A mortgage is a loan secured on your property. This gives the lender security so they can lend you the required amount at a low rate of interest. A charge is registered on the land registry until the loan is fully repaid.

Mortgage is generally the term when you are buying your first property and do not already have a mortgage. Remortgage is generally used when one has a current mortgage which they are moving away from to go to a new lender.

Generally speaking yes, but an independent valuation is carried out before a lender will agree to lend. Specialist construction properties are not accepted by all lenders however your mortgage adviser will know where to place this sort of property.

It’s definitely possible to re-mortgage, even if you have bad credit. It’s likely the best possible deals probably won’t be available to you if you have bad credit and it’s likely your lender will want to charge a higher interest rate to offset the risk you might present. However, with some planning ahead, it’s perfectly possible to strike a reasonable deal.

By looking at your credit file, a mortgage adviser can direct you to those lenders who are most likely to accept your application. This avoids a situation where you could be turned down by multiple lenders in a short span of time, which could damage your credit score.

Different lenders will assess your income in many different ways, a mortgage adviser will be able to match your income to a lender that accepts it.

On average the whole process takes around 4-6 weeks. Which is why you need to get in touch with us as soon as possible so we have ample time to find and secure the best deal for you. We do everything so you don’t have to.

Remortgaging is a fairly straightforward process. The trick is to start early so you have enough time find the deal that suits you best.

If you’re on a fixed-rate mortgage, you’ll typically get the same interest rate for three to five years, which keeps your mortgage repayment the same every month. But once the fixed term expires, you’ll be put on a higher standard variable interest rate. Since you’ll start paying more interest, your mortgage will become more expensive.

If the fixed term on your mortgage is about to expire, it’s a great time to shop around and see whether you could get a better interest rate. For best results, start your search for a new mortgage about 14 to 16 weeks before your fixed term expires. That way, there’ll be enough time for the paperwork to go through, which means you can transition straight from the fixed rate period on your current mortgage into your new one.

Choosing a more flexible deal

Perhaps you’d like to be able to take a payment holiday, or maybe you want to increase your monthly repayment amount but your current mortgage provider won’t let you. Whatever the reason, the chances are there’s a mortgage out there that’ll offer you this flexibility. Do keep in mind that nothing comes for free. In other words, the increased flexibility may be offset by a higher interest rate or additional fees.

Switching from an interest-only mortgage to a repayment mortgage

You don’t necessarily need to remortgage in order to switch from interest-only to a repayment mortgage. Repayment mortgages are less risky for your lender, so making the change shouldn’t be a problem. However, you won’t necessarily be getting the best deal out there. And since you’re going to change the terms of your mortgage anyway, you might as well have a look at what else is on the market.

There is no universal calculation for this. All lenders will take into account your income and expenditure and then work this into their own affordability calculator when calculating how much they are prepared to lend to you.