knowledge
Getting a mortgage
Looking to buy or refinance a home?
Knowing the ins and outs of mortgage products and their options can help save you thousands of pounds.
Here’s our collection of helpful articles to get you going. Welcome to the ultimate hub for all things related to getting a mortgage!
Find a mortgage broker
Working with a mortgage broker can be a great way to explore a wide range of mortgage options. A broker knows the mortgage market inside and out, so they can do the research for you to find lenders and products that suit your needs.
A broker can provide tailored advice on how long to fix your rate for, how much deposit you need, and more – all while helping you compare rates from different lenders. They also have access to exclusive deals which are not available through banks or other lenders, so can often get you the best deal possible.
The best thing about working with an experienced adviser is that they’re able to shop around for you, finding the most suitable lender and product that meets your requirements while keeping in mind affordability and repayment terms. With their help, you’ll be prepared to make an informed decision on the right mortgage for you.
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If you are looking to get a mortgage then the following articles are just for you.
These articles and guides offer helpful mortgage tips for understanding the UK mortgage market. They won’t cover every eventuality, but hopefully will provide you with enough info to complete your mortgage journey.
A guide to short term mortgages
Mortgages are often set up over 25 years (or longer). If you like the idea of paying off your mortgage sooner than this, then perhaps a short-term mortgage could be worth looking at. By paying back your mortgage in 15 years, or less, you will have to afford the higher monthly repayments, but you will …
Is a marathon mortgage right for you?
There’s a growing trend towards longer, marathon mortgages, that spread the cost of a mortgage over 35 or even 40 years. The extended mortgage term brings down the monthly cost, and for some first-time buyers, this may be the only way to afford a home of their own. It helps to pass the lender’s affordability …
The Mortgage Guarantee Scheme Explained
If you’re dreaming of moving home but find the idea of saving for a large deposit overwhelming, this scheme might be a perfect fit for you. In this guide we walk you through the Mortgage Guarantee Scheme, explain how it works, and discuss who can benefit from it. Whether you’re buying your first home or …
What’s the longest mortgage term you can get?
Choosing the right mortgage term is a big part of buying a home. It affects how much you pay every month and the total cost over time. Recently, there’s been a change in the UK, with longer mortgage terms becoming more common. This article looks at the longest mortgage term you can get. We’ll explain …
What happens if your mortgage offer is withdrawn?
Reasons for withdrawing an offer It’s important to understand that there are various factors that could lead a lender to reconsider or withdraw a mortgage offer. One such situation arises when a lender decides to re-evaluate your personal circumstances. This reassessment involves taking a fresh look at your financial situation before finalising the release of …
Can you get a mortgage with credit card debt?
How do lenders view debt? Any form of debt, including credit cards, will show on your credit file and be analysed by lenders. They will want to build up a picture of what debts you have (including the type), how much you owe and how well you make your repayments. It’s not true that any …
What to do if your mortgage is declined
Some common reasons Let’s take a look at some of the more common reasons why mortgages are declined Don’t reapply straight away! Now, whether you found out why your application was declined, or not, it’s important not rush and reapply straight away. Making lots of mortgage applications close together will lower your credit score, incur …
What is a mortgage retention?
So you are trying to buy a property but the lender has slapped a ‘mortgage retention’ condition on the mortgage offer. Because of this they can’t give you the full mortgage straight away.. The good news is that you do have options, and a mortgage retention needn’t stop you from going ahead. This guide will …
What is a debt to income ratio?
Before we can do the calculation, we need to work out your debt repayments and your monthly income You should now have two figures Total debt payments Total income payments How can a broker help?
Can you get a mortgage if you have a loan?
Understanding Personal Loans and Mortgages Let’s start by clarifying the difference between a personal loan and a mortgage. Debt-to-Income Ratio (DTI) Are You Struggling with Unaffordable Debt? If you find yourself in a situation of unaffordable debt, it’s important to seek help. Dealing with overwhelming debt can impact your financial stability and mortgage eligibility. Remember …
Can you get a mortgage on a zero-hour contract?
Understanding Zero-Hour Contracts Before we go into the nitty-gritty of mortgages, let’s first understand what a zero-hour contract is. A zero-hour contract, as the name suggests, is an employment contract that doesn’t guarantee a minimum number of work hours. You could be working 40 hours one week and zero the next. It’s a flexible arrangement …
How to get mortgage ready
Getting your finances in order before applying for a mortgage is one of the best things to do. Whether you are buying your first home or thinking of moving somewhere new, there are a number of ways that you can improve your situation and speed up the mortgage process. Getting mortgage ready means that you …
Does an overdraft affect a mortgage application?
How overdrafts can affect your mortgage application When you apply for a mortgage, lenders look at various factors to assess your financial stability and ability to repay the loan. One of these factors is how you manage your bank account and whether or not you go overdrawn. Here’s how it can influence your mortgage application: …
Does having a car on finance affect your mortgage?
Understanding Car Finance Before we go into the impact of car finance on mortgages, let’s first understand what car finance entails. Car finance is a broad term that encompasses several ways of funding a car without paying the full amount upfront. Instead, the cost is spread over a set period, making it more manageable. Here …
Does a student loan affect your mortgage?
With an increase in university fees, many graduates start work with hefty student loans. At some point you may then want to get on the property ladder. In this article we run through exactly how student loans are assessed by lenders, how they could affect what you can borrow and where to go for the …
Is a mortgage illustration the same as a mortgage offer?
In the ever-changing world of property finance, understanding mortgages can be a daunting task for anyone, whether you’re a first-time buyer or a seasoned homeowner. With a plethora of terms, acronyms and documents to wrap your head around, it’s no wonder people often feel overwhelmed by the process. One common source of confusion is the …
Why do mortgage companies need bank statements?
Are you looking to apply for a mortgage and wondering why lenders require your bank statements as part of the application process? Taking out a mortgage is one of the biggest financial decisions you will ever make in your life, so it’s important to understand all aspects involved. In this article we’ll cover exactly why …
What is a mortgage stress test?
What is a mortgage stress test? The purpose of a stress test is to see how well you would be able to afford your mortgage if the Bank of England interest rates went up. It formed part of the lender’s affordability checks. Although most mortgage applications were for fixed interest rates, where the monthly cost …
How long does a mortgage offer last?
We explain what a mortgage offer is, how to get one and how long it is valid for. How long does a mortgage offer last? Let’s find out…
Do you need a survey to get a mortgage?
What is a survey & are they compulsory when applying for a mortgage? We answer this question and more including what is a mortgage valuation?
15 questions commonly asked by first-time buyers
Are you considering buying your first home? If so, you’re likely wondering where to start and what to expect. Here are 15 questions commonly asked by first-time buyers to help get you started.
Mortgage underwriting explained
Applying for a mortgage can be hard work and for some people quite stressful. Mortgage underwriting is an essential part of the mortgage process but this situation won’t be helped when you are told “your application is still with the underwriters“ or “we are waiting for the underwriter to approve it“. Who are these elusive …
11 steps to buying your first home
When you’re buying your first home, there is so much to think about. The process can fill you with a mixture of both nerves and excitement. From getting together a deposit to investigating the different types of mortgage, and, of course, what kind of property should you buy, it’s decisions, decisions. And that’s before you’ve …
First-time buyer mortgage tips
Feeling daunted by the prospect of buying your first home? BUYING YOUR FIRST home is an expensive business and, for most of us, is the single biggest transaction of our lives. It’s easy to see why some people can feel overwhelmed by the entire process. To help you get your first foot on the property …
Taking your first step on the property ladder
ARE YOU LOOKING to buy your first home? Whether you’re a young professional or simply planning for the future and trying to be smart with your money, purchasing a home is one of the biggest financial decisions you’ll ever make. The journey of purchasing a property is not always easy and hurdles can crop up …
Improve your chances of first-time buyer mortgage success
IF YOU ARE PLANNING to buy your first property, one of the initial steps is to apply for a mortgage. This process requires an assessment of your creditworthiness by lenders. When they carry out their assessment, it will include an evaluation of your credit report which details all the information on how you have managed …
