Phone: 0121 274 2585

Contact Us

Mortgages

Intro text about this section

A mortgage is a loan from a bank or a finance company which is used to pay for a property. 

You then pay the loan back to the lender over a certain period, with an amount of interest which is calculated based on the rate agreed with the lender. The amount you pay back will be slightly larger than the amount you borrowed because of the interest added to the loan. With a mortgage, the property you buy with the loan is considered collateral, which means if you can’t repay the loan, the lender can take possession of the property and sell said property to the open market to recuperate money that is owed.

To get the best possible mortgage with the lowest interest rates, consider doing the following:

  • Save up for a bigger deposit
  •  Make sure any debts you have are paid off (credit card, pay day loan, bills, overdraft)
  • Don’t go into an unauthorised overdraft (spending more money in your bank account that you have, without agreeing on an overdraft with your bank)
  • Keep up with any monthly payments you currently owe
  • Sign up to the electoral roll
  • Check your credit score – better credit scores can get better mortgages

Lenders want to make sure you can afford to repay, which is why they look at your spending habits. Too many outgoings might worry a lender, so make sure you’re repaying everything on time.

Richmond Holmes have a group of market leading mortgages advisers that can help you get the best deal suited to your needs. Our team of brokers offer specialist advice tailored to meet your specific needs, whatever your situation. With years of experience in property financing to draw on we have access to a unique and extensive network of high street lenders, major financial institutions and private banks so that you can be assured that you’re getting the very best deal available.

Thanks to this experience and the extensive resources that we have to hand our mortgage experts can also help with specialist borrowing requirements such as development finance, bridging finance and loans against other asset.

Residential and Buy-to-let Mortgages

Whether you own one property, many or are considering your first – Richmond Holmes offer bespoke mortgage advice to find you the best solution for your requirements. Whether you’re moving to a larger property or downsizing to a smaller property, moving to a new home is the perfect opportunity to find a new mortgage deal that works for you, even if you already had a mortgage in place on your existing property. We can help you find out what your options are with your existing lender, without you having to contact them. We can also compare their terms against the entire market, so you have peace of mind that staying with the same provider is the right option. If it’s not, we’ll help you put a new, more appropriate mortgage in place for your new home. Our knowledge of every lender’s policies and products means we know what’s available to you to help you with your move, so when you are presented with a mortgage solution, you can be confident it’s the right one.

First Time Buyer Mortgages

Buying your first home is exciting but often daunting. Your home is the centre of your family life and a major asset, but it’s almost certain to be one of the biggest financial commitment you’ll make. At Richmond Holmes we know it’s not just securing a good deal that counts but receiving an exceptional service you can trust . We’ll guide you every step of the way and use our experience to secure you a mortgage that’s right for you. We’ll help you navigate the many first-time buyer mortgage options available and will provide the expertise to help you understand special incentives for first time buyers such as no fees, cash back and Help to Buy.

What are the different kinds of mortgages?

  • Q. Repayment mortgage

     

  • Q. Interest-only mortgage

     

  • Q. Fixed-rate mortgage

     

  • Q. Variable rate mortgages

     

  • Q. Discount mortgage

     

  • Q. Tracker mortgage

     

  • Q. Capped rate mortgage

     

  • Q. Offset mortgage

     

  • Q. Standard Variable Rate (SVR) mortgage

     

  • Q. Help to Buy mortgage

     

  • Q. Shared Ownership mortgage

     

  • Q. Remortgage

Should I use a mortgage adviser?

Sometimes known as mortgage brokers; mortgage advisers are individuals who are experts when it comes to mortgages and which will be most suitable to you. They sometimes have access to deals than you can’t find by going directly to a lender. They discuss your financial situation and which mortgage you should apply for. Some do have fees involved but some are paid via a commission from your chosen lender instead.

Since mortgages can be complicated, don’t feel put off about using a mortgage adviser. If you feel like you can’t do the research yourself or find the process too confusing, mortgage advisers can help every step of the way.

How much are mortgage fees?

Be aware of the fees you may be charged throughout the process of getting a mortgage.

  • Booking Fee – also known as application or reservation fee. A fee for securing a certain deal on a mortgage. Approx. £100.
  • Arrangement Fee – The admin costs for the lender setting up your mortgage. Paid either upfront or added to the mortgage (with interest). Approx. £1000.
  • Valuation Fee – Paid so that the lender can value the property separately and match the cost of the property to what they’re lending. Approx. £250.
  • Legal Fees – paid to your solicitor or conveyancer. Sometimes this cost can be covered by your lender. This fee pays for the work your conveyancer undertakes to sort the legal parts of buying the property and the paperwork. Approx. £1500.
  • Broker/Adviser fees – if you used a mortgage adviser, they will need to be paid for their work. Sometimes this can be through a commission instead of an upfront cost. Approx. £500.

Fees for a mortgage can seem unreasonable. If you feel like fees are too high, but the interest rates are low, you may find it a better alternative to find a mortgage with lower fees but higher interest rates. It all depends on what you can afford and what you’re willing to pay. Paying more upfront may mean less to pay in future and vice versa.