing the answers to a whole host of questions from people looking to manage their finances. He also offers money tips and tricks to help households across the country get the best deals in a variety of areas of life. Martin has used his platforms to help many people, and his appearance today was no different.

The woman therefore asked whether a 20 percent deposit was now required, given news of mortgage agreement rejections.

Thankfully, Martin was on hand to provide further clarity to the caller, and any other individuals or couples in a similar situation.

He explained that while lending terms had tightened up, this did not have to be the end of the road for those looking to secure a deal.

The situation was, he said, arguably more challenging, due to the financial impacts of COVID-19, but it could be navigated.

Martin explained five percent mortgage deals have disappeared, leaving little to no options open for first-time buyers with smaller deposits.

And where 10 percent deals are on the market, he said, the rates are often much higher than they were before.

It is therefore often the case that people will be able to get a cheaper mortgage with a 20 percent deposit when compared to a 10 percent arrangement.

Indeed, there are also more options available, and thus further competition, when looking at deals with a 20 percent deposit.

However, Martin said this should not rule out those who wish to press forward with a 10 percent deposit from doing so.

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The real question, he posed, was whether people should be getting a mortgage at this time.

But this question is not a simple yes or no, and a number of factors need to be taken into account.

Firstly, Martin said, people should be considering whether this is affordable to them.

Taking into account working circumstances, debt and money in the bank is an important checklist before looking at any deal.

But Martin said it was also important to “do the sums”. Making sure Britons are not over-stretching themselves with a deal is vital going forward.

And finally he urged all of those considering a mortgage to visit a broker.

This, he said, would provide further clarity through a whole of market assessment, which can prove beneficial for looking at the deals on offer. 

Martin Lewis is the Founder and Chair of To join the 13 million people who get his free Money Tips weekly email, go to



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