Can I get a mortgage?
Some applications can be more complicated than others but that doesn’t mean you can’t get a mortgage. It’s important to get the best advice by speaking to an expert to save time and money every month.
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What types of mortgages are available?
Fixed Rate Mortgages
One of the most popular and common new mortgage or remortgage rates is a Fixed rate. You simply have a rate for your mortgage that is fixed from the start for a period of usually up to 5 years (can be up to 10 years). This is a great way to be able to budget effectively and especially good for buying a home.
This is a popular type of variable rate mortgage that offers an initial discount from the lenders standard variable rates (SVR). Discount periods will often be between 2 and 5 years depending on the lender and the deal that you select. Most deals will offer a significant upfront discount.
A tracker rate is another type of variable rate mortgage that will generally track the Bank of England (BofE) base rate rather than the lenders Standard Variable Rate. This type of deal can be cheaper over a longer period of time depending on how well the interest rates perform and your deal.
Standard Variable Rates (SVR)
Each lender has their own ‘Standard Variable Rate’ which is its own default mortgage rate that they set every month. Usually this rate will go up and down in line with the Bank of England base rate and often will be 2 or 3 percentage points higher. Your mortgage deal will always revert back to the lenders SVR.
Types of Mortgages from Essential
When you buy a new home then you’re likely to need a mortgage which can be either as a first time buyer or a previous borrower. There are lots of things to think about when you buy a new home such as which types of mortgage work for you?
People will often remortgage their home several times which can save money or release equity. There are several reasons why you might want to raise money, such as home improvements, debt consolidation, or for big purchases.
Buy to Let
The property investment market in the UK is booming and there are more and more people looking at buy to let. You can use savings to pay for a deposit and buy an investment property to provide you with another income.
Speak to the Experts
“Getting a new mortgage or remortgaging your home can be stressful and there is loads of choice. We’ll make sure that you get the mortgage that you want as quickly and cheaply as possible so you don’t have to worry about it. Everyone’s situation is different and we’ve got decades of experience as well as a fantastic choice of top lenders.”
– Craig Hayward CeMAP & Certs II (MP&ER)
What is the best mortgage deal for me?
There are literally thousands of different rates and deals to choose from so we’ll help you to find the right mortgage for you.
Annual Percentage Rate (APR)
The easiest way to compare your mortgage deal against other deals is to look at the Annual Percentage Rate (APR). This figure will tell you how each deal stacks up over the term of the mortgage loan.
Mortgage Fees & Charges
Look closely at what fees you will have to pay to take out your new mortgage and any charges that you might incur for repaying early (Early Repayment Charge). Also, think about costs if you’re buying a house.
Credit Scores & Ratings
Your credit score will have a direct impact on which mortgage deals are available to you and how much you’ll pay. It is possible to improve your rates by shopping around and you could also work on increasing your score.
Income and Expenditure
Every lender will allow you to borrow an amount based on how much you earn each month and how much you spend. Some lenders will offer better income multiples than others as well as how they consider debt.