Mortgage Advice | GTP Mortgage & Financial Services

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01434 700077

Email

hello@gtpmortgages.co.uk

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Mon-Fri: 9am – 5pm

Residential Mortgages

It can seem like a confusing task to apply for a mortgage whether this is your first home or even if you’ve done this before. We can surely all agree that buying a home is a considerable investment, so we’re here to assist you with advice and guidance throughout the whole mortgage process.

At GTP Mortgage & Financial Services, we take you through the mortgage (and/or insurance) application process from start to finish. We offer expert guidance on the range of options that might be most suitable. We want to make sure you can get onto the first step of the property ladder as quickly and easily as possible.

Mortgages FAQ

Before you buy

Here are some important things that you need to check before taking on a mortgage.

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How much will my mortgage cost?

When looking at what the cost of a mortgage might be this isn’t a question with a straightforward answer, so it’s always a good idea to consult with a specialist to get a complete estimation. We are knowledgeable and have a vast experience in finding the most suitable mortgage rates, and we’re always available to help.

How much can I borrow?

The amount of money that you can borrow will depend on many outside factors including whether or not you’re a first-time buyer. You can enter your details into our mortgage calculator to get a close estimate of what your mortgage cost might be.

How much deposit will I need?

When it comes to deposits, as a first-time buyer, the deposit on a mortgage will typically need to be around 5% of the value of the property you want to buy. Most lenders consider home buyers with bigger deposits a lower risk to invest in, so if you are able to save 10% or 20%of the deposit, you’re likely to access to a range of mortgages at better rates.

Costs

Find out what are the costs of buying a property with these useful guides and calculators.

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How much does it cost to buy a house?

The mortgage is not the only expense you’ll need to take into account. There are other one-off charges and fees such as: deposit, lender’s arrangement fee, valuation fee, legal fees, booking fees, stamp duty/land tax.

How much stamp duty will I pay?

We have a Stamp Duty calculator that can help you estimate that!

How about renting instead?

That’s a good question. If you’re planning to live in the house that you intend to purchase for the rest of your life, owning it will provide you with an asset.

Additional guidance

Read our guide below to discover handy tips about buying a home.

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How can GTP help you with your mortgage?

We’re here to help you save both time and money. Our consultants have extensive experience, which we’ve gathered over the years. We have access to hundreds of products across the whole mortgage market and are happy to advise on the most suitable products and services for your needs.

How should I choose a property?

The right place to start when you consider to buy a house is the location. Once you’ve decided on that, you can look at what you want from your home. Would a house or flat suit your needs better? It’s certainly advisable to consult with multiple estate agents, so you don’t miss out on any suitable opportunities. The more estate agents you talk to, the more deals on offer you’ll be able to compare.

Becoming a landlord

Before you become a landlord, you should work out the potential annual income you can achieve through the rental price. You should also look at the capitalisation rate, which is the rate of return you can expect on an investment property. The higher the rental price, the better. We’re here to help you look at all the costs you can expect to encounter when looking at this type of investment.

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Mortgage Calculators

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How much can I borrow?

Stamp duty calculator

Remortgages

For those who already have a mortgage on a home, it’s worth checking to see whether you might be able to remortgage it in order to get a better deal. Keep in mind that remortgage is in essence a way of replacing your current mortgage with a new one. It’s usually a good idea to get some expert advice before you make your final decision with all the different remortgaging deals available to choose from.

A good starting point might be to look at what type of mortgage you are looking for. Below we have listed types of mortgages you will come across when considering your mortgage options.

Mortgages Types

Fixed rate mortgage deals

Fixed rate mortgages are just that. They hold the same interest rate for a fixed amount of years. So, no matter how much your mortgage lender raises or lowers its rates of interest yours will stay the same. After the initial period of an agreed number of years, the interest you pay will transfer to your lender’s standard variable rate (SVR). Fixed rate mortgages can be agreed for a time period of as little as 2 years or as long as 10 years. You’ll need to agree on the time period with your lender.

Standard Variable Rate remortgage

The rates in Standard Variable Rate (SVR) Mortgages will move up and down depending on the changes in interest rates. It has an interest rate that will change according to the rate set above the interest level decided by the Bank of England’s Monetary Policy Committee. You would fall onto this type of mortgage after any incentive period like finishing an introductory fixed or tracker deal type mortgage for example. At the same time you are more than likely not tied to this rate.

Tracker Rate Mortgage

Tracker mortgages will follow the base rate set by the Bank of England. The mortgage rate you pay will be a fixed interest rate above or below the base rate.

Discount Mortgage

The interest rate on a discounted mortgage is a discount based on the offer on a standard interest rate, usually a lender’s Standard Variable Rate (SVR). The SVR is a mortgage interest rate set by the lender, which can then be lowered or increased by any amount, and at any time, so you will need to be mindful of these increases.

Cash Back Mortgage

These type of mortgages will give you a cash lump sum when you successfully apply for one, and they often come with interest rates that are higher in comparison to regular mortgage deals. You’ll likely find that mortgages without the cashback option are cheaper, but they’re something to consider for people who may need cash to help with moving expenses or renovations.

Offset and current account mortgages

An offset mortgage links your savings to your mortgage. It’s a home loan where savings held in a linked bank account are deducted from the amount of the mortgage you pay interest on. This does, however, mean that your mortgage account won’t earn any interest, but it will reduce the interest paid on a mortgage and provide you with a way to pay off your mortgage much faster. Current account mortgages combine your mortgage and your current account to give you one overall balance to pay.

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Buy to Let Mortgages

Go to bestbuytolet.co.uk

When buying a property with an intent to rent it out, there is a special type of mortgage that you need to apply for. If you are looking for extensive experience and knowledge about buy-to-let mortgages, give us a call or check out bestbuytolet.co.uk for more details.