FAQ

A mortgage is a loan you use to buy a property. You usually pay back the amount you borrow as well as interest.

You pay back part of your mortgage every month for a certain number of years. Most people take out their first mortgage for 25 to 30 years.

There are around 90 mortgage lenders in the UK offering around 12,000 deals. They range from high street banks, such as Halifax and Barclays, to smaller lenders such as Kensington and Skipton.

We have access to the whole of the market, meaning we are able to find you the best product availble based on your circumstances.

Mortgage interest rates determine how much you’ll pay per month for your mortgage.

There are two types of interest rates:

• Fixed Term

  • A fixed rate mortgage lets you fix your mortgage rate from between 2 to 15 years.

  • This means that your repayments will stay the same during that time.

• Variable

  • The interest rate can change​

  • This means means your repayments can go up or down.

When the initial period of your deal ends, you'll move to your lender's standard variable rate (SVR).

This will usually make your monthly payments higher. Therefore we recommend we start looking for a new mortgage deal 3 to 6 months before the end date, giving you time to switch before you move to the SVR.

If you buy a home to rent out, you’ll need a buy to let mortgage.

If you decide to let the home you normally live in, you may have to switch to a buy to let mortgage from a residential one.

The difference with a buy to let mortgage is that typically:

• the fee the lender charges is higher

• interest rates are higher

• you need a deposit of at least 25% of the property's value