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Amazingly low interest rates

It’s no longer easy to get the mortgage you want. There’s no point in disguising it – market has changed.

There are still thousands of mortgage packages available but you need to know which will best suit your financial circumstances and which packages you stand a chance of qualifying for.

So you need to ensure you’ve given yourself the best chance of making a successful mortgage application. And the best way of achieving that is to use a mortgage broker. A broker who can give you top class advice, and a broker who has the right connections at the banks and building societies. And one who knows all the ropes. After all you certainly can’t afford to make a mistake.

So when you’ve sent your details we’ll ask a qualified Mortgage Adviser to phone you to compare the market, run through your options and find you a really great deal. We’ll display the broker’s name soon as you’ve submitted your details.

Financial Regulation : Your Mortgage Adviser will be regulated by the Financial Services Authority and fully qualified. The Adviser will provide you with full details.

A low APR is the heart of a cheap Mortgage Deal

A really low APR – the Annual Percentage Rate – is always at the heart of a cheap Mortgage Deal. But the APR offered to you will depend on your personal circumstances and the type of mortgage you select. For example, the size of the mortgage you want, how much deposit you can raise, how much equity you will retain in your house and your credit history.

Lenders will also vary their APR’s according to the type of the mortgage. So don’t forget to take into account any survey costs, application or administration fees, legal fees, early redemption fees and exit fees. If you’re re-mortgaging you must also take into account any early redemption fees and exit fees from your existing mortgage lender. Your Mortgage Adviser will always take great care to take all these costs into account when working out your options and how much you can save.
We know it can get very confusing. That’s why advice is so essential.

Mortgage Tips

  1. Always look beyond the headline. You will always be provided with a Key Facts Illustration (KFI) which will contain your personalised quote and explain the full cost of your mortgage. Sometimes and depending on your circumstances, a slightly higher interest rate without an arrangement fee could work out to be a better deal than a lower rate with up front fees.
  2. With house prices continuing to fall, lenders will not fund a 100% mortgage but so long as your credit history is good, 90% mortgage should be available. But be aware that some lenders have set their minimum deposits at 15%. Smaller deposits also attract the highest interest rates. Your Mortgage Adviser will work hard to find you the best deal.
  3. 90% mortgages may attract what is called a ‘Higher Lending Charge’ (HLR). This is a one-off payment which can usually be added to your mortgage. In practice, it’s a form of insurance policy that protects the lender if your property is sold for less than the outstanding mortgage. The HLR can be expensive and if you add it to your mortgage remember that you’ll be paying interest on it for the length of the mortgage.
  4. One of your options may be to set up your mortgage on an ‘interest only’ basis to start with. That will minimise your monthly repayments. But if you do this you will never reduce your outstanding mortgage balance. If you choose an interest only mortgage you will be responsible for ensuring that you will have sufficient money available to repay your mortgage at the end of the term. Therefore, you will be expected to start an investment plan designed to repay the mortgage. The main alternative is a straight forward repayment mortgage. Here the capital and interest elements of the loan are repaid with each monthly instalment so that the mortgage is fully repaid by end of the mortgage.
  5. Your lender will insist that your house is fully insured. But you don’t need to organise that insurance with your lender. Our advice is to shop around. As usual, you’ll find it cheapest on the internet and probably on our web site!
  6. If you’re going for a joint mortgage with your partner, take legal advice to help you understand what happens if you were to split up. We know it’s not a happy subject, but it’s better sorted out now rather than later when high emotions could get in the way.
  7. Speak to your lender when you get to the end of a short term deal to find out what they will offer you. But at the same time, look around the market.
  8. Fixed rate mortgages are a good idea if you need to budget carefully during the early years of your mortgage. Remember though that with current interest rates at historically low levels, mortgage companies will want a significant premium over Bank of England base rates.
  9. get a mortgage offer before you start to looking for your house. That way you can enter into the negotiations for your dream house with a big advantage – and drive a hard bargain! At the moment up to 30% of house sales are falling through because the buyer are unable to get the required mortgage.
  10. Remember to factor in the insurances that you will need to protect your family and your home. Your lender will insist on buildings insurance and you’ll want home contents insurance to run alongside it. Term Life Insurance can repay your mortgage if you or your partner were to die during the term of the mortgage. Then there’s Mortgage Payment Protection Insurance. With unemployment rising it is definitely something to consider. Mortgage Payment Protection Insurance pays your mortgage for up to 12 months (and some policies may go to 2 years) if you are unable to work due to accident, sickness or redundancy. All insurances will be bought cheapest online so don’t be pressurised into buying them from your lender or your estate agent.
  11. If you are looking for a mortgage to buy an overseas property you have several options. you can remortgage a UK home, or apply for a mortgage form a UK bank or international lender. Click here to find out more.