Mortgages

We know that finding the right deal on your mortgage can be tricky. Which is why we’ve teamed up with Mortgage Advice Bureau to offer our customers expert fee free mortgage and protection advice they can count on.

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Where do I start?

  1. Before you even start viewing properties, get a Mortgage in Principle. You don’t have to get your actual mortgage from that provider, but it gives an idea of what you can borrow. 
  2. After you’ve made an offer and it’s been accepted, you can start your mortgage application. A mortgage broker will be able to compare different options based on your circumstances. 
  3. Your broker will be able to choose from a variety of different options across the market and will advise you on interest rates, length of term and costs before making the application. 
  4. When you are approved for your mortgage, you can move on with the next stage in your journey, which is usually finding a conveyancing solicitor.

A quick guide to mortgages


What is a mortgage?

A mortgage is a loan that allows you to buy a property. For many, it’s not possible to buy a property outright so you put down a percentage of the value of the property (a deposit) and a mortgage lender (usually a bank or building society) lend you the rest. You then pay off an amount every month until the debt is repaid. Your mortgage repayment amount is worked out based on how much you borrow, the rate of interest and the length of the mortgage.

What’s the difference between a broker, an adviser and a lender?

A lender provides the money for your mortgage. It is usually a bank or a building society. An adviser or mortgage broker is someone independent from the lenders who has access to a variety of different lender offers and can broker the deal for you.

How much can I borrow?

The general rule is that you can borrow 4.5 times your annual income. So if you make £30,000 a year, you could borrow £135,000. If you had saved £20,000 as a deposit, you could look at properties priced at £155,000. Knowing how much you can borrow means you can adapt your property search to different areas or types of property. It can also tell you if you need to increase your income or your deposit.  Mortgage Calculator

What does LTV mean?

LTV stands for Loan To Value and it refers to the difference in what you’re borrowing and what you’re providing as a deposit. So if a mortgage has an LTV of 80%, it means the lender will supply 80% of the value of the property and you need to supply a 20% deposit. The bigger the deposit, the lower the LTV and the better the rates on your mortgage. 

Help and advice


How much do mortgages cost?

We break down the costs and fees that can come with getting a mortgage.

Read more

Questions to ask your mortgage broker

When choosing a mortgage broker (and a mortgage product), don’t be afraid to ask questions. Here’s our recommended top talking points.

Read more

What documents do I need for a mortgage?

From ID to payslips, be prepared for paperwork when it comes to your mortgage application.

Read more

The first time buyer’s guide to mortgages

If you’re buying your first home, here’s our guide to everything you need to know about first time buyer mortgages.

Read more

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Your home could be repossessed if you don't keep up repayments on your mortgage.

Fee-free advice is available through Opal Mortgage Services Ltd. Other Appointed Representatives may charge a fee for mortgage advice. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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