Compare Mortgages


We’ll find the right mortgage for you, our partnership allows you to compare Mortgages with leading experts.

If you’d like to speak to the friendly UK based team please call – 0800 470 3751


FINDING THE RIGHT MORTGAGE FOR YOU


A mortgage is a type of loan used to buy property or land. It’s usually taken out between 5-35 years and the loan, plus it’s interest, is paid off each month.

Selecting a mortgage is one of the most important financial decisions you’ll ever make. You need to ensure you can afford repayments and factor in your affordability for the duration of your mortgage term.

Whether you are buying your first home, moving to a new house or looking to re-mortgage, we’ve got you covered with expert advisors to get you the right mortgage.



WHAT TYPES OF MORTGAGES ARE AVAILABLE?


When it comes to choosing a mortgage it isn’t always as simple as choosing the deal with the lowest interest rate. The type of mortgage you require depends on your personal financial situation, future plans and the type of property you are looking to purchase.

fixed rate mortgage savingsuperstore

Fixed Rate Mortgages

With a fixed rate mortgage, you lock in your repayments for a set term, usually two to five years.

The main advantage of a fixed interest rate is the security of knowing your mortgage payments will stay the same for the length of time selected.

The main disadvantage of a fixed rate is that you won’t benefit from a reduction in costs IF interest rates fall.

variable rate mortgage

Variable Rate Mortgage

If you opt for a variable rate mortgage, your monthly payments can change, this is due to your lender being able to change the rate of interest it charges you. Changes to your monthly payments out of your control can make it more difficult to budget for.

Variable rate mortgages will normally change when the Bank of England changes its base rate.



WHAT MORTGAGE DO I NEED?


first time buyer mortgage

First Time Buyer

A first-time buyer mortgage is aimed specifically at those looking to buy a property in the UK for the first time.

remortgage

Remortgage

A Remortgage is when you switch your current mortgage to a new deal with your current lender or with another lender. It gives you the opportunity to find a better deal with a lower rate of interest.

buy to let mortgage

Buy to Let

Buy to Let mortgages are in place for those who want to invest in a property, whether a house or apartment, and rent the property out to tenants. With a Buy to Let you will normally require a larger deposit versus a standard mortgage to buy a home to live in yourself.



WHAT MORTGAGE CAN I AFFORD?


When you begin to look for a mortgage it is important to get an idea of your affordability and how likely you are to qualify for the amount you are looking to borrow.

Your lender will base it’s decision on: 

– Your income/salary – or your combined salaries if applying for a joint mortgage.

– Your deposit – You will normally require at least 5%-10% of the LTV (loan to value)

– Credit rating – A strong credit history showing repayments will give you access to better deals

– Your spending – outgoings you have including bills, credit cards or insurance payments



HELP FOR FIRST TIME BUYERS


Getting yourself on the property ladder isn’t easy, the good news is there are multiple schemes currently to help first-time buyers.

stamp duty relief mortgage

Stamp Duty Relief

First-time buyers in England and Northern Ireland are no longer required to pay stamp duty on the first £300,000 of a property costing £500,000 or less. In Scotland this  only applies to the first £175,000. Unfortunately there is no first time buyer’s relief in Wales.

mortgage guarantee scheme

The Mortgage Guarantee Scheme 

The government backed scheme aims to allow those with a 5% deposit a mortgage on property up to £600,000. It currently runs until 31 December 2022 and is open to first-time buyers and also those who already own their own homes. Most high street banks have also signed up to the scheme.

first homes scheme

First Homes Scheme

The First Homes scheme offers a discount of 30% to 50% on the market price of new-build homes to first-time buyers.

help to buy equity loan

Help to Buy Equity Loan

The Help to Buy Equity Loan was designed to help first-time buyers buy new-build homes. The government will lend buyers a percentage of the cost of the new build property.

help to buy shared ownership

Help to Buy Shared Ownership

Aimed at both first-time buyers and to support those who cannot afford to buy a home in the current market. It allows you to get obtain a mortgage on a share of a property and pay rent on the remainder.



CAN I GET A MORTGAGE WITH BAD CREDIT??


Yes, if you have bad credit you can still obtain a mortgage. Our partnership will look into your circumstances and provide you with the best options suited for your personal needs. If you currently have a lower credit score due to personal circumstances our mortgage experts will commit to finding you a mortgage that takes your financial situation into account. With a lower credit score you may experience higher interest rates than other borrowers with “good to great” credit ratings.

You will be happy to know many lenders will not penalise people with poor credit but will sometimes require more security.

If you would like to find out more, click Compare Mortgages, let us know a few details and one of the expert advisors will be in touch to help.

Alternatively, If you’d like to speak to the friendly UK based team please call – 0800 470 3751



FAQS

Mortgage rates mainly depend on whether the Bank of England base rate goes up or down.  If you have a fixed-rate mortgage you won’t be affected by these changes until your fixed term ends.

A mortgage broker is a mortgage expert with the knowledge of all lenders and products available on the market. A broker works on your behalf to search the mortgage market to find you the best mortgage that you can afford, and apply for successfully.

Loan-to-value ratio (LTV) is a term used to show how much of your property’s price is paid for by your mortgage. It’s usually shown as a percentage. You can work out your LTV by subtracting your deposit (as a percentage) from a property’s total value.

An example: £25,000 deposit on a £100,000 home works out as 25%. If you subtract 25% away from 100% and you’re left with an 75% LTV.

Having a higher loan to value normally results in a mortgage with a higher interest rate, this is due to the fact there is more risk to the mortgage lender. If you are in the position to increase your deposit or buy a cheaper home in relation to your deposit, you are more likely to get a lower mortgage rate.

There are multiple insurances to cover the cost of a mortgage if an unforeseen circumstance arises.

One option is Mortgage protection insurance, also known as “mortgage payment protection insurance” (MPPI). This particular insurance looks to cover the cost of your mortgage each month. Circumstances that could trigger being unable to pay your mortgage include: losing your job or you can no longer work because of an illness. Most policies will pay out for a maximum of one year.

Insurances such as life insurance and income protection insurance, can also be utilized to help cover mortgage payments.

A mortgage in principle also known as an agreement in principle is a confirmation of how much a lender is prepared to lend to you based on the information you’ve provided about your finances.

A mortgage in principle shows that you are in a position to buy when it comes to making an offer on a property. It is however important to remember that a mortgage in principle is not a guarantee to buy. When you are ready to make a full mortgage application the lender will then assess your full credit history and financial situation at the time.

Arrangement/booking fee – the costs associated with setting up your mortgage
Conveyancing fee – this pays the legal cost associated to a solicitor when buying a house
Broker fee – a fee paid to a broker for finding the best deal for you within the market and providing mortgage advice
Stamp duty – The tax when buying a home (not applicable to first time buyers)
Land Registry fee – These is a cost you pay to the Land Registry to update the property records they hold

Yes, if you have bad credit you can still obtain a mortgage. Our partnership will look into your circumstances and provide you with the best options suited for your personal needs. If you currently have a lower credit score due to personal circumstances our partner will commit to finding you a mortgage that takes your financial situation into account. With a lower credit score you may experience higher interest rates than other borrowers with “good to great” scores.

You will be happy to know many lenders will not penalise people with poor credit but in turn will require more security. If you would like to find out more, click “Get a Quote” and one of the expert advisors will be in touch to help.

The amount of money you can borrow will be based on your annual income and the LTV (loan to value) of your property. Normally, lenders will loan up to 3.5 times your salary. An example being; an individual looking to obtain a single mortgage with a salary of £40,000 per year, could borrow up to value of £140,000. If you are applying for a joint mortgage you could be able to borrow between 4 – 6 times your combined salary.





Your property may be repossessed if you do not keep up repayments on your mortgage.

Think carefully about securing other debts against your property. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the term of the debt and increasing the total you repay.

Fees may be charged dependant on provider. 

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