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You are here: Home / Independent mortgage advice / Mortgage basics

Mortgage basics

Getting started

Our guide to mortgages covers every stage of the process to ensure you come out with the product that’s right for you. If you’ve never had a mortgage before – or it’s been some time – you might want to brush up on the basics. Understanding the options will help you make an informed choice when it comes to picking a product.

CHOOSING YOUR LENDER

The following kinds of financial institutions all offer mortgages. You should base your final choice not only on the competitiveness of the lender’s rates but also on its fees, penalties, customer service and reputation.

Building societies

Building societies are mortgage experts. National societies have a branch on most high streets, while smaller lenders have few outlets and might offer preferential rates to local borrowers. Building society interest rates are very competitive – thanks, in part, to mutuality – and they can also offer specialist advice.

Banks

Banks are the most obvious competitors to building societies. The traditional high street banks have years of lending experience and greater national coverage. Also, their standard variable rates have tended to be higher in the past but greater competitiveness from both building societies and direct, internet-only banks has changed this for the better.

Specialist lenders

These lenders provide mortgages for borrowers who, for whatever reason, can’t get a conventional mortgage. Holiday homes, buy-to-let and adverse credit mortgages all fall into this category. Many mainstream lenders have established specialist arms under different names for this kind of borrowing. Specialist lenders might not be names you’ve heard of as most don’t deal directly with the public but operate through intermediaries.

Intermediaries

A mortgage adviser or mortgage broker may offer deals not available directly from lenders and can do the work of searching for the best product for you. Some are whole of market or independent while others are tied to certain lenders, which can be good if you have specific requirements, but they should clarify this.

Others

Mortgages are now available from a wider range of sources than ever and are even being offered by supermarkets and insurance companies. These companies may not offer the most competitive rates but good deals can be found.

There are lots of places to get mortgage advice. Here are just a few reasons to use us.

  • Independent mortgage advice
  • Our advisers have at least 15 years experience
  • Extensive mortgage knowledge
  • Straightforward, honest mortgage advice
  • We are independent from all lenders
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  • Call us on 0800 316 5756 to find out more

Featured Article

Cheaper with a second charge mortgage

Cheaper with a second charge mortgage

March 8, 2016 By admin

Last week we received a telephone call from a long standing customer. 9 years earlier John had sought our advice to purchase a new home and we had organised a great lifetime tracker mortgage which in the current period of low interest rates had performed well for him; very well. He said that the product that […]

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We will always give you an honest assessment of your mortgage options with all of the costs involved. If you decide to go ahead we will also help with all of the paperwork.

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Registered in England & Wales No: 04125057 THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Typically, we will charge £350 to a maximum of £495 in certain situations for arranging your mortgage and we will be paid commission from the lender, please ask for full details. We are entered on the FCA Register No 207532 at www.fca.org.uk/register/. The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers in the UK. The Financial Conduct Authority does not regulate will writing, finance, commercial mortgages and some aspects of buy-to-let mortgages.