Not only do you need to consider which mortgage is best for you, you also need to think about which interest rate options are most likely to suit your needs.
The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased.
Find out more about the services we offer.
Check out our financial tools.
Read about our company and people.
At Mortgages by McAteer we pride ourselves on the reliable, forward thinking and trustworthy advice we provide to our customers. We help customers navigate the options available to them through clear information and guidance, this in turn enables them to understand their choices and make informed decisions.
We will provide bespoke mortgage and protection advice, making clear recommendations based on a sound understanding of your requirements & needs.
We provide a supportive service from start to finish, helping you negotiate offers with estate agents or new build companies, to liaising with solicitors on your behalf.
We offer expert, comprehensive advice, either face to face, virtually via video call or over the telephone, to fit in with your schedule and lifestyle.
To put it simply, a mortgage is a loan that you will take in order to pay for the ownership of property or land. You borrow the entirety of the money needed to purchase the property, minus the deposit, and then pay it back, often over a period of 10-25 years. Once you pay off the entirety of the mortgage, you own the home completely
The majority of mortgages are aimed at first-time homeowners, but that is not always the case. There are many different types of mortgages, including mortgages for commercial properties and mortgages for property investment purposes. There are also those who aim to remortgage. In this case, you may have already paid off the entirety or a large portion of the mortgage and be in ownership of a lot of the equity of the property. A remortgage involves taking another loan out, effectively trading the equity you have gained for cash relative to the overall value of the property.
When you need a mortgage, the first step often involves arranging an appointment with mortgage providers, such as banks and other mortgage lenders like building societies. The mortgage application process can be long and tricky. This is where using a trusted mortgage broker can help you, because they know the market, products available and can save you time, effort and money. In most cases, you must also prepare a deposit. A deposit is a sum of money, usually around 10-20% of the overall home’s value. If the mortgage lender accepts your credit rating and application, the mortgage will pay off the remainder of the home value, minus the deposit.
As mentioned, you will go through an application process that can involve putting down your deposit on the home if accepted. From that point, your mortgage lender will arrange a deal where you pay back the loan month-by-month until you have fully repaid both the mortgage and the interest on your loan. The amount of interest you have to pay depends on what kind of mortgage you have chosen. Fixed-rate mortgages can keep those interest rates consistent for a number of years, while variable-rate mortgages can change over time, but sometimes go lower than the average fixed-rate loan. When you take out a mortgage, you are using the property you’re buying as a security on the loan. As such, if you fail to make your repayments, the property can be repossessed.
A mortgage broker is effectively a financial adviser with specialist knowledge in the mortgage market. Whether you’re a first-time buyer or looking to remortgage, their primary service is to help you find the mortgage that offers the deal that works best to your aims. They will look at what the different mortgage lenders are likely able to offer you, based on the information you give them, your ability to repay, and your credit rating. Sometimes, they may be able to offer exclusive offers that customers cannot get from lenders directly, and they can also offer advice on whether you should pay for additional services like mortgage insurance.
In all things real estate, there is a significant advantage to working with someone who can offer local expertise. When your broker is locally based, they will have a good working knowledge of upcoming constructions as well as up-and-coming parts of the area due to having set up hundreds of mortgages there before. Not only can you benefit from their knowledge of the local area, but they may be more familiar with local lenders that other mortgage brokers might miss, as well. Your home may be repossessed if you do not keep up repayments on your mortgage. Commercial mortgages and some buy to let mortgages are not regulated by the Financial Conduct Authority