Search 1000’s of mortgages for the best deal
What Type Of Mortgages Can Be Compared?
As well as standard mortgages, you can also compare the following types of mortgage:
- First Time Buyer
Buying your first property can be a daunting process and comes with a steep learning curve. Compare first time buyer mortgages to take the hassle out of finding the right deal.
When the time comes to re-mortgage, compare your options from 1000’s of mortgages to see if you can find a better deal with lower monthly repayments.
- Buy To Let
Being a landlord is harder than ever in a number of ways, including financially, so it’s crucial you find the best mortgage available. Compare buy-to-let mortgages online.
- Bridging Loans
Compare leading bridging loan providers to find suitable short term finance for your requirements.
See how much you could be eligible to borrow & the maximum house price you can afford to buy. Try the mortgage calculator here.
Fixed rate mortgages
Fixed rate mortgages ensure you pay a fixed interest rate for a set time period, as opposed to a variable rate mortgage where the interest rate you pay varies depending on the Bank Of England’s interest rate.
What are the advantages of a fixed-rate mortgage?
Fixed-rate mortgages are a good way of giving homeowners security and peace of mind in knowing exactly how much their mortgage payments are going to be for the foreseeable future. They are typically taken out over a period of 2 & 5 years, although some products can offer a 10-year fixed-rate mortgage which provides home buyers with a decade of unchangeable monthly payments.
If variable rates go up during your fixed-rate term, you won’t be affected by the negative changes.
What are the disadvantages of a fixed-rate mortgage?
Being in a fixed rate mortgage means you must honour the contract time. You will be charged an exit fee called an Early Repayment Charge (ERC) if you decide to switch to another mortgage during that time. These charges can be substantial so it is worth seeking advice on this when you apply through our fee-free mortgage broker. There are a number of types of ERCs to consider and you should take this into account when choosing a mortgage.
Variable rates can go up but they can also go down. In the event of this, you will still be paying your fixed rate, meaning although you’ve secured a steady payment method that doesn’t fluctuate you may also be paying more than you have to.
Self Employed Mortgages
Getting a mortgage when you are self-employed can be more difficult than normal, but is by no means impossible. Especially now due to increasing numbers of the U.K.’s workforce opting for self-employment. Quote Goat has partnered with Mojo Mortgages, to bring you a fee-free online mortgage broker service so that you can compare self-employed mortgages and receive expert advice.
What is a self-employed mortgage?
Most conventional mortgage providers require proof of employment and regular payslips to ensure that you have a secure income in order to pay your monthly mortgage payments. But as there are more and more people in the UK deciding to go self-employed each year, mortgages have been made more readily available to those who are self-employed.
When you are self-employed it is harder to demonstrate to a lender that you will be able to keep up with your monthly payments. This is why you will often have to provide more information than you would for a conventional mortgage.
What qualifies me as self-employed?
Most lenders have certain criteria to ascertain who identifies as self-employed for the purpose of their mortgage offers. Most lenders consider an individual self-employed if they own more than 20-25% of a business that provides the majority of their income.
How do I find the right self-employed mortgage?
Those who are self-employed still have access to all the same mortgage offers as everyone else. Only, they will have no employer to vouch for their wage, meaning they will have to provide more evidence of their yearly income in order for the lender to confirm the loan.
In order for you to be able to prove your income security to your lender you will need to provide two or more years’ certified accounts; SA302 forms or a tax year overview from HRMC for the past 2-3 years; evidence of contracts upcoming (for contractors only); evidence of dividend payments or retained profits (for company directors).
Are self-employed mortgage rates higher than others?
Most self-employed people will be able to receive the exact same mortgage offers as everyone else, they just need to provide more information in order for the lender to recognise their suitability.
Rates for self-employed mortgages are primarily determined by the size of the deposit you are able to put up front. The larger the deposit the better rates you will receive for the term of the mortgage.
If you are unable to be approved by one of the big lenders there are alternative lenders that deal exclusively with self-employed applications although they do tend to charge higher interest rates.
What Is A Mortgage?
A mortgage is a loan that you borrow from a bank or similar financial institution that enables you to buy a property. In most cases to buy a property you will also need a deposit of at least 5% of the property value.
Will comparing mortgages affect my credit score?
This comparison system uses a soft search and therefore will not affect your credit score.
What affects the amount I can borrow?
The amount you can borrow takes into account your income as well as your outgoings, e.g. other financial commitments. You can use our mortgage calculator above to get a better understanding of the amount you will be able to borrow, although the actual amount you can borrow will depend on other actors including your credit history.
What fees are typically charged with a mortgage?
Mortgage Adviser: You may have to pay a fee to a mortgage adviser if you choose to use one.
Booking fee: A fee to reserve your mortgage whilst the application goes through.
Arrangement fee: A payment to the mortgage lender which is typically around £1,000 for setting up the mortgage, but can go as high as £2,500. This fee can be paid upfront or it can be added onto your mortgage.
Valuation fee: A fee to cover the cost of the lender valuing your property to ensure that they are satisfied that the property is worth the amount that you are paying for it.
Legal fees: Solicitors fees, search fees and stamp duty. Stamp duty is a tax that is paid on property purchases. The percentage amount paid varies depending on the value of the property so make sure that you have taken this into account.