Mortgages

Buying your first home can feel like an enormous step, we are here to guide you throughout the process of understanding and applying for the best mortgage for your circumstances. You might be worndering if being a first time buyer will effect what type of mortgage you can apply for, however, there isn’t a specific mortgage product for first time buyers. All kinds of loans are available to you, from interest only mortgages and fixed rate mortgages to variable rate mortgages.

The type of mortgage you go for will depend on your personal financial situation and the property you are looking to buy. This is where we can help to guide you with our experience and knowledge to ensure you buy your first home successfully and with the right mortgage deal.

If you already own a home and are thinking of moving, mortgage lenders consider you a ‘Home Mover’. Getting a mortgage in this situation is often easier than as a First Time Buyer, but there is still a lot to consider. While there isn’t a specific type of mortgage for Home Movers, the term really differentiates you from First Time Buyers. The main difference is that you already have a mortgage and now need a new mortgage to buy another home. The new property might be larger, smaller or of similar size.

As with any mortgage, your first step is to find out how much a lender will offer you, and be certain you can comfortably afford the monthly repayments.

A Buy to Let mortgage is a loan designed to help you buy a house or a flat and rent it out to tenants. Buy to Let mortgages usually require a bigger deposit (typically at least 25%) than residential mortgages, and interest rates are often higher.

If you are renting a property out, your mortgage must be on a Buy to Let basis. In some cases, you can convert a standard mortgage to Buy to Let – for example if you are moving away and renting out your home. Getting a Buy to Let mortgage requires meeting some specific criteria. While these will vary depending on the mortgage lender, a common requirement is for you to own your own home which you reside in. It is also much easier to get a BTL mortgage if you have a good credit history.

Once you have bought a home, it can be all too easy to forget about your mortgage and focus on other priorities. But often remortgaging can save you money and reduce your monthly payments. There are lots of reasons to shop around for a new deal.

Remortgaging is essentially shopping around for a new mortgage. You might decide to stay with your current mortgage provider or move to a new lender.

There are many potential reasons to find a new mortgage.