We Find the Perfect Mortgage For You
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Your Dream is Our Expertise
Buying a house can be overwhelming, but with the right guidance, it can also be an exciting new chapter.
That’s where we come in.
No need to worry if you’re unfamiliar with mortgage terms or the buying process—we’ll guide you step by step.
At Smart Mortgages, we’re by your side. We find the best mortgage deals to suit your needs, explain your options clearly, and support you through every stage of the journey.
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Key Things to Understand
How Mortgages Work
- A mortgage is a loan you take out with a lender for a number of years
- The length of time over which you have a mortgage is called your “mortgage term”
- Mortgage terms can be anywhere between 5 and 40 years
- A mortgage is a type of secured loan, which means it’s secured against a property – usually the property you want to buy with the mortgage
- Using a property as security for a loan means that the lender can repossess it if you don’t keep up the mortgage payments
- To take out mortgage, you must put down a mortgage deposit of at least 5% of the purchase price – the mortgage itself makes up the rest
Interest Rates Explained
- When you take out a mortgage, you’re given an introductory interest rate for the first few years – typically between 2 – 5 years
- A popular kind of interest rate for first-time buyer mortgages is a fixed rate, which is where interest is charged at a set rate for a certain period. Fixed rates are particularly good for those who like to budget
- After the introductory period ends, you’re transferred onto your lender’s SVR (standard variable rate), which is the interest rate they set themselves.
- This is typically higher than the introductory rate, so you would often remortgage onto a new product with a new lender when your introductory deal ends or take a new product with your existing lender
Paying Back Your Mortgage
- You pay back your mortgage with interest
- There are 2 main types of mortgage which determine how you pay the lender – repayment and interest-only:
- With a repayment mortgage, you pay back a bit of the outstanding mortgage balance – i.e. the amount you borrowed – each month alongside interest payments
- With an interest-only mortgage, you only make interest payments each month and repay the full mortgage at the end of the mortgage term
Want to Know More?
The Typical Mortgage Process
Book a phone appointment, a Zoom call, or a face-to-face meeting with us. We’ll ask some questions to assess your feasibility and affordability, then find the best deal for you now and in the future. We’ll follow up thereafter. Click here to get in touch with a Smart Mortgages Advisor.
Once you’re happy with your adviser’s recommendation, we’ll secure your Decision in Principle. This is a lender’s pledge to lend you the money you need to purchase the property, provided your information is accurate and subject to a property valuation. Click here to get started.
After a seller accepts your offer, gather the documents we need for the lender. We’ll review everything and stay in contact with both you and the lender until all is in place. Once ready, we’ll submit the final mortgage application for you.
When everything is ready, your solicitor will exchange contracts with the seller’s solicitor. You’ll pay your deposit and are legally bound to purchase the property. The purchase completes when money is transferred on the agreed date.
You can Ask
Frequently Asked Questions
Can I get a mortgage with bad credit?It’s tougher to get a mortgage with bad credit or no credit, especially without a large deposit. However, you can improve your credit score and overall profile.
- Pay all bills on time to show reliability.
- Set up direct debits for credit commitments to demonstrate financial stability.
- Avoid maxing out credit cards; it suggests financial strain.
- Register on the electoral roll for at least 3 years before applying.
- Avoid payday loans; they indicate financial instability.
- Always pay rent on time to avoid a CCJ (county court judgement).
- Deposit (10-20% of property value)
- Valuation fee (£150 to £1,500)
- Surveyor’s fee (£200-£600)
- Legal fees (£850-£1,500 inc VAT)
- Estate agent fees (paid by the seller, around 1-3%)
- Moving/removal costs (or rent a van yourself)
Should I get a 5, 10 or 20 year mortgage?
There are a few different factors that determine which mortgage term you should choose.
These include:
- Why you’re moving
- How long you plan to live in the property
- What you can afford in monthly repayments
- The amount you want to borrow
- When you are looking to retire
- Any expected future financial changes
We’ll guide you through the options and find you the mortgage that best suits you.