Mortgages by independent financial advisors

Mortgages

Need a Mortgage? Save time, save money.

Finding a mortgage to suit your individual needs couldn’t be easier when using our FREE online mortgage finder.

Our online mortgage finder is easy to use and enables you to research the mortgage market yourself completely free-of-charge and at a time that suits you.

While using our online mortgage service you can:

• obtain and compare quotes 
• choose from a comprehensive range of products 
• review mortgage products that fit your personal circumstances 
• submit mortgage applications online 24/7 
• receive help from an experienced telephone support team

To find out more please CLICK HERE.

If you would prefer online estate agent mousesale to put a fully qualified and FSA regulated Independent Financial Adviser in touch with you personally to discuss your mortgage requirements without obligation, please contact us.

What is a mortgage?

A mortgage is a loan you take out to buy property. Most banks and building societies offer mortgages, as well as specialist mortgage lending companies.

How much you can borrow?

The amount you can borrow depends upon your income and circumstances - but you'll usually only be offered a maximum of up to 90 or 95 per cent of the value of the property - sometimes less. If buying, you need to find a deposit to cover the difference between the purchase price and your mortgage.

Mortgages are 'secured' loans. When a lender gives you a mortgage, the property itself acts as 'security' for the loan. This means that if you don't repay the loan, your lender can repossess and sell the property to get their money back.

So before applying for a mortgage you need to be sure that you can afford the payments.

Different features of a mortgage.

There's a huge range of mortgages available, giving so much choice that it can be confusing - especially if you're a first time buyer.

These mortgages vary by a number of features, such as: different ways for you to repay the loan - repayment (capital and interest), or 'interest only' types of interest rate e.g. rates that changes in line with Bank of England rates ('variable' and 'tracker'), rates 'fixed' for a set number of years, or low ('discount') rates at the start options to vary your monthly payments, or to combine with savings and other income - flexible, current account and 'offset' mortgages Repaying your mortgage Depending on the type of mortgage you choose, your monthly repayments will be made up of either: capital and interest (a repayment mortgage) interest only With a repayment mortgage you make the repayments monthly for an agreed period (the term) until you've paid back all the loan and the interest. A typical term is initially 25 years, although it can be any amount of time; the shorter the term the higher your monthly payments but the less you'll pay overall.

With an interest only mortgage you'll normally also have to pay into another savings or investment plan that will hopefully pay off the loan at the end of the term.

Insurance to cover your mortgage

A lender might require you to take out life insurance to pay off your mortgage should you die. You can choose from basic term assurance with low monthly payments that stop when your mortgage term ends.

You can also get insurance to protect your income or just your mortgage payments if you become ill or disabled, or lose your job. If you have an endowment mortgage this includes life insurance that will automatically repay your mortgage if you die. What happens if you move house? If you move house, you may be able to take your mortgage with you and carry on paying the same rate (a portable mortgage). If you need to borrow more money, your lender may offer a different deal for the extra amount.

Moving house can be a good opportunity to shop around for a better mortgage deal. But check if there are early repayment charges for paying off the mortgage early (mortgage redemption). This is likely if you've signed up to a discount or fixed rate particular deal. Ask for a Keyfacts illustration when shopping around. This includes information about moving house and early repayment charges - see the section below for more details.

Choosing a mortgage - where to start

You can get a mortgage direct from the lender (banks, building societies and specialist mortgage lenders). Or you can use a mortgage broker, who could be a more general financial adviser. They'll look for a good deal that suits your particular needs. Source: www.directgov.co.uk

mousesale recommends that borrowers take advice from an independent & qualified mortgage adviser who is authorised and regulated by the Financial Services Authority (FSA). Most people are aware of the advantages that shopping around for the best deal can bring. Mortgages are no different.

There can be as many as 6000 different mortgage deals available at any one time! mousesale is not tied to any lender or company. Many of our agents are qualified to give mortgage advice independently in their own right. We would be happy to put you in touch with one if you wish.

Alternatively, finding a mortgage to suit your individual needs couldn’t be easier when using our FREE online mortgage finder.

Click here if you would prefer online estate agent mousesale to put a fully qualified and FSA regulated Independent Financial Adviser in touch with personally to discuss your mortgage requirements without obligation.

Once your mortgage application has been approved in principle, you will be expected to make a formal application to the lender. There may be a fee for this.

Other fees you may incur will include (click any heading for more information):

• Conveyancing
• Life Cover & Protection
• General Insurance  

Your home may be repossessed if you do not keep up repayments on your mortgage.