Mortgages - Independent Mortgage Advice

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   Independent Mortgage Advice   Getting a mortgage - where do you start?

The first stage is to find out whether you can borrow enough and that you can afford the repayments. To get a quote based on your circumstances fill in our online form and get an up to date quote emailed to you.  Get Quote


It is important to organise your mortgage as soon as you are ready to start looking for property. The loan may take a few weeks to process, and the person you are buying from (and the estate agent) will want to know your mortgage lender is all set to go.

If you arrange mortgage finance before you've even found your property you can get an Approval In Principle from your chosen lender.

An Approval In Principle costs nothing and does not commit you in any way, but it does confirm your ability to obtain a mortgage.

To obtain an Agreement In Principle we will require three years residential and occupational history with details of you income and outgoings. The lender will credit search and credit score you, so you need to be aware that this will leave a footprint on your credit records.

See our Credit Scoring page for more information

This Approval is often handy to convince the vendor that you are a genuine purchaser and can help make the vendors mind up to accept your offer.

The amount you will are able to borrow is primarily determined by your income, your employment status, the size of deposit you can provide and what other financial commitments to you have.

Checklist for choosing your mortgage:

· What are the setting up costs
· What are the legal fees including stamp duty
· Look out for early redemption penalties that can make it costly to change lender should you wish to renegotiate your mortgage later.
· Will the loan let you take payment holidays if the repayments are likely to become a strain at certain times of year? This is known as a flexible loan and can also be helpful for people whose income fluctuates from one month to the next
· Will you still be able to afford the loan when any fixed-rate or discounted period is over? When special offer periods like this come to an end, most mortgages move to the lender's standard variable rate which may be significantly higher
· Don't forget the additional costs for Life Cover, Payment Protection and Buildings & Contents.

Choosing a Mortgage

There are a large number of different mortgage options on the market - all suited to different lifestyles and circumstances. It can be confusing understanding all the features of the different products and knowing which one to choose.

You need to decide:

· Do you want a repayment or interest only mortgage?
· What type of interest rate calculation do you want?
· What other special features suit you?
· If you're looking at an interest only mortgage - what type of repayment vehicle suits you?

Repayment or interest only?

The key decision you have to make is between a repayment or interest only mortgage - you are either paying only the interest on the money you have borrowed, or both the interest and a portion of the capital.

Repayment mortgages

Repayment mortgages are the most popular choice for today's borrowers. With a repayment mortgage your monthly repayments cover both capital and interest on the loan. No other repayment vehicle is needed, but your lender may insist on life insurance in case you die before the mortgage is cleared.
A repayment mortgage is simple, straightforward and easy to understand. It also avoids the risk of investing in the stock market for your repayment vehicle. However, unlike a pension, ISA or endowment mortgage, repayment loans do not give you the opportunity to benefit from a rising stock market.

Interest only mortgages

With an interest only mortgage, your monthly payments to the lender cover only the interest on the loan (i.e., they don't repay any of the capital). The full amount of the loan has to be repaid to the lender at the end of the term.
To ensure you can make this final payment, you invest additional funds in investments, which are designed to generate enough (preferably more than enough) capital to repay the loan at the end of the term. On the plus side, you can choose from a variety of investment vehicles, some of which can have tax advantages. And should you move or re-mortgage, your investment vehicle can usually be reallocated to t he new mortgage. However, unlike a repayment mortgage, the total amount of your debt does not reduce over time. And there is no guarantee that your chosen investment vehicle will grow sufficiently to repay your loan (although you can usually top up your contributions to investments as you go along if this looks likely to be the case).


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