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There are several different factors to consider when approaching your residential mortgage, such as repayment and interest-only options, as well as whether you will choose a fixed or variable rate.
What type of residential mortgage is right for me?
Whether you’re purchasing or remortgaging your home, you need to understand the different types of mortgages available to you. With a repayment mortgage, your monthly repayments cover both the loan and the interest the lender is charging, meaning (assuming you meet all the monthly repayments) your loan is fully paid off by the end of its term.
On the other hand, with an interest-only mortgage, you have lower monthly costs as you’re only paying off the lender’s interest. However, this means when you reach the end of your mortgage, you then need to repay the capital amount in full. As such, repayment mortgages are much more popular with homeowners.
Fixed vs Variable Rate mortgages
A fixed-rate mortgage charges interest at a set price over a fixed period of time, usually 2 or 5 years. This gives you the financial security of knowing your monthly repayments will stay the same over this initial rate period, regardless of what happens to Base Rate or the lenders mortgage rate pricing. However, this does mean that you could miss out on cheaper rates if they become available.
Variable or Tracker mortgages will typically track the Bank of England Base Rate, meaning your repayments can change on a monthly basis. When the Base Rate is low, these can be an attractive option, however market volatility may see significant increases to your repayments with very little notice.
Meet your mortgage makers.
Let’s find a homebuyer
Our easy-to-use homebuyer mortgage calculator lets you find a mortgage rate and tells you how much your monthly repayments will be. All you have to do is give us a few details.
Frequently asked home buying questions…
How much will my mortgage cost?
How much your mortgage will cost will depend on a number of factors, such as:
- How much you borrow
- The total term of the mortgage
- The interest rate charged
- Whether you add any fees to the loan
- The repayment method (Interest-Only or Repayment)
Your broker will compare the costs of different mortgage interest rates to make sure you’re choosing the most competitive deal. It’s important to remember that the best deal for you doesn’t necessarily mean the cheapest. You can calculate how much your monthly repayments will be with your new rate using our Mortgage Repayment Calculator.
What are the current mortgage rates?
You can explore the current residential mortgage rates that may be available to you using our ‘Find my Mortgage’ calculator above. For a better idea of the rate you could access, speak to one of our expert brokers.
How much can I borrow?
The answer to this will entirely depend on your individual circumstances. Lenders will want to review your income (or combined income if you’re purchasing with a partner or friend) to ensure that the mortgage is affordable for you. As a general rule, lenders will offer around 4.5x the total applicant income, but our expert brokers may be able to help you access more. Visit our ‘how much can I borrow’ calculator for an estimate of what size loan you could access.
How long will it take to get a mortgage?
It can take between two to six weeks to get a mortgage offer , but this depends on how complex your mortgage application is and the recommended lenders service levels. After you’ve secured your mortgage offer, it takes on average a further 6 weeks to complete and draw down your loan. Once again, this will vary based on the number of properties in the chain and any complications during the conveyancing and legal process of the application.
Why should I use a broker for my home mortgage?
When purchasing or remortgaging a property for yourself or your family, it’s no small investment. The process deserves to be treated diligently and with the amount of time and consideration it needs,
Applying for a mortgage can be complex and daunting, particularly with so many lenders and finance options out there to consider. Our mortgage brokers can help speed up this process for you and remove the stress and hassle of the application. They will also give you invaluable advice and support throughout the whole process, giving you the confidence you need, to get the results you want.
Our residential mortgage brokers are award-winning experts in their field. They have the experience, expertise, and qualifications to support you with your home purchase, remortgage or first-time buyer needs. Their level of knowledge and understanding of the mortgage sector means you can be confident that we’ve recommended the right mortgage product for you. Our team of experts are helpful and friendly and want to source you the best mortgage deal possible. To discuss your home purchase or remortgage plans, get in touch with our residential brokers here.
Highstreet bank vs. Specialist lender: What’s the difference?
Your financial circumstances, the complexity of your application, and your mortgage requirements will all impact whether it’s better for you to secure a mortgage with a Highstreet bank or a specialist lender. Or, it may just come down to which provider offers the most competitive mortgage deal for you. Our specialist brokers have whole-of-market access and will therefore review all your options to ensure you secure the best rate for your individual needs.
Generally speaking, specialist lenders offer a more flexible approach to their lending and may be more willing to take a view on more complex applications. Specialist lenders will also have more bespoke criteria to support borrowers. Many specialist lenders are intermediary-only, meaning they don’t deal with borrowers directly. As a whole-of-market broker, our experts will recommend you the best specialist mortgage product deals to suit your needs.