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What Type Of Mortgage Do You Require: - Please Select - First Time Buyer Remortgage Moving House Buy To Let Council Right To Buy Business Mortgage Other *
Approximate Value Of The Property: *
Mortgage Amount Required: *
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Total Income Of All The Mortgage Applicants: *
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Compare Mortgage Quotes

Buying a home can be an exciting time for many individuals - whether you are a first time buyer, looking to move home or purchasing an investment property. It can also be a time fraught with pitfalls, disaster and disappointment – For example, buyers pulling out, sellers changing their minds, gazumping and gazundering - the list could go on.

Securing a mortgage could in fact prove to be the easiest part of the house buying process – providing that you are able to approach the right company. For many first time buyers it is important to realise that a taking out a mortgage is perhaps the largest financial commitment that many of us will ever face – That said, taking time and great care to search for the most suitable mortgage product is crucially important – Being wrong footed could leave you paying out far in excess of what could have otherwise achieved.

Many borrowers taking out mortgage finance will initially choose to spread their monthly repayments over a term of between 15 and 30 years. Many first time buyers will look to spread the loan out over the longer term in order to keep the monthly repayments down to a minimum. An increasing trend for many first time buyers is to take out an interest only mortgage in order to achieve a lower monthly repayment – This is however widely regarded as a false economy where there is no repayment vehicle in place or no desire to revert back to Capital Repayment in the near future.

With house prices seemingly ever increasing, it can be extremely difficult for both home movers and first time buyers to satisfy many of the lender’s affordability criteria. In recent times, many lenders have relaxed their rules on affordability however at the end of the day subject to acceptance; it is up to the borrower to decide whether the proposed monthly repayment is going to be affordable. Where a borrower is using a self certification facility, it can be hugely tempting to inflate their income in an attempt to secure a mortgage. This scenario is strongly discouraged and could even be considered as a fraudulent offence.

As previously mentioned, it is important to do your research when shopping around for the most competitive offers. It sometimes helps to have an idea as to the type of mortgage product that you require – There are many products around today, for example, fixed rates, discounted or capped rates, flexible, offset and Bank of England Base Rate Tracker. A mortgage broker can provide you with information about any of these mortgage products listed.