Home Buyer Mortgages in Bristol

Home Buyer Mortgages

If you have already got or had a residential mortgage and want to move house, there are lots of options for you to consider. We will help you through the whole process, from initial consultation to picking up the keys to your new home! We will use our expertise to find the best mortgage to suit your specific needs.

Fixed Rate Mortgage

A fixed rate mortgage has an interest rate that is fixed for an initial term – this could be to a specific date or period of time including two, three, five to ten years. These are mortgage deals that offer you the chance to secure your rate to give you fixed monthly repayments. By choosing one of these, you don't need to fear fluctuations in interest rates. The rate will remain the same over the specified period, no matter what happens to the Bank of England's base rate or lender's standard variable rate (SVR).

It's important to think carefully about how long you want to lock yourself into a mortgage for. Most will charge you a penalty - known as an early repayment charge (ERC) - if you need to get out of the deal before the end of the fixed term.

Tracker or Variable Rate Mortgage

Tracker mortgages usually track the Bank of England base rate, and as a result, your mortgage repayments will change when the base rate moves up or down. Tracker mortgages typically track the Bank of England base rate at a set margin above or below it. So, for example, if the base rate is 0.5% and a tracker deal is advertising a rate of base plus 2.5%, then you will end up paying a rate of 3%.

Tracker deals are usually available for two, three or five years before you move onto the lenders standard variable rate. However, you could opt for a lifetime tracker instead, which tracks the base rate throughout the entire term of the mortgage.

Offset Mortgage

An offset mortgage links your savings, and in some instances your current account, to your mortgage. As a result, instead of earning interest on your savings, you pay less interest on your mortgage.

For example, if you had a £100,000 mortgage and £20,000 in savings offset against it, you would only pay interest on £80,000. However, your monthly mortgage payments will probably be based on the full £100,000 loan meaning you effectively over pay each month. As a result, not only do you pay less interest on your mortgage, you will also pay it off more quickly.

Offsetting can also be extremely tax efficient. Ordinarily you pay income tax on any interest you earn on savings (apart from ISAs). However, if you offset your savings against your mortgage, you don't earn any interest so there is no tax to pay.

Please talk to us about the options available if you would like an offset option with your mortgage.

Agreement or Mortgage in Principle

Few lenders offer actual mortgages if you've no property in place - they offer a Mortgage in Principle (MIP) or an Agreement in Principle (AIP). This provisionally lets you know how much you can borrow, subject to finding a suitable property in a specified time. An Agreement or Mortgage in Principle is an important step in applying for a mortgage. It gives an indication of whether a lender could lend you the amount you need to borrow. Lenders use a soft credit check to do this, which has no impact on your credit file. The process is relatively speedy and requires some personal information, including details of your income and financial commitments, this information is used in the strictest confidence.

Getting an Agreement/Mortgage in Principle does not mean you are committing to apply to that lender for a mortgage. However, once you have one, you'll be ready to discuss all the options we can offer. We do not charge for this service.

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Poor Credit History?

A poor credit rating can be a major barrier to getting a mortgage, but the good news is, there are lenders who are prepared to help those whose applications may be refused elsewhere. It might not seem fair but even having a big deposit in place and a decent salary isn’t enough to guarantee you a mortgage, if you have a poor credit history.

Banks and building societies are cautious about who they lend to, so they always check credit reports carefully to see if potential mortgage customers have defaulted on any debt payments in the past. They will also look for any County Court Judgments (CCJs) against you, or if you have ever filed for bankruptcy. In any of these scenarios apply, the chances are you won’t be eligible for some mortgage deals that are on offer – even if your financial problems occurred in the past few years.

There are some mortgages however, which are specifically designed for those whose credit history is far from perfect. Our team of expert Advisers will give you advice about the most appropriate mortgage.

If you think you may have a poor credit history or an adverse credit rating, you can obtain a free credit report from one of the following.

Home Buyer Mortgages in Bristol