Residential Mortgages
What is a Residential Mortgage?
A residential mortgage is a loan used to buy or refinance a property that you live in as your main residence. It allows you to borrow money from a lender, secured against the property, which you will repay through monthly payments over an agreed term.
When might you need a Residential Mortgage?
Buying Your First Home
Moving Home
Remortgaging
Non-Standard Income
Affordable Housing
How do Residential Mortgages work?
A residential mortgage allows you to borrow money from a lender to purchase or refinance your home, using the property as security.
You will repay the loan through monthly mortgage payments over an agreed term. The amount you can borrow and the rate you’re offered will depend on factors such as your income, credit profile and the value of the property.
There are different rate options available, including fixed and variable, giving you the flexibility to choose a mortgage that is tailored to your needs.
Types of Residential Mortgages
Fixed Residential Mortgage
A fixed residential mortgage has an interest rate that stays the same for a set period. This means your monthly payments won’t change during that time, making it easier to budget and plan ahead.
Variable Residential Mortgage
A variable residential mortgage has an interest rate that can go up or down over time. Your monthly payments may change depending on market conditions, offering flexibility.
Why choose us for your Residential Mortgage?
All Property Types
We work with lenders who will consider all property types. From new-builds to non-standard construction properties.
All Applicants Considered
Whether you have a good credit score, or adverse credit.
Flexible Options
We will find a tailored solution for your needs.
Dedicated Case Manager
You will have a dedicated case manager supporting you every step of the way.
Residential Mortgage Requirements
Deposit or Available Equity
For a purchase, lenders will look at the size of your deposit. If you’re remortgaging, they’ll assess the equity in your property, which is the difference between its value and any outstanding mortgage balance.
Property Type & Condition
The lender will review the type and the condition of the property you’re buying or remortgaging. We work with lenders who will consider all property types.
Your Income & Affordability
Lenders need to be confident you can afford the monthly mortgage payments. They will assess your income, regular direct debits and overall financial position to ensure the mortgage is sustainable.
Credit History
Your credit profile will be reviewed as part of the application. While a strong credit history can open up more options, we also work with lenders who take a flexible approach and consider individual circumstances.
Employment Status & Financial Stability
Whether you’re employed, self-employed or have a non-standard income, lenders will look for evidence of stable income. We have lenders on panel who understand complex income structures and assess your situation on a case-by-case basis.
The Residential Mortgage Process
Step 1
Step 2
Step 3
Step 4
Who We Work With
Frequently Asked Questions
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What Our Customers Say
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Representative Example: If you borrow £400,000 over 23 years, initially on a fixed rate for 2 years and 2 months at 5.15% and for the remaining 22 years on the Lender's standard variable rate of 6.5%, you would make 26 monthly payments of £2,475.99 and 250 monthly payments of £2,772.13. The total amount of credit is £400,000 (a Broker Fee of £1995 payable). The total repayable would be £759,533.24. The overall cost for comparison is 8.5% APRC representative.
The actual rate available will depend upon your circumstances. Ask for a personal illustration.