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What type of mortgage do I need?

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What are my mortgage options?

Fixed rate mortgages

If having total certainty on your monthly repayments is important for you, a fixed rate mortgage may be your best choice.

A fixed rate mortgage is a type of home loan where the interest rate remains the same for a set period of time. The advantage of this is that you know exactly how much you’ll be paying back each month, making it easier to budget and plan for the future.

This type of mortgage is popular with first time buyers for the financial security they provide. It may also be a good idea to go for a fixed rate mortgage if you’re concerned about meeting repayments if interest rates rise.

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Variable rate mortgages

A variable rate mortgage is one where your interest rate can move up or down over time, which means your monthly payments are also likely to change over time. There are three main types of variable mortgages: standard variable rate, tracker mortgage, and discounted mortgage.

One of the biggest benefits of this type of mortgage is that, when you look at fixed and variable interest rates, the initial rate can be lower on a variable deal. Variable rate deals may allow larger overpayments, meaning you can pay off your mortgage early and keep your interest costs lower. This could be a good choice for you if you have a lot of savings or are a high earner and keen to pay off your mortgage early.

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90% and 95% mortgages

A 90% loan to value (LTV) mortgage allows you to buy a home with just a 10% deposit. With 90% LTV mortgages, you need a deposit that’s 10% of the property’s value (or 10% equity in a current property if you’re looking to remortgage). The term ‘loan to value’ describes the size of the mortgage in relation to the property value.

This type of mortgage is similar to a 95% mortgage - that is, where you put down just 5% deposit and take out a mortgage for 95% of the value of your home.

Whether you choose either of these options or a different type of mortgage is entirely dependent on your personal circumstances, but our experienced mortgage advisors are happy to talk you through the options to help you make your decision.

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Offset mortgages

With an offset mortgage, you can use the balance of your savings or current accounts to help you reduce the overall amount of interest you pay on your mortgage. Doing so can allow you to either reduce the overall term of your mortgage or reduce the amount you repay every month.

As you’re only being charged interest on a lower amount, you can then usually choose whether you want to reduce your monthly payments or keep your payments the same, and reduce the overall term of your mortgage.

Offset mortgages could be a good way to save money in the long run if you have a large sum of money in a savings account.

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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.

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.

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.

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 our Mortgage Finder 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. You can 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.

Check your mortgage options

Choosing the right mortgage for you can be really tricky. At L&C our expert advisers guide you through the process. Simple & efficient.

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