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Email: admin@housemovepro.co.uk
Phone: 0800 0147 453
When you complete this form, you will instantly get a list of Mortgage Brokers in your local area, together with their contact details. There is no middle man - you deal directly with the supplier of your choice. Your details are not passed on to any third party other then the Mortgage Brokers listed, and we will not add you on to a mailing list. Apart from an email asking you for feedback, we will not contact you again.
When you complete this form, you will instantly get a list of Mortgage Brokers in your local area, together with their contact details. There is no middle man - you deal directly with the supplier of your choice. Your details are not passed on to any third party other then the Mortgage Brokers listed, and we will not add you on to a mailing list. Apart from an email asking you for feedback, we will not contact you again.
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Mortgage Providers
A mortgage is a loan used to buy property, or alternatively used by existing property owners to raise funds for any other purpose. In both cases, the loan is secured on the borrower's property, which means that the lender can take possession of and sell the property to pay off the loan, in the event the borrower defaults on the loan. This is referred to as foreclosure or repossession. Most mortgages are provided either by mutual organisations such as building societies or proprietary lenders typically banks.
A mortgage broker, or adviser, is someone who will research the various mortgages available to you based on your financial situation and apply for one on your behalf. They will advise which lenders are likely to accept your application and how to improve your application.
A good broker will act as an intermediary between a borrower and a potential lender. They will have expert knowledge of the mortgage market and be able to recommend the best mortgage deals that suit your personal circumstances. They will have online access that allows them to search the market for mortgage deals quickly and thoroughly. A good broker will also know which lenders are most likely to accept a borrower, helping to steer clear of potentially unsuccessful deals, which may have a negative impact on future applications.
There are several things you should consider when choosing a mortgage adviser. One of the most important is whether they are whole-of-market. Some mortgage advisers and brokers will only recommend mortgages that are available from a select 'panel' of lenders. Meanwhile, if you speak to an adviser based in a bank or building society, they will only tell you about their own product range. A whole-of-market broker will be able to assess every available mortgage so they can recommend the very cheapest or most suitable deal for you. This could potentially save you a lot of money.
You should always check that your broker is authorised to give mortgage advice by consulting the Financial Services Register.
There are in the UK three main types of mortgages, based around the method of repayment of the capital borrowed.
Repayment mortgage
A set sum is paid by the borrower each month, which covers the interest due on the loan for that month, plus a repayment of part of the capital. This monthly payment is calculated so that the full amount borrowed will be repaid by the end of the mortgage term.
Interest-only mortgage
The sum paid by the borrower each month covers only the interest due on the loan that month. No capital is repaid, so that the full amount of the loan is still outstanding at the end of the mortgage term and will need to be paid in a lump-sum.
The lump-sum repayment may be linked to
- the maturity of endowment policies,
- proceeds of an ISA or other investment plan
- the tax-free cash lump sum from a personal pension scheme