What is a mortgage?
A mortgage is a special type of loan that you will take out from a financial provider so that you are able to buy property or land.
Mortgages on average run for 25 years but the term of the mortgage can be shorter or longer depending on your requirements.
You’re able to be leant the money through the loan as it is ‘secured’ against the value of the property whilst you pay it off in full over the term.
It’s vital you keep up with your mortgage repayments because if you don’t keep up your monthly repayments to your lender they can take back (repossess) your property which they can then sell on in order to reclaim the money they are owed from the mortgage.
How much do I need for a deposit?
When you are buying a new home you’ll need to pay for that property with a deposit.
This will be a good amount of money that you put down towards the overall cost of the home you are looking to purchase.
As a rule of thumb, the bigger the deposit you have for buying your home the lower your interest rate could be when getting your mortgage from your lender.
Here’s a quick example, a £10,000 deposit of your own money on a £100,000 property is 10% of the price of the home and your then pay for the rest of the property with the mortgage against the remaining 90% of the value.
Are you looking for the best mortgage advisor near me?
Then look no further – Barrows & Forrester not only specialise in property – we also specialise in financial advice with our mortgage agency services through our trusted partners and mortgage advisor.
Our mortgage team will guide you every single step of the buying process for your property. From the start of the process like getting your finances in order, sorting out those pesky application forms, right through to sourcing the right and best mortgage deal with the best interest rate for you that’s tailored for your financial needs – we do all the hard work so you don’t have to.
You will have access to our professional advice with full access to a panel of lenders - we're sure we can help you.
Our mortgage advisor can provide you with mortgage services that cover a range of mortgage financial services with the best mortgage advice service.
Depending on the type of property you are buying or the type of purchaser you are such as a first time buyer, landlord or a re-mortgager we have a wide range of new homes mortgage services and specialist mortgages available to ensure you have the best product for you.
Mortgage Quote & Application
If you are looking for any help or advice with your mortgage then please give us a call on 0121 296 2600 and we’d be happy to organise a quote tailored to you and your property needs.
