A mortgage is a huge financial commitment, and it’s really important that you understand what they are, and how they work.
In this beginner’s guide, we look at some of the most commonly asked mortgage related questions, so you can make the right decisions when it comes to your borrowing.
What is the difference between fixed rate and variable?
Fixed rate and variable refer to the interest payable on your mortgage.
With fixed rate, you pay the same amount back each month for an agreed period of time, whereas with a variable rate mortgage, this amount can go up and down, depending on current interest rates.
How much deposit do I need?
Almost every lender will require you to put down a deposit before they will lend to you. Whilst this varies from mortgage to mortgage, typically you will need at least 5% of the property price. There are different schemes available depending on the type of property you are purchasing, such as Help To Buy equity share and Help To Buy mortgage guarantee, and our experienced consultants will guide you through the products available in a jargon free manner
How much can I borrow?
Whilst this used to be calculated largely on your salary, now, lenders take additional factors into account, including your personal expenses and lifestyle.
During the application process, our expert mortgage advisor will be able to work out exactly how much you’ll be able to borrow. At the same time they will assess your income and outgoings to ensure that any product recommended is affordable both now and in the future if circumstances change.
What is a mortgage broker?
Mortgages Made Easy are what’s known as a comprehensive mortgage broker – which means that we can offer you a full range of mortgages from different lenders across the UK.
We are completely impartial and not tied to any specific lenders – our duty is to find you the best possible mortgage solution. By coming to Mortgages Made Easy, you’ll benefit from unrivalled choice, and access to the most suitable and best value mortgage deals that are right for you.
What kind of mortgages do you offer?
We offer mortgages from a full range of banks, building societies and specialist lenders, many of which do not offer mortgages directly to the public.
How long does it take?
We’re committed to making the mortgage application process as simple as possible for our clients and as each application is as individual as you are there are no set timescales, but we will ensure that when an application is submitted we progress and inform you every step of the way until the offer is issued.
For further personalised advice, or help with any aspect of mortgages, get in touch with one of our friendly mortgage experts today on 01787 221075
Your property may be repossessed if you do not keep up repayments on your mortgage.
We charge a fee for researching the market and selecting a mortgage that best suits your needs, typically £400 but the precise amount will depend on your circumstances and is payable on production of a mortgage offer. We will also receive commission from the lender.