Mortgages

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Correct at 31/03/2020

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Finding the right mortgage

Getting a mortgage can be daunting, especially with so many different deals to choose from.

L&C is here to help. We can compare mortgage deals for you and tell you which deals you’re likely to qualify for, and help you through the application process from start to finish.

We aim to make the whole process as simple as possible, and our experts are on hand whenever you need them. So, if you’re looking for a mortgage, don’t delay, get in touch with L&C today and find out how we could help you.

Why choose L&C for your mortgage?

L&C could save you time, hassle and money, whether you’re applying for a mortgage for the first time, remortgaging, or buying a property to let out.

As the UK’s No.1 online mortgage broker, we’ve made it easy for you to find your best mortgage in just a few simple steps.

All you need to get started is to give us some basic information, which you can submit online using our Mortgage Finder, or in just a few minutes over the phone.

We’ll then search thousands of mortgages from trusted lenders on your behalf, to help you find the best deal you’re eligible for. And don’t forget, our mortgage advisers are on hand to provide you with all the free advice you need.

Once we’ve found the right deal for you and you’ve submitted your application, a dedicated case manager will support you through the mortgage process from start to finish, from form filling to chasing things up. You’ll be able to track your application online 24/7 or over the phone seven days a week.

What are my mortgage options?

Before choosing a mortgage, it’s a good idea to get to grips with the different options that might be available to you. Remember, if you’re not sure which type of mortgage might be right for you, our experts are on hand to advise on the best deal to suit your circumstances.

  • Fixed rate mortgages

    As the name suggests, with a fixed rate mortgage, the rate is fixed for a set period of time, which can range from two years right up to ten years, or sometimes even longer. Fixed rate mortgages usually appeal to those who want peace of mind that their mortgage payments won’t change regardless of what happens to interest rates. Find out more in our guide 'What is a fixed rate mortgage and how do they work?'.

  • Variable rate mortgages

    If a fixed rate mortgage doesn’t appeal, there’s a wide range of variable rate mortgage options to choose from.

    These include tracker mortgages, where your rate tracks movements in the Bank of England base rate, plus a set margin. Tracker mortgage deals usually run for a certain period, typically two to five years, but you can get lifetime tracker mortgages which are linked to the base rate for the lifetime of the loan. Our 'Tracker mortgages guide’ tells you everything you need to know about how these mortgages work.

    Discounted mortgages are another type of variable rate mortgage. With this type of deal, the rate you pay is discounted from the lender’s Standard Variable Rate (SVR). Learn more about discounted mortgages in our guide ’What is a variable rate mortgage?’.

  • 90% and 95% mortgages

    If you only have a 5% or 10% deposit to put down, you’ll need a 95% or 90% mortgage. These higher Loan-to-Value (LTV) mortgages, which only require a small deposit, are designed to help those struggling to get on the mortgage ladder. Interest rates on these mortgages tend to be higher than on deals which require a bigger deposit. Find out more in our guide to ‘90% and 95% LTV mortgages’.

  • Offset mortgages

    An offset mortgage allows you to use your savings to help reduce the amount of interest you pay on your mortgage, which could help you save money in the long run, or may allow you to shorten your mortgage term. This type of deal is best suited to those with a significant amount of savings, but you can use our offset mortgage calculator to see if this kind of deal could be right for you.

Considerations when applying for a mortgage

When you apply for a mortgage, there are several things to be aware of that might boost your chances of being accepted, or that could help you get a better deal.

A good starting point is to get a copy of your credit report, as lenders will look at this when processing your application so that they can see whether you’ve managed debts responsibly in the past. If your score is lower than you were expecting, you might be able to boost it by closing down any unused credit accounts and making sure you’re on the electoral roll. Find out more in our guide ‘How does your credit score affect your ability to get a mortgage?’.

Bear in mind that the bigger the deposit you can afford to put down, the wider the choice of mortgage options you’ll have available to you. Lenders tend to offer favourable rates if you have a substantial deposit or a significant amount of equity if remortgaging as they’ll consider you lower risk than someone with a small deposit. Learn more in our guide 'how much deposit do I need to buy a house’.

Our mortgage products

Buy to Let Buy to Let

Buy to Let Remortgages

Remortgage your existing Buy to Let to a better deal.

Buy to Let Interest Only

Interest only mortgages for Buy to Let investors and landlords.

First time buyers

Shared Equity Mortgage

Get on the property ladder by combining a small deposit with an equity loan.

Shared Ownership Mortgage

Own a portion of your home and pay rent to a housing association on the rest.

Help to Buy

A 20% equity loan (40% in London) to help you towards a new build home.

Types of Mortgage

Fixed-Rate Mortgages - 5 Years

Monthly mortgage payments guaranteed to stay the same for 5 years.

Fixed-Rate Mortgages - 10 Years

Monthly mortgage payments guaranteed to stay the same for 10 years.

Variable Rate Mortgages

Explore all the different types of variable rate mortgages.

90% Mortgages

Pay 10% deposit and find a 90% loan to value deal that suits your circumstances.

95% Mortgages

Pay 5% deposit and find a 95% loan to value deal that suits your circumstances.

Mortgages in Principle

An initial agreement confirming how much you could be able to borrow.

Interest Only Mortgages

Only paying interest on your mortgage loan without reducing your overall balance.

Joint Mortgages

Get a mortgage on a property with your partner, friend, or relative.

Offset Mortgages

Reduce the overall interest you pay on your mortgage by using your savings.

Remortgages

Remortgages

Remortgage by changing deals with your current lender or switching to a new one.

Switch to a New Deal

Switching can mean better interest rates when your current deal ends.

Specialist mortgages

Self-employed Mortgages

Mortgages for the self-employed, including sole traders and company directors.

Right to Buy Mortgages

A UK Government scheme to help you purchase the home you currently rent.

Let to Buy Mortgages

Rent out your current property and buy a new home to live in.

Holiday Let Mortgages

Designed for people looking to buy a property and let it out to tourists.

New Build Mortgages

Mortgage options for people buying newly built or converted properties.

Second Home Mortgages

A mortgage for buying a second home.

Contractor Mortgages

Specialist mortgages for people working on short term contracts.

Director Mortgages

Mortgages based on salary and dividends or retained profit for directors.

Guarantor Mortgages

Secure a mortgage with the help of a family member.

Retirement Interest Only Mortgages

Designed for older borrowers, allowing them to pay back the interest each month.

Mortgage FAQs

How much could I borrow?

The amount you can borrow is based on a lender’s assessment of your income and outgoings. You can typically borrow up to four, or sometimes five, times your income, although this can vary from lender to lender. Use our mortgage calculator to find out how much you might be able to borrow.

Do I need a deposit?

You’ll usually need a deposit of at least 5% of the property value to apply for a mortgage. The bigger the deposit you can afford to put down, the wider the choice of mortgage options you’ll have available to you. Find out more in our guide 'How much deposit do I need to buy a house?'

How many times my salary can I borrow for a mortgage?

Most lenders will allow you to borrow up to four, or sometimes five times your income. It can be a good idea to get a ‘Decision In Principle’ from a lender so you have a clear idea of how big a mortgage you might be able to get before you make a full application.

What mortgage can I qualify for?

The mortgages you’ll qualify for will depend on your credit history, how big a deposit you’ve saved or how much equity you have in your property if remortgaging, and on your income and outgoings. At L&C we can advise which deals you’re eligible for and how much they’ll cost.

How long does a mortgage application take?

It usually takes between 18-40 days for a lender to process your mortgage application, but it can take longer than this if your circumstances are complicated. Find out more in our guide 'How long does it take to get a mortgage?'

Can I talk to someone about my options?

Our experts are on hand to talk you through your mortgage options and will support you throughout the application process. They’ll be able to recommend the best deal based on your individual circumstances and any advice you receive won’t cost you a penny.

What’s a repayment mortgage?

With a repayment mortgage, each month you pay back some of the capital you’ve borrowed as well as the interest you owe. This differs from an interest-only mortgage, where you only pay back interest each month, and repay the capital at the end of the mortgage term.