We have a basic calculator and an eligibility calculator to help you with this. Basic mortgage calculator : a quick and easy way to help you work out how much you could borrow. Remember, the actual amount you could borrow will depend on a number of factors, including the deposit you have, any outstanding credit commitments and your monthly outgoings.
Mortgage eligibility calculator : our eligibility calculator goes one step further than the basic calculator. Mortgage rates are largely dependent on whether the Bank of England Base Rate goes up or down. Of course, even if they move during the next 12 months, if you have a 'fixed' mortgage you won't be affected until the term ends. They include Stamp Duty and search fees.
Stamp duty is a tax paid by the buyer on the purchase price of a property and is related to the size of your mortgage. Your results are arranged in order of monthly payment. Our easy-to-understand categories will also help you check rate types, arrangement fees and introductory rates.
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Frequently asked questions. What is a mortgage? What to read next.
Mortgage fraud on the rise - lying on an application could land prospective homeowners in jail. Tesco sells mortgage book to Lloyds: what it means for your mortgage. Longer-term mortgages can help guard against interest rate rises but lack flexibility. Households could slash their bills with a new 'green mortgage' that rewards energy efficiency.
Households could be rewarded with cheaper mortgage rates by reducing energy consumption under a new initiative. It is beginning to look as if the year mortgage has had its day. The average cost of a first-time buyer home has gone…. Your name.
This will tell you other information about the product, such as how much you'll need to pay the lender for a valuation, and whether you're allowed to overpay. Once you're happy you can click on 'Next Steps'. This will then give you two main options. The first is to contact a broker about the deal.
The broker will be able to check that it actually is the best deal for you by doing a comparison with other deals out there. If you're confident you've picked a winner, you can go for the second option which is simply clicking through to the lender to start an application. They scour the market to find you a good mortgage deal. By using one, you swiftly cover a huge slew of lenders, and get added clout with them to ease your acceptance as well as an extra layer of protection if things go wrong. Brokers are also worth their weight in gold, because they know key details about lenders' criteria.
So they would know if the lender you're thinking of doesn't lend on properties above shops, or in council blocks — so they'd be able to recommend a different lender who does. But, the key is to find a broker you're comfortable with. The estate agents you meet when house hunting will often recommend brokers. They may even work from the same office. But you are NOT tied to using these, even if you buy via that estate agent.
Ask friends who've moved for recommendations — many local brokers are fantastic. The aim's to find you the best broker for the lowest possible price. Not all brokers are the same. Some are limited in what they can offer you, so there are three crucial questions to ask Not all can so it's important to know which you're dealing with. Here are some of the possible answers:. Some brokers are tied to one lender or operate off a small panel of lenders, so they search fewer deals. This makes it simpler and cheaper for them to operate.
Average mortgage interest rates in the United Kingdom (UK) 2014-12222
The key point to note here is the last phrase — available to brokers. This used to be called 'whole-of-market'. Many of these brokers will exclude lenders and products which are only offered directly to the public, mainly as they won't receive a commission.
On top, they may not be able to submit an application on your behalf. Some brokers do check lenders' direct-only deals too. However, they are more likely to charge a fee. In reality, it's unlikely a broker could guarantee you access to EVERY mortgage, as exclusive deals can be arranged between lenders and brokers and clubs that brokers can join. Just be clear on what your broker is offering. Weigh up the need to check every deal, your willingness to do some legwork yourself, and if you're happy paying a broker fee.
Once you've found a broker you're happy with, you need to ask them the next questions to find out if they're the best broker for you. This tells you how the broker makes their money from your mortgage deal. Brokers have two possible sources of income, which are:.
Almost all lenders pay brokers what's called a 'procuration fee' of roughly 0. This is a commission based on your loan size — and doesn't affect the cost of your mortgage. They are obliged to tell you the exact amount they'll be paid before you apply. You can find this info on the Key Facts illustration, which they must provide before you apply. Brokers may also charge you a fee directly.
This might be on top of the commission, or instead of it ie, they charge a fee and refund you the commission. If they offer you the choice between fee or commission, then they can call themselves 'independent'. If they don't, they can't — which is a bit confusing. If yours charges more, walk away.
Fees can be charged at any point in the process, providing you're told about them at the outset. Yet avoid using any broker who charges you big fees before completion. If the purchase falls through, you'll probably still have to pay. As this is a MoneySaving site, we've always said our preference is not to pay a fee if you don't have to.
For this, you're looking for a fees-free broker who can advise on the widest range of mortgages possible. This sort of broker will make its cash from commission but can search out a good deal from a wide range of lenders, then checking the non-broker deals on top yourself. If you want face-to-face advice. Search your local area for a good broker.
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Just make sure they're whole of market, and that any fee charged is affordable and value for money. It's not the worst thing to spend money on, especially if it means you have someone you trust to get you a decent mortgage. If you want one that finds 'non-broker' deals.
When a broker recommends a mortgage they can't transact for you, they don't make commission. The brokers we've found which include ALL mortgages charge fees to compensate for the chance they won't get paid once they've found a deal. If you value a face-to-face service, or you know a red-hot broker who charges a fee, then it's likely to only be a few hundred pounds. A small price to pay for a service you know you can trust.
You need to find out whether a broker is qualified to advise you. Make sure you're getting advice from a qualified adviser the most recognised qualification is called CeMAP. Your broker should assess your needs and eligibility before recommending the most suitable product for you. This route also offers the most protection for you as a consumer. If you chose a product from an information-only service, you'd have no comeback if you made the wrong choice.
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