The navigation buttons on the left show you which products are available for business users and which are available for individuals.
The contact form to request free advice and a no obligation quote is at the bottom of this page.
All quotations for mortgages or remortgages are provided to you free of charge and on a no-obligation basis - there is no pressure, make your decision in your own time.
We can arrange residential mortgages and remortgages all over the UK and we have lenders that consider applicants with bad credit and for properties that are non standard construction.
A broker will have access to all products in the market, some that are exclusive to brokers. All residential loans and mortgages are regulated by the Financial Conduct Authority (FCA). The FCA expects brokers to treat customers fairly, as a result, a broker will find you the best deal on the market for your circumstances.
If you have been declined by a high street lender, a broker may well be able to provide an innovative funding solution which you had not considered yourself. For example, a bridging loan followed by a mortgage so that you can buy an auction property or to refurbish a house prior to moving in or development finance followed by a mortgage for a self build project or property remodelling.
In layman's terms a mortgage is a loan used to purchase property, where the loan is secured against the property which you are buying. In this situation the lender has the first charge on your property. This means that if you don't pay the loan then the lender can seize your property and sell it, taking the value of the loan out of the sale proceeds (ie taking the first charge) and then giving you what is left.
In times of "property inflation" where the value of property increases at a rate vastly above inflation, there is frequently a situation where the current market value of the property has increased from the time it was purchased but the amount borrowed at the outset has remained the same (interest only mortgages) or even reduced (repayment mortgages) by capital repayments. The difference between the amount owed on the mortgage and the current market value is known as the equity. In times of property values falling there could arise a situation where the amount owed on mortgage is greater than the market value. This is known as negative equity.
The owner may borrow against the equity (frequently for home improvements such as extensions, conservatories, double glazing etc.) under a second mortgage and loan agreement with a completely different lender, often a finance company. The second lender notifies the first lender of the transaction but the title deeds remain with the original lender. In the event of the borrower defaulting on the repayments, the first lender has first call on the security of the property. It follows that the second lender sees his involvement as being at a higher risk and higher interest rates charged reflect this. In theory it is possible to have a second, third or subsequent mortgages, provided there is sufficient equity but in practice it is uncommon to have more than two charges.
Below is a basic outline guide to give you an idea about what is involved in the house buying process.
Get mortgage advice to see how much you can borrow and get a "mortgage in principle", this means that if all goes well the lender will be happy to provide your mortgage. This also helps with your search because estate agents and sellers can see that you are a serious buyer and that you have the means to make the purchase.
When you have found somewhere that you would like to buy, make an offer to the estate agent who will pass this onto the seller. If the seller accepts your offer, the seller’s estate agent will need your solicitor’s details. Your solicitor handles all legal aspects of purchasing a property, this is known as conveyancing. You have to pay all of your solicitor’s costs so it is a good idea to obtain quotes from a number of solicitors before deciding which firm you wish to use.
Once your offer has been accepted and you have appointed a solicitor, you need to finalise your mortgage arrangements. Depending on the type of mortgage that you get, your lender may want to see evidence of your earnings (recent pay slips), P60 and bank statements. Most lenders will also carry out a valuation on the property to determine whether the property is suitable as their security, this usually means that if you default and they repossess it, will they be able to sell it for the amount of money that they have borrowed you. The lender usually gets a homebuyer’s survey and valuation. This provides a report on the general state of repair of the property. You can pay for a more detailed survey that may point out any defects with the property. A full structural survey is more expensive as the surveyor covers all accessible parts of the property. If you have any doubt as to the state of the property it is it is in your interest to pay for a more detailed survey because your lender will not cover you in the event that there are any structural or other faults.
Once your solicitor has carried out all necessary searches and the contract terms have been agreed, the contracts can be exchanged. Once each party has signed the contracts and they have been exchanged, they are binding, if you "pull out" of the deal after exchange has taken place then you face a financial penalty. The contracts will include a completion date, which is the date that the property becomes yours. At exchange of contracts any deposit required has to be paid. At exchange of contracts you need to arrange buildings insurance so that the property is insured from that day. Usually, if you have one, your present insurer will cover this new property free of increased premium until completion date.
Completion - This is the day when your solicitor will have completed the purchase on your behalf and the property is vacant for possession. The Transfer Deed, the document confirming you as the owner, will then be sent to the relevant registry for an update to the title showing you as the new owner of the property.
The property is now yours and you can move in. You may need to arrange for a firm of professional movers to help you. Once you are in your new home you have a legal responsibility to advise the local authority (council tax), utility suppliers (gas, water, electricity and telephone), the Inland Revenue and you will need to tell others as necessary (other suppliers, any outstanding creditors, relatives, friends etc).
As the name suggests, during the course of the loan the interest rate can go up or down. There may be spells of several months when the interest rate remains constant, or the rate can change many times over a course of months.
The interest rate charged by the mortgage lender is largely determined by the Bank Base Rate, so when the Bank of England announces a Base Rate change, variable mortgage rates usually follow the movement (up or down).
Lenders will often offer incentives to borrowers for taking out a variable rate loan.
Discounts - With these you pay a set amount under the lender's usual variable rate for a set period of time. The shorter the discount period, the higher the discount will be. For example the 2 year discount rate may be 1% while the 1 year discount rate is 2%.
Cashback - Lenders may offer a sum of money towards the cost of legal fees or survey charges.
Subsidies for Fees - Lenders may offer a sum of money towards the cost of legal fees or survey charges.
If you want to make absolutely sure that your mortgage follows the behaviour of the Bank Base Rate, then you can take out a tracker mortgage, which will always follow the Bank Base Rate. There are a few variations :
Lifetime Tracker - will track the Bank Base Rate for the entire life of the mortgage.
Fixed Period Tracker - runs for a set period at an agreed margin above or below the Bank Base Rate and then moves to the lender's standard variable rate.
There are also trackers where the lender makes a commitment that the difference between the Bank Base Rate and the mortgage pay rate will not exceed a certain level.
A fixed rate mortgage sets the interest rate you will pay for a specified period. This will guarantee the amount that you pay for each month for the agreed period of time. Once the fixed time period is at an end, your repayments will be at the lender's standard variable rate.
A capped rate mortgage puts a maximum limit on the payable rate that you have to pay. An example is the best way to explain. Say you have a capped rate mortgage at 6 %. If the interest rate increased to 7%, the interest that you would pay would be 6%. If interest rates fell to 3% then the interest you would pay would be 3%.
Remortgaging is changing mortgages without moving home. It is the process of changing your mortgage for a better rate, or to release some of the equity in your home, or to consolidate your debts. Getting a remortgage involves ending your current mortgage scheme and moving to a new one. This may involve switching lenders because some lenders will not offer a remortgage scheme to existing customers.
Obtaining a remortgage with your existing lender would involve changing your deal - for instance changing from the lender's standard variable rate (SVR) to a fixed rate. If you are currently paying your lender's SVR then your mortgage lender probably has several other more attractive deals available. If you are currently on a lender's SVR then it is quite possible that you can change mortgage and/or provider without incurring a redemption penalty.
Is there a "tie in"?
You may find the most attractive remortgage deal, but before you go for it be sure to find out whether you'll be tied in to the deal for longer than you want to be. For example if you find a really low 5 year fixed deal, you may find that you are tied in for another 2 years at the lender's SVR, ending the mortgage within this period will result in you having to pay a redemption charge.
What is the lenders standard variable rate?
One of the most important factors to consider when looking to remortgage by entering into a new mortgage deal is the lender's standard variable rate (SVR), these vary between lenders and some are much higher than others. The SVR is the "default" or standard interest rate charged by the lender once any introductory offers have ended. If your deal has an extended tie in then you will find yourself paying the SVR or paying redemption charges to switch lenders at the end of your fixed/capped etc period.
Is there any mortgage indemnity insurance to pay?
Mortgage Indemnity, also known as mortgage indemnity guarantee (MIG) is a premium paid to a lender in order to purchase an insurance policy against future loss. The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur. Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value. The cost of this is therefore to be taken into account when selecting a lender for the remortgage.
Are there additional costs/fees?
When choosing a new lender for your re-mortgage, make sure to find out whether the lender offers free valuation, set up fees or that they pay for the legal fees. Many lenders will offer to pay the legal fees providing that you use their appointed solicitor.
We currently serve the following UK post code areas (for example AB - Aberdeen means all areas in and around Aberdeen whose postcode starts with AB) :-
AB - Aberdeen, AL - St Albans, BA - Bath, BB - Blackburn, B - Birmingham, BD - Bradford, BH - Bournemouth, BL - Bolton, BN - Brighton, BR - Bromley, BS - Bristol, BT - Belfast, CA - Carlisle, CB - Cambridge, CF - Cardiff, CH - Chester, CM - Chelmsford, CO - Colchester, CR - Croydon, CT - Canterbury, CV - Coventry, CW - Crewe, DA - Dartford, DD - Dundee, DE - Derby, DG - Dumfries, DH - Durham, DL - Darlington, DN - Doncaster, DT - Dorchester, DY - Dudley, EC - London, EH - Edinburgh, E - London, EN - Enfield, EX - Exeter, FK - Falkirk, FY - Blackpool, G - Glasgow, GL - Gloucester, GU - Guildford, GY - Guernsey, HA - Harrow, HD - Huddersfield, HG - Harrogate, HP - Hemel Hempstead, HR - Hereford, HS - Western Isles, HU - Hull, HX - Halifax, IG - Ilford, M - Isle of Man, IP - Ipswich, IV - Inverness, JE - Jersey, KA - Kilmarnock, KT - Kingston Upon Thames, KW - Kirkwall, KY - Kirkcaldy, LA - Lancaster, LD - Llandrindod Wells, LE - Leicester, L - Liverpool, LL - Llandudno, LN - Lincoln, LS - Leeds, LU - Luton, ME - Medway, MK - Milton Keynes, ML - Motherwell, M - Manchester, NE - Newcastle, NG - Nottingham, N - London, NN - Northampton, NP - Newport, NR - Norwich, NW - London, OL - Oldham, OX - Oxford, PA - Paisley, PE - Peterborough, PH - Perth, PL - Plymouth, PO - Portsmouth, PR - Preston, RG - Reading, RH - Redhill, RM - Romford, SA - Swansea, SE - London, SG - Stevenage, SK - Stockport, SL - Slough, SM - Sutton, SN - Swindon, SO - Southampton, SP - Salisbury, SR - Sunderland, S - Sheffield, SS - Southend - On - Sea, ST - Stoke - On - Trent, SW - London, SY - Shrewsbury, TA - Taunton, TD - Galashiels, TF - Telford, TN - Tonbridge, TQ - Torquay, TR - Truro, TS - Cleveland, TW - Twickenham, UB - Uxbridge, WA - Warrington, WC - London, WD - Watford, WF - Wakefield, W - London, WN - Wigan, WR - Worcester, WS - Walsall, WV - Wolverhampton, YO - York, ZE - Lerwick.
We offer rapid decisions in principle – often within four hours – and our mortgage advisors are available to answer any questions that may arise.
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