Mortgages

If you are looking to buy a new home, then a mortgage can be the easiest way to get the money you need to make the purchase. A mortgage is a secured loan, made solely for the purpose of buying a new property.

Mortgages are secured against the property which they are used to buy. This does mean that should you be unable to repay the loan then your home may be repossessed.

Repayments on a mortgage are usually made monthly over a period between 10 and 30 years. At the end of this period the debt will be paid off and the lender will no longer be able to repossess your home. A shorter term will mean that the debt will be paid off quicker, but the repayments will be larger.

Choose the mortgage you are looking for from the dropdown box:

Many lenders will only provide you with a mortgage if you have a good credit history. No matter how you got bad credit history, and no matter whether or not you were at fault a lender will be less willing to offer you a mortgage. Some lenders will offer you a mortgage, however this will be at a much higher rate.

There are three types of mortgage to choose from. On a variable rate mortgage the interest you pay on your repayments will fluctuate depending on the Bank of England's base rate. A capped rate mortgage is much like a variable mortgage, except a maximum rate will be agreed, meaning the repayments will go down if the interest rate drops, but only go up to a certain rate when it increases. Finally, a fixed rate mortgage will stay at the same rate throughout the repayment period.