Find the right mortgage for you

Finding the right mortgage deal for you isn’t easy. There are a few different types of mortgage, each with their own advantages and things to consider:

Fixed-rate mortgages

These are the most common types of mortgage – with this type of mortgage you pay the same interest rate for the entire deal, regardless of interest rate changes elsewhere.

Whether a fixed-rate or variable-rate deal is best for you depends on a few factors. The most important things to consider are:

  1. Whether you think your income will change
  2. Whether you want to know exactly how much you’ll pay each month
  3. Whether you could cope if your monthly payments went up

Variable rate mortgages

Variable rate means that the rate of interest you pay back on your mortgage is liable to change. Tracker mortgages and discount mortgages are the two main types of variable rate mortgages.

Tracker mortgages

This kind of mortgage tracks the Bank of England’s base rate. For instance, if the base rate was 0.1% and the additional rate 3%, you’d pay 3.1%.

Approximately one in 10 mortgage customers have a tracker mortgage according to research by Which?

Discount mortgages

With this type of mortgage, you pay your lender’s standard variable rate, with a fixed amount discounted. If your lender’s standard rate was 4% and your mortgage came with a 1% discount, you’d pay 3%.

Standard variable rate mortgages

Each lender can set this figure at whatever level it wants and it bears no relationship to the Bank of England base rate.

Although they normally don’t change often, lenders can change their standard variable rate at any time. Certain factors influence these changes – for example, they are more likely to change if there are rumours of the Bank of England changing the base rate in the near future.

Most people who have a standard variable mortgage have had their mortgages for over five years, and if you are currently paying standard variable rate it is likely you will be able to save money by remortgaging.

Offset mortgages

An offset mortgage is where you have savings and a mortgage with the same lender and your cash savings are used to reduce the amount of mortgage interest you are charged. Rather than placing your money in a standard savings account, you place it in an offset account linked to your mortgage.

If you had a mortgage balance of £100,000 and offset £20,000 in savings, you will only be charged interest on £80,000.

Specialist mortgages

Joint Borrower, Sole Proprietor (JBSP)

JBSP mortgages are a type of mortgage where not all parties to the mortgage are the legal owners of the property. For instance, if there are two borrowers in this scenario, both will be liable for the mortgage but only one will be named on the title of the property.

These mortgages allow parents, guardians, friends or family to support would-be first time buyers with the affordability challenge of getting on the housing ladder.

Mortgage for a Concessionary purchase

A concessionary purchase is a term for a property that is bought for less than its market value.

Let’s say that this property is worth £150,000 but your parents want to sell it to you for a discounted price of £120,000. The surplus of £30,000 would then act as your deposit.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

We are here to advise, we do not push.
We want to provide a service you’d be happy recommending to your friends and family


Buying your first home can be daunting to say the least: it’s a huge step forward.
Worried about where to start? Not sure if you can get a mortgage or how much you can borrow? Don’t panic, we make things as quick and easy as possible and will not confuse you with jargon. We welcome all enquiries no matter how complex.

Whether you want a better interest rate, borrow a bit more to repay debts, improve your home or just fancy a great holiday, we keep the whole process as simple as possible and get you the best solution available

In most cases NO. If your mortgage is for a small amount then we may arrange for you to cover costs via a fee. As far as we can see this is the most professional approach at ensuring you get the mortgage that’s right for you.

Once you find a property you want to buy, you need to choose a mortgage. You could go straight to your current mortgage lender or bank/building society but they will only discuss the options they are currently offering. That’s fine but it means you could be missing out on better deals elsewhere.

We can advise on your existing lender and every other out there, and that new home might be within reach if you have the right lender on your side.

Buying a property to rent out requires a different mortgage than for a property you intend to live in. With rents at record highs and property prices stable it could be a good time to become a landlord – we aim to provide a clear and simple route into the Buy to Let market.

Buy to Let mortgages are not regulated by the Financial Conduct Authority

You might be a sole-trader, in a partnership or maybe a company director. This can sometimes be an obstacle when looking to move.
We know which lenders are most appropriate for you depending on your circumstances so you could be closer than you think to getting that mortgage.

Whole of Market

We are Independent mortgage advisors with no links to any specific mortgage lender. This means that you are not limiting yourself to a single lender or group of lenders that a ‘tied’ broker works with

Find your mortgage

Extensive knowledge

Mortgage Quest have a combined 150 years in the industry and can use this expertise and experience to help you. Why not take a moment to learn more about our team?

Meet the team

Face to face advice

We are based in Royston, but with National coverage meaning we can find you the best products that we have access to regardless of your proximity to our Hertfordshire office.

Contact us

Why not get in touch?
We’d love to help you!

Call Us

01763 244884