Are you considering buying your own home? Securing a residential mortgage is essential if you aren’t paying in cash. This is the most common way to finance a home in the UK. Understanding how these mortgages work is crucial for any prospective homeowner.
What is a Residential Mortgage?
A residential mortgage is a loan for purchasing a home you plan to live in. Unlike commercial mortgages for business properties, these loans are tied to personal properties. They usually span 25 to 30 years and are secured against the home you buy. If you fail to keep up with repayments, the lender can repossess the house to recover their funds.
Exploring Types of Residential Mortgages
Different types of residential mortgages cater to various needs:
- Fixed-Rate Mortgages: These lock in your interest rate for typically 2 to 5 years, offering predictable monthly payments and shielding you from rate increases.
- Variable-Rate Mortgages: The Bank of England’s base rate can change and influence these rates.
- Tracker Mortgages: These are directly tied to the Bank of England’s base rate, plus a fixed margin, so your payments vary with the base rate.
- Interest-Only Mortgages: You pay only the interest each month. You will pay the principal at the end of the mortgage term.
Why Choose Connect Mortgage Experts?
Feeling apprehensive as a first-time buyer is natural. At Connect Expert Advisers, we prioritise making you comfortable. You can choose an adviser who fits your needs—whether by gender, expertise, location, or communication style- face-to-face, online, or over the phone. This personalised approach ensures you engage confidently and receive advice in the most comfortable way for you.
Starting Your Mortgage Journey
You’ve used our tips on “How to Find a Mortgage Broker” Great! However, choosing your ideal adviser is just the beginning. Here’s how we streamline the process at Connect Mortgage Experts:
- Assessment: We start with a detailed financial health review and discuss your housing goals.
- Advice: We then recommend the best mortgage options for you, discussing their terms, benefits, and risks.
- Application: We help you with all the application paperwork and guide you through approval.
- Completion: Even after you move in, we’re here to support any further mortgage-related needs or adjustments.
Securing a residential mortgage is a significant step towards homeownership. With Connect Mortgage Experts, you gain a partner dedicated to helping you realise your dream home.
There’s no better time to start than now; use our adviser search functionality below to begin your journey.