Are You Looking for Free mortgage information? You May Have come to the right place!

There are many different types of mortgages available on the market today; fixed rate mortgages; standard variable rate mortgages; interest only mortgages; tracker mortgages; buy to let mortgages and many others.

All of these different mortgages have both advantages and disadvantages. For a detailed explanation regarding these matters contact us on this website so that we can put you in touch with one of our third-party mortgage advisers, but here are a few reference points.

Minimum & Maximum borrowing
There are some lenders who will grant only a set amount of borrowing.

Loan to Value
This is the correlation between the extent of the loan and cost of property. Therefore should a borrower ask for a mortgage of £70,000 on a property valued at £100,000 the loan-to-value they would need would be 70%. A mortgage lender might have fixed amounts on these.

Higher Lending Charge (HLC)
A mortgage lender uses Higher Lending Charges to purchase insurance to secure the lender should a borrower loan more than a certain amount. There are mortgage lenders who will loan up to 90% of the worth of a property without levying a higher lending charge. Should however a borrower want to loan an additional amount, then it is normal for a lender to ask for the borrower to pay an insurance to guarantee that should the property be sold below the amount of the mortgage that they will be able to recuperate all their money. The borrower must also be aware that an insurance company will take action against the borrower in spite of being reimbursed for the shortfall.

Rate of Interest
A valuable course of action for a borrower is to shop around to see that they are receiving the best rate in order to avoid paying more for their mortgage.

Mortgage Online Quote
The best form of comparing all the various sorts of mortgages accessible is to get a mortgage online quote, allowing you to compare fees and advantages suitable for the borrower in the comfort of their own home and when they have the time.

Wage Criteria
There are lenders that require a minimum salary and gives them the opportunity to work out the amount they would be able to loan a borrower based on their salary and monthly expenditure.

Early Repayment Charge
Should a borrower make an early repayment before the end of the mortgage period then they may have to pay a specific charge or penalty known as a redemption penalty. A mortgage that is paid very early on can carry a really sizeable fine. A drawn-out ‘redemption tie-in’ conveys that the fine will carry on being paid after the commencing period of the mortgage.

Portability
When an existing borrower moves home it is possible for them to shift the mortgage using the same lender to purchase the new abode.

Overpayments
It is possible to increase monthly repayments on a mortgage which will enable the borrower to repay prior to the end of the mortgage period.

Buildings Insurance
It is essential that the property is amply insured with an acceptable buildings insurance policy, which offers cover over the normal risks. All lenders require this and they also require that the borrower has household contents insurance against theft, fire and damage.

Mortgage Payment Protection Insurance
It is worth considering a mortgage payment protection plan as its purpose is to give income protection in the face of unemployment, sickness and redundancy.

Life Insurance
It is advisable to take life assurance out in order to cover the value of the loan should the borrower die.

Conveyancing
Normally a borrower will need to appoint a solicitor or licensed conveyancer to handle the legal details of buying a property. This will give rise to expenses. A borrower should enquire about a rough estimate of these costs prior to instructing a legal specialist.

Valuation/Surveys
It is required by law that a lender gets the property’s market value to make certain that it is a reasonable security, and this will require the mortgage lender’s surveyor to access and cost the property. A charge for this valuation (assuming there is one) hinges on which lender is chosen by the borrower and the worth of the property.

Arrangement/Booking Fees
An arrangement or booking fee is charged by the majority of lenders when applying for a mortgage, this can sometimes be added to the mortgage and the cost can differ. It all depends on which lender appointed and the kind of mortgage offer.

Stamp Duty
Stamp Duty is a government tax which is derived from the property’s purchase price. It is calculated as in the following way:
Up to £175,000 = Nil, ( for 12 months from 03/09/2008 )
£175,001 – £250,001K = 1%,
£250K – £500K = 3%,
£500,001K+ = 4%.

The purpose of this site is to provide information to people who are looking for a mortgage in order for them to receive a mortgage quote that is best suited to them, giving them the opportunity to make an informed decision.

An informed decision is a wise decision.

To find out which mortgage is best suited to you why not try our online mortgage calculator. Having entered your information it will then search the market for the best possible mortgage deals for you and your financial state of affairs.

Alternatively, if you just want some free mortgage information from a mortgage adviser then you could just complete the call back form featured on this site. You could also use just the calculator to make contact with us.

Any information that you receive from our third party mortgage advisers is free and you will be under no obligation whatsoever, so there is no need to worry about being contacted by us.