Prosperty is delighted to be working with Amulet Mortgages – long established and hgihly reputable mortgage advisers.
As expert Mortgage Specialists, we pride ourselves on being reliable and giving completely transparent advice. Whether you are a first-time-buyer, you need to remortgage your house, or you’re looking to invest, Prosperty are here to help.
Working across the whole of England, we are fully qualified with the UK Certificate in Mortgage Advice and Practice (CeMAP) meaning that we we can cover all your mortgage and insurance needs nationwide.
Here at Prosperty we have a personal approach when it comes to communication with our customers and will keep in contact with you every step of the way.
Whether you’re a first-time buyer, experienced mover, looking for a large loan or a buy-to-let landlord, we’re here to help.
This will allow you to fix your interest rate for typically 2, 3, or 5 years which means your mortgage payments would stay the exact same for that time period.
A mortgage rate that is a certain percentage above or below the Bank of England base rate for a period of time. This can mean that your monthly mortgage payments can fluctuate if the base rate was to increase.
The bank or lender decides the mortgage rate that you will pay which is usually based on market rates. This is the rate you will switch onto after the fixed rate time period has come to an end.
This is similar to the variable rate mortgage, but the lender will give you a discount on the rate for a certain period of time.
An offset mortgage is a home loan where savings held in a linked bank account with the lender are subtracted from the amount of mortgage that you pay interest on, meaning you can either pay less each month or pay off your mortgage more quickly.
Here at Prosperty, we are whole-of-market Mortgage Advisors. We do the mortgage comparisons and find a good deal for you. With access to over 50 lenders and thousands of products, you can be confident you’re getting the right deal for you.
Meet our team of experienced team of FCA accredited mortgage brokers behind all the magic.
Please get in touch and we’d be happy to run through these questions and any others you have over the phone.
A mortgage is a loan agreement with a bank or building society where they will lend you money to help buy a property. The loan size will depend on the size of your deposit and your income/expenditure.
You will then pay back a monthly amount to repay the mortgage loan over a certain period of time. Every bank has its own criteria so your Mortgage Advisor can find you the most suitable lender and the best mortgage deal based on your circumstances.
So you have two options here…
the first option is to go directly to your bank
or the second option is to speak to a Mortgage Adviser.The main difference is that Mortgage Advisers have access to a wide range of lenders. ‘Lenders’ is another term for the multiple different banks who will be providing the mortgage.
This means that they will be able to find you the best deal on the market, as well as being on hand to guide you through the whole process.
Here at Prosperty, we are whole-of-market Mortgage Brokers. This gives us access to every bank offering mortgages through the Broker market.
A repayment mortgage means that if you make all of your mortgage payments for the whole term of the mortgage you will then own the property outright at the end of the term, with no mortgage loan left to pay back.
You might have heard that people take the mortgage over 25 years, 30 years, 35 year term.
The longer timeframe you take the mortgage over, the lower the monthly mortgage payments will be. But, the more interest you will pay as you’re paying interest for a longer period.
The shorter timeframe you take the mortgage over the higher the monthly mortgage payments will be. So, the shorter you take the mortgage over the less interest you pay.
Your advisor will run through your full income and expenditure to work out what term is best for you.
Most people will take a repayment mortgage as this guarantees that the mortgage is fully repaid at the end of the term.
An interest only mortgage is the opposite to a repayment mortgage. With this type of mortgage, you will only pay the interest back to the bank and you will still owe the same amount to the bank at the end of the term unless you make overpayments.
Interest only mortgages are typically taken out for buy to let mortgages. They can be taken out on residential properties, but banks normally have a stricter criteria around this, whereby they require you to have a large deposit or a high income.
The amount you can borrow is normally based on your annual income.
Banks will normally lend between 4.5 to 5 times your annual income depending on the size of your deposit, and taking into account any monthly commitments. Monthly commitments can include credit cards, loans and finance agreements.
Your Mortgage Consultant will be able to use affordability calculators to work out how much you can borrow from the different lenders.
If you have a joint mortgage with two incomes, this means you should be able to borrow more.
Here at Prosperty, we can provide free initial advice which will give you a breakdown on how much the monthly payments will be.
A bank will charge interest on the loan amount that will be part of your monthly mortgage payment.
The interest rate charged will be based on the percentage of deposit you put down against the purchase price. The larger the deposit, the better the interest rate will be.
This will normally go up at 5% each time; so if you put down a 5% deposit you will get a certain rate, if you then put down a 10% you get a better rate and so on.
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