Mortgages

UK Mortgages - in detail

There are so many types of mortgage on today's market - it can be virtually impossible to decide which is best for you. To help explain the different types of mortgage, click on the links below.

• Variable Rate Mortgages
• Fixed Rate Mortgages
• Discounted Mortgages
• Flexible Mortgages
• ISA Mortgages
• Capped Rate Mortgages
• Cap and Collar Mortgages
• Base Rate Tracker Mortgages
• Cash Back Mortgages
• 100% Mortgages
• Mortgages for First Time Buyers
• ReMortgage
• Self-Certified Mortgages
• Buy to Let Mortgages
• Right to Buy Mortgages
• Current Account Mortgages
• Offset Mortgages
• Nemo Secured Loans for homeowners

We recommend that you don't make the choice now. There are advantages and disadvantages to each type of mortgage and the one you should choose will depend on a number of issues.

That's why you need advice from a qualified mortgage adviser. Then you can talk about your preferences, voice your concerns, discuss the alternatives and ensure that the right decision is reached.

Cheap Mortgages and
Best Mortgage Rates

If you want a cheap mortgage then it's essential that you concentrate on finding a really competitive interest rate - because it's the interest rate that makes all the difference to the amount you pay each month.

Your mortgage interest rate will depend on the type of mortgage that you decide upon. Look at the APR (Annual Percentage Rate of interest) to compare cheap mortgage deals. All mortgage lenders are required by law to publish their APR - it provides an easy and reliable way to compare the cost of different mortgage deals.

Buy a Mortgage with the guidance of a Mortgage Adviser

Mortgages typically take several weeks to complete and you will need to provide various pieces of documentation inorder to apply. Using a mortgage adviser can save you lots of time as they know all the short cuts and have the right connections.

And of course, there are so many different types of mortgage. The choice you make is highly individual but make the wrong choice - and it could potentially cost you thousands of pounds. Our advice is get advice, it’s better to be safe than sorry!

How can I find the best Mortgage Deal?

With thousands of mortgage deals to choose from there's a mortgage for everyone - whatever your salary or credit history. The specialist adviser who’ll speak to you offer you, will provide a very special service based on extensive industry knowledge. They really are a one-stop-shop catering for all your mortgage needs!

It doesn't matter if you've got a poor credit history, have just set up a small business or you are unable to pay a deposit. Whatever your situation, they’ll find you a great mortgage deal.

What type of Mortgage do I need?

The most difficult decision and one that we believe needs specialist guidance, is whether to take out a fixed or variable rate mortgage. Interest rates are still historically low at the moment, but if you've got a mortgage of £100,000 and the interest rates rise by just 0.25%, you will find a big difference in your monthly repayments.

If you would prefer not to worry about rising interest rates, you may be suited to the fixed rate mortgage option. With variable rate mortgages your payments can potentially change from month to month. But there again, if the interest rates go down, think of the money you’d save! But no-one's got a crystal ball! With professional guidance you can try to see into the future - it could save you lots of money so it's well worth making the effort.

Shop around to guarantee the cheapest Mortgage Deal

There's only way to make sure you get the best mortgage deal – that’s shop around.

And we're here to help you do that!

The mortgage adviser who phones you total access to thousands of different mortgage contracts. In fact virtually, every mortgage contract in the UK. All this information is held on a huge data base so that he can search for your specific requirements at the click of a mouse. That must be the most efficient way to shop around.

Then when you’ve agreed what’s best for you, he’ll guide you through the application process and follow it through right up to the moment the mortgage funds are sent to your solicitor.

So, shop around without all the hassle of shopping around. Leave it to the mortgage adviser! After that you don't need to lift a finger

Why not consider Mortgage Payment Protection Insurance ?

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Can I get a Mortgage, whatever my circumstances?

Sometimes there are circumstances which may make it difficult for you to get a standard mortgage. Follow the links below for more information.

• No Proof of Income
• Mortgage Arrears
• Bank Defaults
• CCJ's - County Court Judgments
• Bankruptcy Orders
• Credit Problems
• Bad Credit Mortgage
• Adverse Credit Report
• Repossession Orders
• Mortgages for Unusual Properties

Most of these situations can cause high street Banks to say “No”.

But the mortgage advisers we work with are a bit more tenacious than that! There are very few situations where they can’t provide you with a competitive and affordable quote.

Whilst the interest rate is the main determining factor, there are other aspects that will influence your deal.

For example, you need to consider the initial charges such as conveyancing, survey fees and administration fees. Some mortgage companies will include these charges within the mortgage, others won’t.

You can also choose mortgages that fix the interest rate for a set period, normally 2-5 years, or those that vary in line with the rise and fall with the Bank of England’s base rate.

All these sorts of issue need to be considered when comparing mortgages and looking for the cheapest deal to fit your personal circumstances and requirements. We recommend you look at the total cost of your proposed new mortgage before making your final decision.

How much can you spend on a new house?

Before you start looking to buy a house, you need to work out how much money you will be allowed to borrow in order to buy your home.

Mortgage lenders look at your income and occupation to decide how much they will lend you.

But as a general guide, if you are buying on your own, then traditionally you can borrow three times your annual gross salary. However with the rises in property prices over the years, some mortgage lenders have started offering loans of up to five times a households incomes. Your best bet is to talk to the mortgage adviser now and he will give you a very accurate assessment.

What about Re-Mortgages?

Nowadays, around one in three mortgage applications are for re-mortgages. That’s a good measure of how many people are taking advantage of the competitive mortgages market. Don’t feel guilty about leaving your existing mortgage provider – it’s a dog eat dog world out there!

We recommend that from time to time everyone should find out whether they could improve on their existing mortgage deal.

So ask for a mortgage quote now and the mortgage adviser will tell you how much you could save each month.

How do I compare Mortgage rates?

Request a quote from the mortgage brokers we work with and they'll do all the hard work for you!

However, for your own peace of mind, it's still best to know how mortgage interest rates work.

Under UK Law, all mortgage interest rates are demonstrated using the APR system, which is a calculation of the rate of interest on a loan and the interest paid per unit of the amount outstanding. (APR is short for Annual Percentage Rate of interest.)

However, a lot of mortgages are very flexible now and allow you to overpay, underpay, take payment holidays and pay the debt off early. This makes it more difficult to compare mortgage rates because the APR is based on a maturity term of 25-30 years and now the average mortgage term is only four years!

This means that to make a useful comparison between mortgages you have to consider the cost of a mortgage over different time periods. This should take into account all payments, incentives and charges, including redemption penalties.

Why not consider Mortgage Payment Protection Insurance ?

Click here to