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What is a Mortgage?

Mortgage is borrowing from a lender to pay for your property purchase. Like any other type of loan, you make monthly repayments to pay off the capital you’ve borrowed as well as the interest charged.

There are some mortgages which are interest-only rather than repayment mortgages. Interest only is where you only pay interest back each month, and you don’t repay the capital lump sum borrowed until the end of the mortgage term.

The amount of interest you will pay on your mortgage depends on the which deal you choose to take. The bigger the deposit you put down, the better the mortgage rates you will be eligible to apply for.

When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV). The LTV is basically the size of the mortgage you are taking out to the value of the property.

for example, For example, if you want to buy a home costing £150,000, you’ll need to save at least £7,500 (5%).

Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market.

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Why you should contact us

You who have never had a mortgage

You want a close family member to be a guarantor on your mortgage

Your deposit will be gifted cash or equity from a close family member

You are a contract worker or on a zero hours contract

You have some current or historic adverse

You are self-employed

You only have a 5% deposit

You have already been turned away by high street lenders

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