Uncover Mortgage Comparisons From The WHOLE of the Market
Find Specialist and Exclusive Mortgage Deals That Aren't Available to The General Public
MORTGAGE AND REMORTGAGE FAQS
Hopefully, these mortgage and remortgage frequently asked questions will help, but please note that the information on this page does not represent financial advice. You must consult an FCA registered mortgage adviser for complete information.
Which type of mortgage should I choose?You need to ensure you have the right type of product to suit your circumstances whether it be fixed rate mortgage or standard variable rate mortgage. You need to ask yourself questions such as would you be more comfortable knowing what your repayments will be by choosing a fixed rate mortgage or would you be happy taking the risk that interest rates will remain stable or come down by choosing something like a base-rate tracker mortgage? Your mortgage broker will help you decide which is the best for you based on your attitude to risk and your circumstances.
Skip To Free Mortgage Comparisons | Back To Top
How Much Can I Borrow?Mortgage lenders will normally offer to lend you an amount based on your income and, in the case of a joint mortgage, your partner's income. They will also take into consideration things like significant outgoings (such as loan repayments) and the loan to value (LTV) percentage (see "What is LTV?" below). Mortgages up to the value of 95 percent of the property value may be available depending on circumstances, however, very few would qualify for a 95 percent LTV mortgage.
Skip To Free Mortgage Comparisons | Back To Top
What if I have a poor credit history?Getting a mortgage with a poor credit history (often known as a subprime or adverse mortgage) in the current climate is very difficult. Your mortgage broker will only be able to help you, if your credit history is reasonably good. You should always make sure you can afford the payments though. Your mortgage broker will advise you on affordability.
Poor Credit Mortgage Comparisons | Back To Top
What do I have to consider before I switch from my existing mortgage?There are things to consider before you change your mortgage: Do you have an early repayment charge? Your mortgage may have one, especially in the early years and if you are still within a special mortgage deal period, such as a fixed, cash back mortgage or discounted.
Remember, what looks like a cheap mortgage today may not prove to be so in the longer term. Ask your mortgage broker what happens after any special deal ends.
Also consider whether there are other charges and are the rates competitive. Your broker will need to take everything into consideration if they're to advise you to switch to a new mortgage.
Free ReMortgage Comparisons | Back To Top
What happens after your mortgage comparison enquiry is received?Your qualified mortgage broker receives your enquiry, checks the mortgage products that are currently available from a choice of providers and then contacts you with a range of quotes to suit your particular circumstances.
They use specialist, industry search software that will provide you with the mortgage information drawn from the whole of the UK mortgage market. This will help you make your decision which is the best mortgage for you and your situation.
Depending on your circumstances and the type of mortgage your require, they may be able to show you exclusive mortgage deals and financial products that are not available directly to the general public.
Free Mortgage Comparisons | Back To Top
Is it right that there are only a handful of lenders?Many people believe that there are only a small amount of mortgage lenders. Mortgage brokers have easy access to a wide range of mortgages not only from the UK's best-known lenders, but many more of the lesser known lenders that offer competitive, and sometimes better, deals.
Skip To Free Mortgage Comparisons | Back To Top
Which mortgage lenders do the brokers use?Mortgage brokers draw mortgage comparisons from over 200 lenders including Lloyds, NatWest, RBS, Barclays, CoOp, HSBC,HBOS, Citi, Santander, all the major UK building societies as well as many specialist lenders.
If you have a preferred lender that you'd like specific comparisons for, please ask, it won't be a problem.
Other possible lenders:
Alliance And Leicester
Bank Of Scotland
Barnsley Building Society
Bath Building Society
Cambridge Building Society
Chelsea Building Society
Cheltenham & Gloucester Building Society
Cheshire Building Society
Coventry Building Society
Cumberland Building Society
Darlington Building Society
Ecology Building Society
Heritage Building Society
Lambeth Building Society
Leeds Building Society
Marsden Building Society
Newcastle Building Society
Nottingham Building Society
Scarborough Building Society
Skipton Building Society
Teachers Building Society
Tipton Building Society
Yorkshire Building Society
and many more...
Who Is Company Behind This Site?The Hidden Mortgages Mortgage Comparisons Site is operated by LeadFair Ltd. This independently owned website acts as an advertising and marketing vehicle to attract passive mortgage enquiries (from people that are proactively searching for mortgages using search engines or directories on the internet) and pass on such enquiries for a fee (but free to the searcher) to financial services providers. We only pass enquiries to experienced, qualified mortgage advisers who are authorised and regulated by the Financial Conduct Authority (FCA).
Skip To Free Mortgage Comparisons | Back To Top
Why should I use an FCA registered professional mortgage adviser?You could save a lot of time, money and hassle. An FCA (Financial Conduct Authority) registered mortgage adviser can bring reassurance whilst handling the paperwork and all the phone calls.
It is not always possible that the average member of the public who is looking for a mortgage will have access to all the possibilities. Mortgage brokers may know of many "hidden" deals. A broker may also be in a better position to negotiate a more favourable deal than you may be able yourself. The keyfacts documents that your broker will give you will help you compare products and services. This could save you lots of money over the term of your mortgage.
Brokers have access to a vast range of products and will already have varying types of relationships with the mortgage lenders, which could mean that if you hit problems with your application, they may well be better placed than you to talk to the lender to help you overcome them. You'll also have a point of contact should anything go wrong.
Your adviser will help you in your decision as to which is the best mortgage for your circumstances and also help to reassure you that you have made the right decision.
Skip To FCA Registered Professional Mortgage Comparisons | Back To Top
Why is FCA regulation a good thing?Mortgage brokers must adhere to a set of guidelines laid down by the FCA who regulate their working methods. Reputable Financial Conduct Authority (FCA) registered mortgage brokers will firstly want to determine what your needs and circumstances are. You should expect your broker to only recommend a suitable mortgage based on the information that you've given them.
They've an interest in recommending the right mortgage for your circumstances as they won't wish to fall foul of stringent FCA rules surrounding their work.
importantly, if you choose not to get FCA qualified broker advice you may not be able to get compensation if, at a later date, the recommended mortgage proves unsuitable.
Adviser Mortgage Comparisons | Back To Top
Do mortgage rates and products vary that much?We are sure that you compare prices when buying cars, holidays, TVs or whatever you are shopping for. We also know that you look for the best deal and compare many products and prices from different companies. But, did you know that many people don't eve bother to compare the different mortgage products and rates available. This of course is a mistake. If you are looking to save yourself money it is only sensible to shop around and compare information.
You should not be happy with the first rate you find - you must compare rates as they vary a lot.
You mortgage broker can help you make sure you have the right type of mortgage to suit your needs and circumstances whether it be a discounted mortgage, fixed rate, capped rate, flexible, interest only, self cert, offset, standard variable rate, tracker or poor credit mortgage.
What is APR?The Annual Percentage Rate (APR) takes into account the interest rate on the mortgage and other charges. Mortgage lenders have to tell you what their APR is so you can use it to compare mortgage offers. They vary a lot, but your broker will be able to explain how to spot an uncompetitive APR.
Free Mortgage APR Comparisons | Back To Top
What is LTV?LTV (Loan to Value) is the size of the mortgage loan as a percentage of the value of the property (or the property's purchase price). Mortgage lenders take LTV percentages into consideration when considering your application.
With a £70,000 mortgage required against a property value of £100,000, it would be 70 percent LTV.
With a £75,000 mortgage required against a property value of £100,000, it would be 75 percent LTV .
With an £80,000 mortgage required against a property value of £100,000, it would be 80 percent LTV .
With an £85,000 mortgage required against a property value of £100,000, it would be 85 percent LTV.
With a £90,000 mortgage required against a property value of £100,000, it would be 90 percent LTV.
70 percent LTV Mortgage Comparisons | 75 percent LTV | 80 percent LTV | 85 percent LTV | 90 percent LTV | Back To Top
What are Bridging Mortgages?A bridging mortgage is a loan that is sometimes taken out to solve a temporary cash shortage that might happen when buying a business or property .
A bridging mortgage may also be needed if you're paying for a property renovation, buying property at an auction or if you wanted to buy a second property before your first one is sold. Bridging mortgages are not regulated by The Financial Conduct Authority (FCA).
Bridging Mortgage Comparisons | Back To Top
What are Buy To Let Mortgages?A buy to let mortgage is a mortgage loan taken out to buy a property with the intention to let it out to tenants. The mortgage is secured against the property to be let.
There's a wide range of standard buy to let mortgages or maybe you need to remortgage to raise a deposit to buy a buy to let, or you may wish to remortgage an existing buy to let property. Whether this is your 1st investment or you are buying multiple properties, our specialist buy to let mortgage brokers can help.
Buy to let mortgage or remortgages are not usually regulated by The Financial Conduct Authority (FCA).
Buy To Let Mortgage Comparisons | Back To Top
What are Capped Rate Mortgages?A capped rate mortgage (sometimes known as a cap and collar mortgage) puts a cap (or ceiling) on the interest rate that you have to pay. You therefore have the reassurance of knowing the highest amount that the mortgage lender can increase the interest on your mortgage within a set period of time, typically between 1 and 5 years.
Capped Rate Mortgage Comparisons | Back To Top
What are Cash Back Mortgages?Often aimed at 1st time buyers, cash back mortgages offer a cash lump sum at the beginning or at a certain point during the mortgage term.
Normally, all or some of the cash back is repayable to the mortgage lender if you repay your mortgage in the early years.
Cash Back Mortgage Comparisons | Back To Top
What are Debt Consolidation Mortgages?A debt consolidation mortgage combines any existing debts you may have if you are having difficulty paying your bills. For instance, your current mortgage, credit cards, bank loans and hp agreements could be combined (consolidated) by means of a remortgage.
Debt Consolidation Mortgage Comparisons | Back To Top
What are Discount Mortgages?A discount mortgage offers a percentage discount from the mortgage lender's standard variable rate for a set period. With a discount mortgage, loan payments are variable, but are fixed at less than the lender's standard variable rate for a set time. At the end of this set time, you are then usually charged the lender's standard variable rate.
A discount mortgage is useful for people who prefer lower mortgage payments to begin with, but are happy to take on the higher rates later on in the mortgage term. Discount mortgage rates usually last between six months to five years.
Discount Mortgage Comparisons | Back To Top
What are Fixed Rate Mortgages?Many people like the security and reassurance of a fixed rate mortgage over a fixed period of years. The interest rate that's charged stays the same for a fixed amount of years. This can help when planning your budget and offers some peace of mind.
A fixed rate mortgage is charged at a fixed rate within that set period and typically covers periods of 1 year, 2 years, 3 years, 4 years, 5 years or 10 years. So basically, the mortgage interest rate remains fixed for a set period as opposed to the type of mortgage where the interest rate may change over time.
So, if you like the stability of knowing what your repayments will be, you might choose a fixed rate mortgage or you may be happier taking the risk that interest rates will remain stable or come down by choosing a base rate tracker mortgage. There are a wide range of fixed rate mortgages to choose from.
Fixed Rate Mortgage Comparisons | Back To Top
What are Flexible Mortgages?A flexible mortgage (sometimes known as an offset mortgage, Open Plan Mortgage or Current Account Mortgage) gives the borrower more control to vary their monthly payments. They can be used with either an interest only mortgage or repayment mortgage.
There are many different types of flexible mortgages. Flexible mortgages allows borrowers to do one or more of the following:
- Overpay, and sometimes borrow back your overpayments
- Skip payments (payment holidays mortgage)
- Pay off your mortgage early
- Have their interest calculated daily
- Pay no redemption penalties
What are High Income Multiple Mortgages?Most lenders set limits on how much they'll lend based on the multiples of your income. Lenders usually offer to give you a mortgage amount based on your income and, if a joint mortgage, your partner's income. It can sometimes be difficult obtain more than the standard limits. There are a however range of high income multiple mortgages to choose from.
High Income Multiple Mortgage Comparisons | Back To Top
What are Interest Only Mortgages?With an interest only mortgage, the initial loan amount remains constant through the whole term of the mortgage. The monthly repayments only pay off the interest being charged on this amount.
Interest only mortgages are usually tied to savings or investments plans such as endowments, personal pensions and ISAs, that you will have to pay into - this is designed to cover the initial loan amount at the end of the term. They're not guaranteed to cover the full mortgage amount.
You will have to ensure you have enough money to repay the mortgage by the end of the term, otherwise you may lose your home.
Interest Only Mortgage Comparisons | Back To Top
What are Let To Buy Mortgages?A let to buy mortgage, not to be confused with a buy to let mortgage, is useful if you need to move but cannot sell your home. Basically, you rent out your existing home and whilst taking out a let to buy mortgage on it. The money goes towards paying for your new home.
They are also useful if you want to keep your original home for investment purposes.
Let to buy mortgages or remortgages are not usually regulated by The Financial Conduct Authority (FCA)
Let To Buy Mortgage Comparisons | Back To Top
What are Offset Mortgages?An offset mortgage is a flexible mortgage that's combined with a current account and is used for the purchase of residential property.
Sometimes called current account mortgages or open plan mortgages, offset mortgage varies between the lenders, some have a single account for all transactions whilst others have multiple accounts.
The current account balance is set against the mortgage balance and interest is charged only on outstanding amounts. This is designed to reduce interest payments.
Offset Mortgage Comparisons | Back To Top
What are Pension Mortgages?With a pension mortgage, an interest only mortgage is taken out and, at retirement, the tax free lump sum that can be taken from your pension plan is used to pay off the mortgage. You can then draw your pension from the balance of the fund. If the proceeds of the pension don't achieve the amount expected, there could be a shortfall. Although tax-efficient, a pension mortgage is not suitable for everybody.
Pension Mortgage Comparisons | Back To Top
What are Repayment Mortgages?With a repayment mortgage you pay back the interest and capital as opposed to an interest only mortgage where the monthly repayments pay off only the interest being charged on the mortgage amount.
So basically, you make monthly mortgage repayments for an agreed period (the term) until you have paid back both the interest and the loan.
Repayment Mortgage Comparisons | Back To Top
What are Remortgages?With a remortgage, the terms of the original mortgage are re-negotiated. There are many reasons why someone might want to remortgage. They may be coming out of a fixed rate deal or tracker mortgage and are looking for a better interest rate and/or alternative mortgage.
You may have a lot of unrealised value in your home. Remortgaging could release a lot of this money and it's possible to remortgage to raise money by extending the term of the loan.
Depending on how much equity you have in your home, you may be able to remortgage to raise more funds to pay for home improvements such as an extension, conservatory or a loft conversion.
Some borrowers use debt consolidation remortgages to repay debts.
Remortgage Comparisons | Back To Top
What are Self Cert Mortgages?If you have a problem proving your income (maybe because you are self employed and don't have accounts going back far enough), a self cert mortgage (self certification mortgage) allows some borrowers to state their own income instead of offering accounts or payslips.
Others with a problem may include commission-based employees, seasonal wage earners or contract workers with irregular earnings.
Self Cert Mortgage Comparisons | Back To Top
What are Standard Variable Mortgages?With a standard variable mortgage your payments go down or go up with your lender's standard interest rate. The rate will often change following Bank of England base rate changes.
You could benefit from a reduction in rates meaning your monthly payments go down. You also usually have flexibility to over-pay without penalty. This assumes that your lender has no restrictions on making overpayments and early repayment charges don't apply. On the other hand, when interest rates rise, your monthly payments could go up as well.
Standard Variable Mortgage Comparisons | Back To Top
What are Tracker Mortgages?A tracker mortgage is a variable mortgage that has an interest rate that follows the base rate of the Bank of England. Monthly mortgage interest payments go down when the base rate declines and go up when the base rate increases.
A tracker mortgage's interest rate is a set amount below or above the Bank of England's base rate or some other base rate. It tracks the changes in that particular rate.
Tracker Mortgage Comparisons
Is this you?You search and search again, you find one mortgage then another. You cannot decide what you want to do, you put it off until another day. In the meantime you worry about not doing what, in your heart of hearts, you know you should do.
Then welcome to the human race!
At one time or another we've all put off until tomorrow what we should be getting on with today. Right, tomorrow is cancelled for the time being. Let's deal with today! Follow me, we're nearly there...
Just complete the really easy free enquiry below and a UK regulated professional mortgage broker will search the mortgage market for you. He will make recommendations to you and can help you decide your course of action. Are you saying it cannot be that simple? Well, yes it can...
Skip To Free Mortgage Comparisons
WHY USE A MORTGAGE BROKER TO FIND YOUR MORTGAGE OR REMORTGAGE
We are registered and regulated by the Financial Conduct Authority (FCA) and covered by the Financial Ombudsman and Financial Services Compensation Scheme.
We don't charge a fee for our mortgage or non-investment insurance business. Our fee will come from the provider that we recommend to you.
Expert financial advisers will help you avoid making a costly mistake when comparing mortgages.
They have access to specialist and exclusive deals with some of the most competitive rates available. You may be able to save £100's each month if you can secure a lower rate mortgage.
Unlike many companies, your broker will be able to advise on the whole of the UK mortgage market - that's over 200 lenders.
Our buying power enables us to provide competitive rates on many "hidden" mortgage products that you cannot get yourself by going directly to the lender.
Our brokers provide a mortgage comparisons service for both homeowners and 1st time buyers.
Before you enquire, let's start with the basics...
1. Where am I?
Hidden Mortgages is an independent website designed with the aim of helping you find the best mortgage rates and most suitable mortgage for your circumstances.
2. What can I do here?
Contact a professional for FREE to ask for help in finding the most suitable mortgage. Your adviser will provide up-to-date rates on many "hidden" mortgage products that you cannot get access to by going directly to lenders.
3. Why should I do it?
They will answer your questions and supply FREE one-to-one mortgage comparisons from the whole of the market - that's over 200 different lenders.
4. Do it now
Complete the very short form below to ask a question or request contact. An FCA registered mortgage adviser (not a call centre) will help you with your decision as to which mortgage is best.
Your enquiry is ABSOLUTELY FREE with NO-OBLIGATION TO PROCEED - in fact your adviser may even advise you to stick with your current mortgage, if you already have one.
QUICK START: ONE-STEP MORTGAGE COMPARISON ENQUIRYNO-OBLIGATION. Contact a mortgage professional now and discover how much can you save. Expert financial advisers will help you avoid making mistakes when comparing mortgages, remortgages or secured loans...
We take your privacy seriously and your details will never be passed on to anyone other than the people involved directly with your mortgage comparisons.