Mortgages

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How much can I borrow? Who will lend to me? What broker should I use? Should I fix for 5 years? Lendfolio takes the guess work out. Better preparing you with the right lending options and the right broker options. The best place to start your home buying journey. Why wait? Start comparing live mortgage rates for free today.

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Mortgage Knowledge

A short guide to some mortgage key terms

A Mortgage is the traditional name given to a loan that is used to buy a property or land. Whilst there are a few different types of mortgages, it is essentially a name given for a type of loan

There are some helpful things to know about in addition to what it means

It's a loan specifically for buying a property or land
The loan is long-term and paid back over a 20-35 year period or something even longer.
The loan is tied to your home, this means that your lender can repossess your home and sell it if you fail to make the mortgage repayments. This is so they can cover the debt you owe to them.

Being a first time buyer comes with some advantages, these make it much easier and more importantly cheaper to obtain a mortgage.

No Stamp Duty Land Tax (SDLT) - In the UK the government incentivises first time buyers by removing this tax. This tax cost can amount up to many thousands of pounds but it's not something you need to worry about as a first time buyer. Do note however that it is applicable to first time buyers who are buying a property above £500,000.

No Chain: When you’re buying a home, a property chain can slow things down—this happens when sellers need to offload their current home to buy their next one, and so on. But as a first-time buyer, you’re chain-free, which is a big selling point for sellers. It keeps things simple and helps speed up the process on their end too.
Government Help: There are some fantastic schemes out there to help first-time buyers, like the Mortgage Guarantee Scheme or the First Home Scheme. These can make buying your first property more affordable—some even offer discounts of up to 50% on new builds.
Savings Boost: Have you heard about the Lifetime ISA? It’s a great way to save for your deposit. The government will give you a 25% bonus on your savings each year—so for every £1,000 you save, they’ll chip in £250!

First-Time Buyer Mortgages: Many lenders have tailored mortgage options just for first-time buyers. Some can cover up to 95% of the property’s value—or even 100% in certain cases. These products are designed to help you take that first step onto the property ladder.

A Mortgage is the traditional name given to a loan that is used to buy a property or land. Whilst there are a few different types of mortgages, it is essentially a name given for a type of loan

There are some helpful things to know about in addition to what it means

It's a loan specifically for buying a property or land
The loan is long-term and paid back over a 20-35 year period or something even longer.
The loan is tied to your home, this means that your lender can repossess your home and sell it if you fail to make the mortgage repayments. This is so they can cover the debt you owe to them.

Being a first time buyer comes with some advantages, these make it much easier and more importantly cheaper to obtain a mortgage.

No Stamp Duty Land Tax (SDLT) - In the UK the government incentivises first time buyers by removing this tax. This tax cost can amount up to many thousands of pounds but it's not something you need to worry about as a first time buyer. Do note however that it is applicable to first time buyers who are buying a property above £500,000.

No Chain: When you’re buying a home, a property chain can slow things down—this happens when sellers need to offload their current home to buy their next one, and so on. But as a first-time buyer, you’re chain-free, which is a big selling point for sellers. It keeps things simple and helps speed up the process on their end too.
Government Help: There are some fantastic schemes out there to help first-time buyers, like the Mortgage Guarantee Scheme or the First Home Scheme. These can make buying your first property more affordable—some even offer discounts of up to 50% on new builds.
Savings Boost: Have you heard about the Lifetime ISA? It’s a great way to save for your deposit. The government will give you a 25% bonus on your savings each year—so for every £1,000 you save, they’ll chip in £250!

First-Time Buyer Mortgages: Many lenders have tailored mortgage options just for first-time buyers. Some can cover up to 95% of the property’s value—or even 100% in certain cases. These products are designed to help you take that first step onto the property ladder.

A Mortgage is the traditional name given to a loan that is used to buy a property or land. Whilst there are a few different types of mortgages, it is essentially a name given for a type of loan

There are some helpful things to know about in addition to what it means

It's a loan specifically for buying a property or land
The loan is long-term and paid back over a 20-35 year period or something even longer.
The loan is tied to your home, this means that your lender can repossess your home and sell it if you fail to make the mortgage repayments. This is so they can cover the debt you owe to them.

Being a first time buyer comes with some advantages, these make it much easier and more importantly cheaper to obtain a mortgage.

No Stamp Duty Land Tax (SDLT) - In the UK the government incentivises first time buyers by removing this tax. This tax cost can amount up to many thousands of pounds but it's not something you need to worry about as a first time buyer. Do note however that it is applicable to first time buyers who are buying a property above £500,000.

No Chain: When you’re buying a home, a property chain can slow things down—this happens when sellers need to offload their current home to buy their next one, and so on. But as a first-time buyer, you’re chain-free, which is a big selling point for sellers. It keeps things simple and helps speed up the process on their end too.
Government Help: There are some fantastic schemes out there to help first-time buyers, like the Mortgage Guarantee Scheme or the First Home Scheme. These can make buying your first property more affordable—some even offer discounts of up to 50% on new builds.
Savings Boost: Have you heard about the Lifetime ISA? It’s a great way to save for your deposit. The government will give you a 25% bonus on your savings each year—so for every £1,000 you save, they’ll chip in £250!

First-Time Buyer Mortgages: Many lenders have tailored mortgage options just for first-time buyers. Some can cover up to 95% of the property’s value—or even 100% in certain cases. These products are designed to help you take that first step onto the property ladder.

Current Mortgage Rates

Deposit

Your deposit is the essential down payment required to secure a mortgage. By increasing your deposit, you reduce the loan amount, making you a less risky borrower. This can unlock a wider range of mortgage options and potentially lower interest rates.

Deposit

Fixed Rate

A fixed rate mortgage is like a financial safety net. It locks in your interest rate for a specific period, shielding you from the ups and downs of interest rates. This means your monthly payments stay steady, no matter what the economy does. However, remember, this fixed rate period doesn't last forever. It is typically fixed for 2, 5 or 10 years. Once it ends, your mortgage usually switches to a variable rate, which can lead to higher monthly payments.

Fixed Rate

Remortgaging

Remortgaging, or refinancing your mortgage, is a smart way to potentially save money on your home loan. It involves switching your current mortgage to a new one, often with a different lender. Many homeowners choose to remortgage at the end of a fixed-rate term to secure a new deal with lower interest rates or more favorable terms.

Remortgaging

Equity

Equity is basically the portion of your home that you own outright. When you first buy a house with a mortgage, your equity is small, usually the size of your down payment. As you make monthly payments, your equity grows, and you gradually become the sole owner of your home.

Equity

Loan to Value (LTV)

Loan-to-value (LTV) refers to the percentage of a property's value that is financed through a mortgage, with the remainder paid as a deposit. For instance, with a 95% LTV mortgage, the loan covers 95% of the property's price, leaving a 5% deposit to be paid by the buyer.

Loan to Value (LTV)

Mortgage Rates

A mortgage rate is the interest rate charged by a lender on a mortgage loan. Lower mortgage rates can lead to lower monthly payments and significant savings over the life of the loan. Mortgage rates can fluctuate due to various economic factors, making it challenging to predict future trends. To mitigate this uncertainty, many homeowners, especially first-time buyers, opt for a fixed-rate mortgage.

Mortgage Rates

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1. Cleaning up your credit reports and debts

Put your best foot forward to lenders to increase your chance of getting a mortgage offer. This means you want to make sure you clear any outstanding debts , pay your bills on time and ensure your credit utillisation is kept low. Your credit score or credit rating is not as important as the content within your credit report. There are lenders who offer mortgages for people with poor credit history but they're usually not competitive.

2. Saving for a deposit

It's best to start early towards saving for a deposit and there are many ways to go about this. Life time ISA, Stocks & Share ISA, Traditional savings accounts. There are many different ways to supercharge the journey. Something your regulated broker would be able to advise on further. The bigger your deposit the less risky you come across to lenders. Do remember however that mortgage products are priced in 5% increements so it might be good to keep in mind when setting a budget.

3. Prepare your documents

Getting your ( & your partners if applicable) paperwork in order and organised early will save you the hassle later on. You will find that you would reach for these documents often and sometimes need to update them too. Your document pack should consist of: 1. ID & Passport 2. Recent bank statements upto 6 months old 3. Payslips upto 6 months old 4. A copy of your credit report 5. Proof of funds showing your deposit or savings

3. Prepare your documents

4. Use LendFolio

Go through the LendFolio way and seeing how much you can borrow, start searching for mortgage deals and rates and find the best broker for you. Get yourself a decision in principle to supercharge your journey.

4. Use LendFolio

Search the Market

Compare live rates

The first step is to get some important questions answered: How much can I borrow? Who will lend to me? Our live market search helps to answer those critical questions and give you a better picture on the direction you should take.

Choose a broker

Compare specialist brokers

Our panel of brokers are specialist in different areas as we believe not every broker can handle every situation. So be it poor credit or a certain location our range of brokers are dedicated to helping you. Choosing the right broker is an essential step to getting a mortgage.

Get a decision in principle

Starting your property search

Getting a DIP or a decision in principle allows you to take the first step into the exciting phase of searching for a property. Our guides and brokers will be able to better prepare you to get that nod of confidence from a lender.

The LendFolio Way

8.Exchange and Completion

You will need a dedicated solicitor also known as a convayencer to complete all the legal work. This can vary in timing but it's something lendfolio can help you with too.

8.Exchange and Completion

You will need a dedicated solicitor also known as a convayencer to complete all the legal work. This can vary in timing but it's something lendfolio can help you with too.

A Mortgage is the traditional name given to a loan that is used to buy a property or land. Whilst there are a few different types of mortgages, it is essentially a name given for a type of loan.

There are some helpful things to know about in addition to what it means

It's a loan specifically for buying a property or land

The loan is long-term and paid back over a 20-35 year period or something even longer.

The loan is tied to your home, this means that your lender can repossess your home and sell it if you fail to make the mortgage repayments. This is so they can cover the debt you owe to them.

Being a first time buyer comes with some advantages, these make it much easier and more importantly cheaper to obtain a mortgage.

1. No Stamp Duty Land Tax (SDLT) - In the UK the government incentivises first time buyers by removing this tax. This tax cost can amount up to many thousands of pounds but it's not something you need to worry about as a first time buyer. Do note however that it is applicable to first time buyers who are buying a property above £500,000.

No Chain: When you’re buying a home, a property chain can slow things down—this happens when sellers need to offload their current home to buy their next one, and so on. But as a first-time buyer, you’re chain-free, which is a big selling point for sellers. It keeps things simple and helps speed up the process on their end too.

Government Help: There are some fantastic schemes out there to help first-time buyers, like the Mortgage Guarantee Scheme or the First Home Scheme. These can make buying your first property more affordable—some even offer discounts of up to 50% on new builds.

Savings Boost: Have you heard about the Lifetime ISA? It’s a great way to save for your deposit. The government will give you a 25% bonus on your savings each year—so for every £1,000 you save, they’ll chip in £250!

First-Time Buyer Mortgages: Many lenders have tailored mortgage options just for first-time buyers. Some can cover up to 95% of the property’s value—or even 100% in certain cases. These products are designed to help you take that first step onto the property ladder.

First time buyer guide

1. Cleaning up your credit reports and debts

2. Saving for a deposit

3. Prepare your documents

4. Use LendFolio

5. Start property viewing

Now that you know how much you can borrow you can start looking for houses within your budget that align with your preferances. There is a lot to think about but always do keep in mind the location, crime rates, local amenities, council tax rates and the local market.

6. Surveying

This is a check on the property to see if all is ok. The lender will also do there own valuations.

7. Mortgage Application

Work with your broker to fill out the lenders application form

8.Exchange and Completion

You will need a dedicated solicitor also known as a convayencer to complete all the legal work. This can vary in timing but it's something lendfolio can help you with too.

What is a mortgage?

A Mortgage is the traditional name given to a loan that is used to buy a property or land. Whilst there are a few different types of mortgages, it is essentially a name given for a type of loan There are some helpful things to know about in addition to what it means It's a loan specifically for buying a property or land The loan is long-term and paid back over a 20-35 year period or something even longer. The loan is tied to your home, this means that your lender can repossess your home and sell it if you fail to make the mortgage repayments. This is so they can cover the debt you owe to them

Buy to Let Mortgage guide

A buy-to-let mortgage is a special type of home loan designed for landlords. It helps you buy a property to rent out, so you can earn rental income. Think of it as a smart investment tool that can help you grow your wealth over time

With a buy-to-let mortgage, you borrow money from a lender to purchase a property, and then you repay the loan over an agreed period, usually with interest. The rental income from the property is used to cover the mortgage payments, as well as other expenses like property taxes, insurance, and maintenance costs. It's important to note that buy-to-let mortgages often have different terms and conditions compared to residential mortgages. Lenders typically require a larger deposit and may have stricter affordability criteria. Additionally, buy-to-let mortgages often have higher interest rates than residential mortgages.

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Higher Deposit Requirements

Lenders typically require a larger deposit for buy-to-let mortgages compared to residential mortgages. This is because buy-to-let properties are considered higher-risk investments.

Stricter Affordability Criteria

Lenders assess the potential rental income of the property to determine if it can cover the mortgage payments and other expenses. This is known as a stress test.

Higher Interest Rates

Buy-to-let mortgages often have higher interest rates than residential mortgages. This is due to the increased risk associated with property investment.

Tax Implications

Investing in buy-to-let properties has tax implications, including income tax, capital gains tax, and stamp duty land tax. It's essential to consult with a tax advisor to understand the specific tax implications of your investment.

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