Residential Mortgages

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If your'e looking to buy a property which you are planning to live in or if you already own a property that you live in then taking out a residential mortgage could be just what you need. Here at The Friendly Mortgage Co. we specialise in all things mortgage related and residential mortgages are the bedrock of what we do. We have access to a panel with over 190 lenders via our membership of the Connect Mortgage Network, so whether your a first time buyer, a home mover, or looking to remortgage we will be able to scour through multiple lenders to get you the perfect deal for your circumstances!

Are you a first time buyer?

 If so then you may well have your deposit all ready and saved up and you may even have already had an offer accepted on a property but you just don't know where to turn to get your mortgage. Well that's where we come in! One phone call to us and after a short chat we will aim to have informed you enough to make an educated decision as to what your next steps should be and how to make then.

Are you a home mover?

If you're an existing home mover looking to buy a new property then you probably already have an idea of how the mortgage industry works and by looking at our website you are doing the things. Using a broker such as The Friendly Mortgage Co. to secure your next mortgage can save you time and money!

Looking to remortgage?

Do you currently have a mortgage and are coming to the end of a fixed period or do you feel that your current lender isn't giving you a good enough deal? Then why not give us a quick call. Given that we have access to such a huge panel of lenders The Friendly Mortgage Co. can nearly always secure you the perfect mortgage to suit your needs and many of the deals we can secure are exclusive and can't be obtained by going direct to a lender. 

Why not contact us a for a friendly consultation now?

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A repayment mortgage is pretty simple and pretty much does what it says on the tin. When you take out a repayment mortgage it will have a full term (say for example 20 years) and provided you keep up your payments as per the terms of the mortgage your debt will be paid off at the end of that term. You might have a fixed period at the start where your interest payments are lower and you may chose to remortgage after your fix comes to a end but essentially whatever you choose as your full mortgage term is the length of time it will take you pay off your mortgage debt.

 

Interest Only on the other hand has no capital repayment element to it. You simply pay the interest which is due on the loan but you never pay back the debt. However, you still have a full mortgage term and at the end of that full term you are expected to repay the debt. Some people may choose to sell their property so as to pay back the debt and look to downsize (this is on the assumption that the property may have gone up in value since it was originally bought) whilst other may is other "repayment vehicles" to get the debt cleared. These may include (amongst other things) investments in stocks and shares, pension withdrawals, or gradually repayments towards paying back the debt throughout the course of the mortgage. Interest Only can be s great way to keep your monthly payments down but some long term planning is needed to ensure you don't end up having your home repossessed further into the future! 

 

Luckily here at The Friendly Mortgage Co. we can give you all the advice you need to decide whether a repayment or interest only mortgage is most suitable for you so drop us a call and we can start with a friendly chat.




When assessing your application for a residential mortgage most lenders will loom at:

  • The Loan To Value  (LTV). ie the amount of loan you need vs how much the property is worth. This will depend on the size of your deposit. The bigger the deposit the lower the LTV and the lower the LTV the lower the rate will be that you can get.
  • Your personal income. The amount you can borrow will be based on how much your earn. The higher your earnings the higher your borrowing potential.
  • Your personal expenditure. A lender will do an assessment of your outgoings and will compare this against your income before letting you know how much they will be prepared to lend to you.
  • Your credit history and credit score. Lenders will look your your credit profile when assessing how much they will lend to you and if they will lend to you at all. A clear credit history and a high credit score will put your in the best position possible.