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Residential Mortgages

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What are Residential Mortgages?

A residential mortgage is essentially a large long term loan taken out by one or more individuals in order to help purchase a house, with the property in question put up as security.

Depending on your circumstance, there are several different types of mortgages you could choose from including fixed rate and tracker mortgages. Residential mortgages are for owner occupiers and differ from buy-to-let mortgages which are used to purchase properties intended to be let out.

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How do I get a residential mortgage?

To provide yourself with the best chance of getting accepted for a residential mortgage, there are several things you can do first before applying:

Work out how much your monthly payments can be based on the type of mortgage you want with our mortgage calculator.
Save up a large deposit in order to secure the lowest interest rate available to you. You will therefore be able to pay less interest each month.
Get your finances in order as mortgage lenders will look into your outgoings and commitments and check bank statements in order to decide whether the new mortgage loan is affordable.
Check your credit score and try and build it by using free credit reference agencies such as Experian. The better your credit score, the more likely you are to be accepted for a mortgage. Your credit history is also vitally important so set up direct debits and ensure that any loans, utilities and credit cards are paid on time every month.

Speak to a good mortgage advisor who can assess your situation and help you find the right mortgage deal that suits you.

Types of residential mortgages

First Time Buyers

Getting onto the property ladder can seem like a daunting task, however it doesn’t have to be. Your mortgage will most probably be the largest loan you take out during your lifetime, however as long as you have a decent enough credit score, we are able to help you find a mortgage that best suits you with good interest rates and a solid loan to value ratio.

We can help advise you on the best mortgage type for you and can also help understand various government schemes such as help to buy and shared ownership which can help you come up with the cash needed to get you onto the property ladder.

Remortgaging

You are able to switch your mortgage any time you like during the term however if you are still within an initial rate period then early repayment charges may apply. You may wish to remortgage if there are lower interest rates available compared to your current deal or you wish to switch to a new mortgage type that better suits your changing circumstances.

If you feel this is something you would like to look into, as it may help you save in the long run, we can advise you on the best options available to you and any costs involved.

Home Movers

It may be the case that you are moving homes before your mortgage term is over. If this applies to you then you have the option of ‘porting’ a mortgage. This essentially means that you will be taking your existing mortgage to your new property. This may result in extra fees and require extra borrowing, however using a mortgage broker can help you figure out if this is the best option and what the alternatives are plus any costs or savings involved.

How can we help you at Mortgages and Insurers Solutions?

As experienced award winning mortgage advisors who are experts in providing buy-to-let mortgages, we are able to help you find a lender who will meet your criteria in regards to deposit amount and lowest overall costs. We handle the entire process from start to finish, from sourcing the best product, checking your documentation and profile meets criteria, applying directly online with most lenders, obtaining an agreement in principle within 24hrs of receiving your documentation, dealing with any lender or valuation queries, emailing you a copy of the mortgage offer, ensuring all necessary insurances are in place and liaising with your solicitor to ensure completion takes place at the earliest opportunity. We are in the market everyday so you don’t have to be.