Mortgages

Mortgages are a type of finance that is offered to consumers that wish to purchase a property. With a mortgage you can take out a substantial loan to cover the purchase price of your property and the repayments are spread over a lengthy period to make the loan more affordable.

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Step 1 of 3	About your mortgage
Are you looking to: How much would you like to borrow? Buy a property Remortgage a property Buy a property to let     How long do you need the mortgage for? 1 year2 years3 years4 years5 years6 years7 years8 years9 years10 years11 years12 years13 years14 years15 years16 years17 years18 years19 years20 years21 years22 years23 years24 years25 years30 years40 years50 years   Proceed to step 2.

Step 2 of 3	About your mortgage
Estimated property value?   Are you a first-time buyer? Yes No   Do you need to self-certify your income? Yes No   Have you: Had a CCJ or Default registered against you? Missed one or more secured loan or mortgage payments in the last 12 months? Been declared bankrupt or had an IVA? Proceed to step 3.

Step 2 of 3	About your mortgage
Estimated property value?   How much would you like to borrow?       Proceed to step 3.

Step 3 of 3

Your details

First name: Last name:     Phone number: Alternate phone number:     E-mail address: Date of birth:   –12345678910111213141516171819202122232425262728293031 –JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember —-1941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989   First line of current address: Current postcode:     Based on your requirements we have selected the FSA regulated broker Broker Name to help you with your enquiry. Please click SUBMIT to confirm that you are happy for them to contact you by telephone/e-mail.

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Mortgages today have changed over recent years, mainly due to the rising value of properties, which means that those looking to buy a property need to take out a far larger loan than they would have needed several years ago for the same property. Lenders now bear this in mind when offering mortgages, and have adapted their mortgages to meet the changing needs of consumers.

Mortgages were traditionally available over a twenty five year period, but because consumers now need to borrow more in order to raise the money to buy a property many lenders have started to offer thirty and forty year mortgages, with some offering even longer repayment periods. This makes it easier to afford the monthly repayments on such a large loan, but also means that you will be in debt for longer and will pay more in the way of interest.

The amount that you can borrow with a mortgage loan will depend on a number of factors, and this includes your income (or joint income if you are buying with a partner), your credit rating, your existing financial commitments, and the lender’s own criteria. Lenders calculate the mortgage loan available to you based upon multiples of your income, and the multiples used can vary from one lender to another.

Finding the right mortgage

There are many different mortgages available to select from these days, from the traditional variable rate mortgage to the popular fixed rate mortgage. You will also find specialist mortgage providers catering for consumers such as those with a tarnished credit history and people that are self employed and therefore do not have a fixed income as such. Mortgages are available from a wide range of providers these days, from the traditional high street banks to a variety of Internet lenders.

Mortgages are very long term commitments, and it is therefore important to ensure that you get the right product for your needs. You can find the right mortgage for you by taking some time to compare different mortgages, and see which ones offer the best value. With a great choice of lenders that offer mortgages operating online, the Internet is the ideal place to browse and compare different mortgages to see which will prove the most suitable for you. You can compare the interest rates charged, the repayment periods offered, the income multiples available, and other terms.

If you have doubts with regards to which mortgage may prove the best for your needs and circumstances, you can always to talk to a professional mortgage advisor, who is someone that knows the mortgage market and will have a far better idea of which mortgage may suit you best based on the information that you provide.

• Mortgage advice from the FSA

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