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Our team of qualified mortgage experts will take all of the stress and worry out of finding your First Time Buyer Mortgage for your first home.

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Considering remortgaging? We can help with all types of remortgages to get a better rate or for Home Improvements and Debt Consolidation purposes.

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We've got over 30 years of experience and expertise in helping people with credit history problems to get the right mortgage deals with no stress or hassle.

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Our team of mortgage experts can help you to find the best Buy-to-Let Mortgage deals, for new landlords and landlords with a current portfolio of properties.

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"This company went above & beyond to get me the best deal, explaining everything clearly and answering my many questions patiently. I am very happy with the deal I got, Amazing staff, James went above & beyond, I highly rate this company."

by Diana Barrow-Farr - 11th December 2023

How do mortgages work?

A mortgage is a financial agreement between a mortgage borrower and a mortgage lender, commonly a Bank or a Building Society. When you take out a mortgage, you are borrowing money which you have agreed to pay back within a set number of years (your mortgage term).

The way that you repay your mortgage will depend on the type of mortgage that you choose:

  • Repayment mortgage: You will repay your outstanding mortgage balance plus any interest in regular instalments (usually monthly).
  • Interest-only mortgage: You will only repay the interest for your mortgage during your mortgage term, and you will repay the full loan amount at the end of your mortgage.
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What is the UK mortgage rate today?

Currently, the Bank of England Base Rate (BBR) is 5.25% and it has been since August 2023. Most mortgage lenders will base their Standard Variable Rates on the UK’s base rate of interest, and these rates will usually be around 2% to 4% higher than the Bank of England rate.

Will mortgage rates go down in 2024 in the UK?

Mortgage rates in the UK are based on the Bank of England Base Rate (BBR), as well as other factors like inflation and any major economic events. Inflation has dropped to 2.3% in April 2024, and the Bank of England Base Rate has held steady at 5.25%.

This is promising news which could indicate the potential for lenders to reduce mortgage rates towards the end of 2024. While mortgage rates could drop, it is unlikely that they would fall anywhere below 4% until at least 2025/26. This is due to economic predictions that the Bank of England Base rate will remain at 3.5% or higher until mid-2025.

Should I fix for 2 or 5 years?

When applying for a fixed rate mortgage, you have the option of ‘fixing’ your interest rate for a set number of years. Common options for fixed rate mortgage terms include 2 years, 3 years, 5 years, and 10 years. The ‘right’ number of years to fix your mortgage for will be based on your situation and the level of flexibility that you need from your mortgage.

2-year fixed rate mortgages can provide more flexibility, allowing you to easily switch to a new deal if a better rate becomes available within the next 2 years. 5-year fixed-rate mortgages can provide more financial security, especially if average interest rates in the UK increase dramatically.

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First Time Buyer

First Time Buyer

First time buyer mortgages can sometimes be confusing and it can seem like a minefield to find the best deals...

Buy to Let

Buy to Let

There are literally hundreds of buy to let mortgage deals and so you can quite easily end up paying more than you should...

Remortgage

Remortgage

Getting the best remortgage deals can save you thousands over the term of your mortgage, so it’s important to make the right decision...

Self-Employed Mortgages

Self-Employed Mortgages

There are many advantages to being your own boss and running your own business, however it can raise some additional challenges with getting a mortgage...

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Our Mission

It’s our mission to support you and your family through every step of your mortgage application. Our friendly team of qualified mortgage experts are dedicated to making sure that you get the very best mortgage deal from our extensive panel of mortgage partners.

Our team of mortgage experts has over three decades of financial services expertise and we’ve helped thousands of families just like yours. We specialise in all areas of mortgage advice, including:

  • First time buyers *achieving your dreams and get your foot on the ladder.
  • New mortgages *buy the home that you’ve always dreamed of.
  • Remortgaging *consolidate your debts or improve your home.
  • Bad Credit *relieve the stress of debt and get your finances on track.
  • Buy to Let *helping our customers to build or expand their portfolio.
  • Commercial *for all your business needs and more.

We’re here to help you and we work for you to make sure that getting your mortgage sorted is as simple and hassle free as possible. We understand what you need and it’s our mission to make sure that you get everything you want and more…

Make your mortgage happen with Essential.