What is a mortgage?
A mortgage is a loan you take out which is secured against your property. It enables you to purchase the property instead of renting.
The lender will charge you interest in return for lending you the money. Therefore over the term of the mortgage you will need to pay the lender interest, and repay the amount you originally borrowed fully before the mortgage ends. Lenders offer different products with different interest rates depending on your financial circumstances.
How much can I borrow?
Every lender will have different criteria which will decide on how much you can borrow. There is no set amount and each individual case is different. The actual amount you’re eligible to borrow will be determined by the cost of the property you wish to purchase, the size of your deposit, your income and affordability. Affordability relates to any debts you may have and your regular outgoings.
Do I need a large deposit?
The minimum deposit can be as low as 5%, or 0% in some rare cases. We would advise to save as much as possible though as a low deposit can mean higher repayments. Usually, the higher the deposit percentage, the lower the interest rate.
What is a remortgage?
A remortgage means swapping the mortgage you have on your current property for another mortgage with a different lender. You may consider this if your existing fixed mortgage deal has expired and you want to see if a more competitive deal is available. You could also consider this if your circumstances have changed and you want to borrow more.
How do I pick the right mortgage product for me?
With hundreds of different mortgage products to choose from, it can be difficult to find the right one for you. Different mortgages will cater for different needs and financial situations. To establish what is suitable for you it is important to take into account your current circumstances as well as your priorities and long term plans. This is why we are here! We’ll talk you through the whole process and find a deal that works specifically for you.
What fees are there when taking out a mortgage?
This depends on the mortgage product. You may have to pay for:
- Valuation fee
- Solicitor fees
- Stamp duty
- Arrangement fees
- Broker fees
- Booking fees
Talk to us to find out exactly what you will pay.
Can I rent out my property with a mortgage?
You will need to seek permission from your mortgage lender. Your lender may increase the interest rate to reflect the change in risk. A mortgage adviser can provide you with advice on your mortgage and insurance options. Remember that you may also need to change the type of building insurance you hold on the property too.
What types of mortgage do you offer advice on?
We offer advice an almost any mortgage type! This includes
How can I receive advice on which mortgage to choose?
Talk to us today! It’s free to have a chat, either over the phone or in person. Just visit our contact page.