Lettings: 0208 761 0830

Sales: 0208 761 2860

Mortgages

We’re here to recommend the best mortgage deal to suit your needs. Whether you are moving, buying your first home, remortgaging or considering a buy-to-let investment property, our expert mortgage advice will guide you through the mortgage maze.

You don’t need to buy or sell through Moving Inn to use us, and we’re happy to spend as much time with you as you need to make the right decision.

Your home may be repossessed if you do not keep up repayments on your mortgage.

What is a Mortgage

A mortgage is simply a financial loan to enable you to purchase a property, with the key difference from other loans that this one is secured against your home.

With your home as security, the lender is usually able to offer you a lower interest rate than you find with other types of loan.

Whenever the property is sold, the mortgage lender has what is called a ‘first charge’ – which means that any outstanding mortgage loan must be paid back first.

And remember, because your home loan is secured against your property, if you don’t keep up your monthly mortgage payments, your lender may be able to sell your home to recover any money you owe.

Remortgaging

By moving your mortgage to a new lender you may be able to take advantage of a better mortgage rate. Some lenders offer to pay the legal costs and valuation fees associated with remortgaging.

The process for remortgaging your home can take between approximately eight and twelve weeks as the new lender will want to make similar checks to those that the original lender carried out when you first bought your home.

Remember that you may have to pay an early repayment charge to your existing lender if you remortgage, so you will need to check the terms of your mortgage carefully and confirm the arrangements with your current lender.

Your home may be repossessed if you do not keep up repayments on your mortgage.

A Guide to Mortgage Types

We understand that buying a home is a big step and one of the biggest financial decisions you’ll make in your life, and can seem a daunting and complicated process. Through this online guide, we hope we can help you find your way through the maze.

The initial lump sum that you put into buying your home (not including the money you’re borrowing) is known as the ‘deposit’.

The bigger your deposit, the more likely you are to get a better interest rate on your home loan. That’s because your mortgage will then form a smaller percentage of the price of your new home, which generally attracts a lower interest rate.

Standard Variable Rate

The Standard Variable Rate is a standard interest rate that a lender will set and which can then go up or down in line with market rates (such as the Bank of England’s base rate).

“The advantage of the standard variable rate is that you have more flexibility and can usually repay your mortgage without any early repayment charges. The disadvantages, however, are that your monthly payments can go up and down which can make budgeting difficult. What’s more, standard variable rate mortgages are not usually the lowest interest rates that lenders offer.”

Fixed Rate

With a Fixed Rate mortgage, your monthly payment won’t change for a set period. At the end of your fixed rate, your lender will usually change your interest rate to their Standard Variable Rate (SVR). It’s a good idea to review your mortgage at this stage because the lender’s SVR may well not be the best deal around at that time.

“With a fixed rate, you’ll know the exact amount that you’ll need to pay each month, which makes budgeting easier. Your monthly payment will stay the same during the fixed period, even if other interest rates increase. On the other hand, your monthly payment will stay the same even if other interest rates decrease. Also, if you want to repay your loan early, there could be early repayment charges.”

Tracker Mortgage

With a Tracker mortgage, the interest rate charged by your lender is linked to a rate such as the Bank of England base rate. This means that your monthly payments can go up or down.

“With tracker mortgages, the rate you pay tracks another headline rate by a set percentage until a set date. If the headline rate changes, your tracker rate changes by the same amount, so normally your interest rate will be following the trends in the marketplace.

“However, it’s worth noting that some lenders impose a ‘collar’ which means the interest rate won’t fall below a certain level, even if the rate it’s tracking continues to reduce. With trackers, your monthly payments can go up or down which can make budgeting difficult.”

Early repayment charges may apply to Tracker Mortgages.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There are a number of costs to factor in when buying a home beyond just a mortgage.

What costs are involved?

When buying you will need to take the following costs into consideration:

  • Mortgage repayments.
  • Mortgage protection insurance in case you lose your job or fall ill.
  • Life assurance to enable your family to pay off the mortgage if you die.
  • Buildings and contents insurance against the risk of fire, flood, theft and accidents.
  • Council Tax and water charges.
  • Gas, electricity, telephone, etc.
  • Ground rent and service charges may apply.
  • Property maintenance.

As part of the process of buying a house or flat you may also need to pay for:

  • A solicitor or licensed conveyancing fees.
  • An independent survey.
  • Mortgage arrangement fees.
  • Land Registry fee.
  • Stamp Duty Land Tax.