Historically, mortgage lenders used to simply use a basic multiple of your base income in order to work out how much they are willing to lend you. Now, they will conduct a more thorough financial evaluation, taking into account your net income, with your regular outgoings and expenses factored in, in order to work out how much you can borrow. They will also look at your credit score and any loans or credit cards you currently have.
If you are using your mortgage to purchase a property, then you will need to work out what size deposit you can pay or are required to pay up front before a mortgage lender will lend you the rest. The size of deposit that you are required to pay will depend on your financial situation and credit history. The difference between the amount borrowed and the actual value of the property is known as the loan-to-value ratio, or LTV. Generally speaking, a lower LTV and so a bigger deposit is the safer option, allowing you to get better deals all around and, of course, since you're borrowing less in the first place, your monthly repayments will be smaller.
The terms of your mortgage will depend largely on the reason why you're trying to borrow. There are four basic types of mortgage available:. A fixed rate mortgage comes with an interest rate that remains constant for a period of one, two, three, five, or ten years.
Many people take out a fixed rate mortgage with the intention of refinancing and switching to a product with a more favourable interest rate at this point. A fixed rate mortgage will generally have a higher interest rate than you could obtain initially with a variable rate mortgage but it offers the stability of several years of unchanging monthly payments. A variable rate mortgage is one with an interest rate that fluctuates. For a standard variable rate mortgage, the interest rates is set and changed by the lender.
In general, however you can obtain a better interest rate by opting for a variable mortgage—but you have to be prepared to see it change. On the other hand, lifetime trackers continue to track the base rate until the end of the mortgage term. Most mortgages are taken out by people looking to sell up their current house and move to a new one. Alternatively, to keep your cash flow positive, you might want to offer a high deposit and borrow the bare minimum.
You can use some of the cash from the sale to pay off your existing mortgage, and use the remainder the equity for a deposit on a new one. In this case, you might face early exit fees. If exit fees are high, you can contact your lender and arrange to port the mortgage over to the new property — though not all lenders will let you do this. Their monthly rent covers your mortgage payments — as well as other costs and hopefully some profit.
Most buy to let mortgages are interest-only , meaning your monthly payments only cover interest on the loan and and the principal of the mortgage the amount borrowed will not go down over time. At the end of the mortgage term you then have to pay off that balance, generally by selling the property. However, mortgages with high LTV come with high interest rates. Help to Buy is a government scheme aimed at helping first time buyers with small deposits get onto the property ladder.
Help to Buy is targeted at first time buyers but is technically available to anyone purchasing a home for less than the threshold price and who intends to live in that home full-time.
If you have a mortgage on a home but think you can save money with a mortgage, perhaps from a different lender, you can remortgage your home. Ignoring that, and going ahead anyway could land you in trouble. Best to get the right mortgage for the job! When you have an interest only mortgage, you pay only the interest on the loan and nothing off the capital.
With repayment mortgages, you pay off the interest and some of the overall cost of the property each month. Use our comparison service to find out what deals are available for you today, and fast track your way to becoming a landlord. Compare buy to let mortgages. Welcome back. Go to your account. Looking for Meerkat Meals or Meerkat Movies? What is a buy-to-let mortgage? Related Articles Compare mortgages Compare remortgages Guide to remortgaging. Frequently asked questions. Is a buy-to-let mortgage cheaper than a standard mortgage? Deposit This is the amount of money you've already got towards the cost of the property.
Years 35 years 34 years 33 years 32 years 31 years 30 years 29 years 28 years 27 years 26 years 25 years 24 years 23 years 22 years 21 years 20 years 19 years 18 years 17 years 16 years 15 years 14 years 13 years 12 years 11 years 10 years 9 years 8 years 7 years 6 years 5 years 4 years 3 years. Feedback panel Loan to value.
Based on what you told us, you need a mortgage of. Based on what you told us, we could lend you Your monthly payments could be Your home or property may be repossessed if you do not keep up repayments on your mortgage. What's next. Show me the mortgages. Sorry, but based on the information you have supplied us, we are unable to provide you with a borrowing quote.
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