Everything you need know
All advice on mortgages and financial services is provided by our recommended advisers who are independent ‘Whole of Market’ mortgage specialists. They have access to a wide range of exclusive mortgage deals that you will not find on the High Street.
From your initial mortgage enquiry, you will have your own dedicated adviser who will then guide you through the entire mortgage and house-buying process. Your adviser’s job is to ensure that you understand all aspects of the transaction and that things run as smoothly and efficiently as possible for you.
Use our calculator to see how much you could borrow.
* The above calculation assumes a 100% mortgage repayable over the number of years at the initial interest rate and of the amount borrowed input by you. These figures are only a guide. We recommend that you obtain exact figures from a specific lender before committing to any mortgage.
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General information on mortgages
Repayment or interest-only
With a repayment mortgage, you pay off part of the loan as well as some interest each month. With an interest-only mortgage, you just pay the interest each month, and then repay the loan at the end of the mortgage term. If you're buying a property to live in, you'll usually take out a repayment mortgage.
Standard Variable Rate
Standard Variable Rate mortgages are the “default” position mortgage arrangement and have an interest rate that is based on a direct relationship to the Bank of England base rate. This type of mortgage has payments that adjust in relation to changes in the base rate and therefore can go up or down throughout the period of the term.
With a Fixed Rate mortgage you pay a fixed interest rate for a fixed period of time and the rate and duration are arranged at the outset with the lender. This can be between 1 and 35 years, though a common fixed rate period would be for 2-5 years.
With a Tracker Rate mortgage the rate of interest you pay is tied to the base rate set by the Bank of England. Typically a tracker rate mortgage will be set at a certain percentage above the BoE base rate. Although the Tracker rate is usually lower than the lender’s Standard Variable Rate, this can vary from lender to lender.
A Discounted Rate Mortgage is linked to an individual lender’s Standard Variable Rate. The lender may offer a discount to their variable rate for a specified period of time, but beware that there is no certainty as to what your future payments will be.
Buy-to-let mortgages are for investment properties that are not occupied by the owner. Some lenders will only consider a property’s rental income as the basis for determining whether or not to lend while other lenders will consider your normal earnings, especially if you only have one or two rental properties.
The expected rental income must exceed your mortgage repayments by a certain percentage. For example, your mortgage lender will require a rental income of 125%-155% of your monthly mortgage payments.
Generally, Buy-to-Let mortgages are available for between 5 and 45 years and for a maximum of 85% of the property value. When considering a Buy-to-Let mortgage, certain additional costs must be considered, including lettings agent fees, insurance, legal cover and the cost of maintaining the property in a suitable condition for letting. Buy to let mortgages are not regulated by the Financial Services Authority.