Your Path to Homeownership Starts with the Right Mortgage Rate

Your path to homeownership hinges on selecting the perfect residential mortgage. With Expert Mortgage Brokers, we’ll help you navigate the intricate world of interest rates, repayment terms, and lender options. Whether you’re a first-time buyer or exploring a buy-to-let opportunity, our personalized guidance ensures you secure a mortgage tailored to your needs. Discover competitive fixed rates or flexible repayment plans that align with your monthly budgets and long-term goals.

Don’t let affordability concerns hold you back – our expertise empowers you to buy a home with confidence. Initiate your journey today and let us streamline the borrowing process, from bank statements to valuations, leaving no stone unturned in our pursuit of the ideal mortgage solution.

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Residential mortgage

What is a residential mortgage?

A residential mortgage is a loan that helps you purchase a home. It lets you borrow money to buy a property, which you’ll then repay over an agreed number of years, plus interest. There are different mortgage types with various repayment choices and interest rates. Some mortgages have fixed monthly payments, while others may change based on interest rates.

Eligibility

You can apply for a residential mortgage if you are:

  • aged 18 or over.
  • buying a property in England, Wales or Scotland (selected postcodes).
  • receiving an income.

Introductory Mortgage Deals: The Smarter Choice

Lenders offer special introductory rates lower than their standard variable rate (SVR) to attract new borrowers. These deals last 2-5 years, sometimes 10, with fixed, discounted or tracker rate options.

First-time buyers and home movers get exclusive deals, but switching during the intro period means paying expensive early repayment charges. It’s better to wait until the deal ends.

As you’ll likely move to a higher SVR after, remortgaging to a new deal could save money despite fees. Lenders provide remortgage offers too.
You may adjust the mortgage amount or term based on your affordability. Shorter terms reduce total interest paid.

If moving homes, most mortgage deals can transfer to the new property after affordability checks.

Expert Mortgage Brokers guides you through introductory rates, repayment choices and smart remortgaging for maximum savings.

Residential mortgage rates uncovered

Residential Mortgage Rates Uncovered

Most lenders allow you to borrow up to 95% of a property’s value, known as the loan-to-value (LTV) ratio. For a £200,000 home, you could get a £190,000 mortgage with just a £10,000 deposit.

Guarantor mortgages offer a way to borrow 100%, where someone agrees to guarantee repayments or provide their savings or home equity as security.

Higher LTV means higher interest rates. A first-time buyer getting a 95% LTV 5-year fixed rate might pay 3-4.5%. But dropping to 75% LTV could snag rates under 2%.

Your deposit size significantly impacts the rates available. Expert Mortgage Brokers demystifies LTV ratios, deposit requirements, and lender criteria – ensuring you qualify for the most competitive residential mortgage rates tailored to your unique situation.

Understanding Mortgage Fees

When comparing mortgage deals, consider more than just interest rates. Upfront fees like arrangement, booking, and valuation costs impact the total expense over the mortgage term. Sometimes, a slightly higher rate with lower fees proves cheaper overall.

For example, on a £150,000 mortgage for a £200,000 home (75% LTV), a 5-year fixed rate at 3.29% with £995 fees costs £45,342 total. But a 3.38% rate with no fees saves £565 over 5 years.

The APRC (annual percentage rate of charge) factors interest and fees but assumes you keep the mortgage for the full term, which most don’t.

Loan size and mortgage term length affect whether paying upfront fees makes sense versus a fee-free, higher rate option. Avoid adding fees to the mortgage to prevent paying interest on them long-term.

Expert Mortgage Brokers walks you through fee structures across repayment, interest-only, and buy-to-let mortgages – ensuring you choose the shrewdest overall deal for your homeownership goals.

Residential Mortgage Calculators

Online mortgage calculators empower you to explore borrowing options and secure the ideal deal.

Residential Mortgage Calculators
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Unlock Your Dream Home with the Best Residential Mortgage Rates

Take the first step towards homeownership today with Expert Mortgage Brokers. Our personalized approach ensures you secure the perfect residential mortgage, tailored to your unique needs and financial goals. From navigating interest rates and repayment options to understanding fees and eligibility criteria, our knowledgeable team is here to guide you every step of the way. Embrace the confidence that comes with having a trusted partner by your side as you embark on this exciting journey.

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Residential mortgage FAQS

There are several types of residential mortgage products to fit different borrower needs:

  • Repayment Mortgages: Monthly payments cover both the loan amount and interest, fully repaying the mortgage over a set period.
  • Interest-Only Mortgages: Monthly payments cover only the interest. The loan balance is paid off at the end of the term, usually through selling the property or refinancing.
  • Fixed-Rate Mortgages: Interest rate is fixed for a set period (e.g., 2 or 5 years), after which it switches to the lender’s standard variable rate (SVR).
  • Tracker Mortgages: Interest rate moves in line with the Bank of England’s base rate.
  • Variable Rate Mortgages: Interest rate can change over time based on the lender’s base rate.
  • Discount Rate Mortgages: A variable rate mortgage with an interest rate set below the lender’s SVR for a specified period.

For the best option, consult with us.

You can borrow between three and 4.5 times your annual income for a mortgage. For joint applications, multiply your combined income by four, though some lenders might offer more. To determine how much you can borrow, use a mortgage calculator and check your credit report. Lenders will perform affordability checks, examining income, outgoings, and overall debt. They also conduct stress tests to ensure repayments can be made if interest rates increase. You might borrow the maximum amount if you have a substantial deposit or an existing account with the lender. An agreement in principle can give a more precise estimate.

When saving for a mortgage deposit, consider typical home prices and monthly repayment costs. Generally, you’ll need a 5% down payment, meaning a 95% loan (loan-to-value or LTV). A larger deposit (10%, 15%, or 20%) increases your chances of getting a lower-cost mortgage. The best rates are often available with substantial deposits or high equity when remortgaging or transferring.