Slide
MORTGAGES FOR HOME MOVERS
We'll help you move home with confidence.
get a quote
MORTGAGES FOR HOME MOVERS
We'll help you move home with confidence.
get a quote

Buying A New Home

Moving home is a really exciting time. There are a lot of fun parts you get to enjoy – such as viewing houses, exploring local areas, choosing new furnishings – but these are sometimes overshadowed by the more stressful parts, like arranging a mortgage.

Home Owners Advice can access to the whole of the market. We not only provide mortgage advice for moving home, we manage your entire property-buying journey so you can enjoy this experience – like you’re supposed to.

 

  • A mortgage is a loan you take out with a lender for a number of years
  • The length of time over which you have a mortgage is called your “mortgage term”
  • Mortgage terms can be anywhere between 5 and 40 years
  • A mortgage is a type of secured loan, which means it’s secured against a property – usually the property you want to buy with the mortgage
  • Using a property as security for a loan means that the lender can repossess it if you don’t keep up the mortgage payments
  • To take out mortgage, you must put down a mortgage deposit of at least 5% of the purchase price – the mortgage itself makes up the rest

.

  • When you take out a mortgage, you’re given an introductory interest rate for the first few years – typically between 2 – 5 years
  • A popular kind of interest rate for first-time buyer mortgages is a fixed rate, which is where interest is charged at a set rate for a certain period.  Fixed rates are particularly good for those who like to budget
  • After the introductory period ends, you’re transferred onto your lender’s SVR (standard variable rate), which is the interest rate they set themselves
  • The lender’s SVR is normally higher than the introductory rate, so you would often remortgage onto a new product with a new lender when your introductory deal ends or take a new product with your existing lender
  • You pay back your mortgage with interest
  • There are 2 main types of mortgage which determine how you pay the lender – repayment and interest-only:
    • With a repayment mortgage, you pay back a bit of the outstanding mortgage balance – i.e. the amount you borrowed –  each month alongside interest payments
    • With an interest-only mortgage, you only make interest payments each month and repay the full mortgage at the end of the mortgage term

IT'S EASY WITH US

Talk to our experts today
0800 118 2248

Get A Fast Mortgage Quote 

Contact us at the Consulting WP office nearest to you or submit a business inquiry online.