Mortgage Broker Colchester

There are two types of variable rate mortgages, those being tracker mortgages and discount mortgages. The interest rate of a tracker mortgage tracks the Bank of England base rate (which currently sits at 0.1%). You'd more than like take out a tracker mortgage for a short introductory deal period, after which you would be moved on to your lender's standard variable rate. 

Discount mortgages allow you to pay the lender's standard variable rate with a fixed amount discounted. Such discounted deals can be ‘stepped’, meaning you could take out a 5 year package but pay a set rate for the first 6 months and then a higher rate for the remaining 4 and a half years.

When you take out a fixed rate mortgage, you will pay the exact same interest rate for the whole package period, no matter what interest rates are elsewhere, hence the name 'fixed'. 2 and 5 year periods are common, meaning when you reach the end of your fixed term contract you will be transferred to your lender's standard variable rate instead.

Our mortgage process starts off with your inquiry, so begin by telling us a little bit more about yourself, your finances and your new home. Keep us updated surrounding any decisions that you make as well as any changes in your financial position, as we need this information to fill out your paperwork and find the best package for you. 

Once we have received and assessed your enquiry, we will present you with a range of options that you can choose between to find the perfect match for your unique needs. We'll make sure that no mistakes are made during your application, ensuring you can reach your dream home in no time at all.

A mortgage broker, or mortgage advisor, can be a company or individual that works on a clients behalf to manage the process of applying for a mortgage in its entirety.

A mortgage advisor typically provides a range of services that include; assessing a customer's financial situation, providing advice on how to appear appealing to potential lenders, identifying the most ideal mortgage options and offering access to the best mortgage deals available to match their customer's requirements.

Mortgage brokers prices and services will vary from broker to broker. Some charge commission and others charge a typical fee. Contact us for more information on our fees.

Mortgage brokers/advisors have extensive knowledge of the housing market and mortgages. If you are unsure of what you are looking for when you are considering applying for a mortgage, a professional mortgage advisor will help to cut through the jargon and the noise of the industry. A reliable mortgage advisor is worth their weight in gold, quite literally in some circumstances.

They save customers time, money & stress by simplifying complicated mortgage procedures and providing insightful information that is easier to digest for people that are not familiar with the property market.

Yes, any person is able to get a mortgage for a property provided you are in full time employment, have some form of monetary deposit and a recorded credit history with the relevant credit reference agencies within the UK.

There are however a lot of factors that can affect rates and eligibility, such as if you are self employed. A mortgage advisor can provide you with an understanding of what options are available to you and help with making an informed decision.

You have two options when you move house, you can either remortgage or take your mortgage with you to the new house.

The amount of deposit that you need for a mortgage will depend on a variety of factors. Some mortgage lenders and financial institutions offer as little as 5% mortgage, however, the deposit that you place down will affect the terms of your mortgage, potentially increasing monthly repayments & more.

You may think that you can’t get a mortgage if you have bad credit, this is not necessarily the case. It is important to be aware that bad credit mortgages typically have high rates of interest, may require guarantors in instances of non-payment and even other types of collateral. It is important to remember that defaulting on your mortgage could result in your home being repossessed.

The length of time that a mortgage application can take will vary based on personal circumstances, mortgage terms & so on. A typical, estimated time frame for a mortgage application to be accepted is up to 6 weeks.