Mortgages explained

If you’re buying a new home, there’s a good chance you’ll need a mortgage.

What is a mortgage?

A mortgage is a loan from a bank or building society towards the total cost of your new home.

Most people pay a cash deposit, usually at least 5% of the cost of your new home, and the mortgage makes up the rest of the payment, which you pay back over a set number of years in monthly instalments.

How do I get a mortgage?

If you've got a big enough deposit, then your next step is to find out if you can get a mortgage from a bank or building society.

Applying for a mortgage is likely to be the biggest financial decision you will ever make, so getting advice from an independent Mortgage Advisor is sensible, and they can tell you which options are available to you.

How much will I be able to borrow?

The amount you can borrow depends on how much you can afford to pay each month and how much deposit you pay on your new home. The bank will usually require a deposit of anything between 5% and 40%.

Your mortgage will be calculated using your household income, your credit rating and the size of your deposit. 

How much will I pay each month?

You pay monthly payments plus an agreed interest rate on your mortgage. If you pay a larger deposit, your mortgage and monthly repayments will be smaller. 

The payments you make depend on several things such as how much you have borrowed and the length of time you will take to pay the money back, the interest rate you pay and the type of mortgage you have.

If you have any questions or would like to talk to one of the team, please contact us....


Telephone: 01609 531314

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