Residential Mortgages
If you’re planning to buy a new home, you will most likely choose to make your purchase with the help of a residential mortgage.
A residential mortgage will provide you with a loan to cover a percentage of the total purchase price of your new home. Most owners choose a mortgage for around 60 – 80% of the property price so finding a great mortgage deal is essential.
Our expert mortgage brokers have access to some of the UK’s best mortgage products, from our panel of lenders. Whether it’s your first home, a new move or a remortgage, we’ll search all the deals to secure the right mortgage to suit your needs.
Call one of our residential mortgage brokers in Birmingham today on: 0345 066 6555 or drop in to see us at Coleshill Road, Birmingham.
Mortgage Types
The interest rate you pay on your mortgage will depend on the type of mortgage rate you choose.
Fixed rate mortgages require you to repay an interest rate that is fixed for a certain period of time. The fixed rate will mean you’ll know exactly how much your monthly repayments will be for the specified period.
If you have more flexibility, you may want to consider a variable rate mortgage. A variable rate mortgage may start at a lower rate than a repayment mortgage however the rate you pay is likely to increase in future at your lender’s discretion.
Similarly, a tracker mortgage will follow the Bank of England interest rate. When the Bank of England’s base rate drops or increases so too will your mortgage payments.
Mortgage Terms
The terms of your mortgage determine how long it will take you to pay off the cost of your home. Most homebuyer’s mortgage terms last for 25 years but it is possible to add as much as 10 or even 15 years to the length of your mortgage.
Longer mortgage terms mean lower monthly repayments however it will take you more time to pay off the cost of your home.
How are residential mortgages calculated?
Most lenders are looking for a deposit of around 10-15% of the value of the property and are usually willing to lend around 4.5 times your annual income.
If you contributed a 20% deposit on a property worth £225,000, your mortgage would be for £180,000. For a 25-year mortgage term, a £180,000 mortgage with an annual interest rate of 3.5% (equal to £6300) would require monthly repayments of around £627.
Call our experienced mortgage brokers in Birmingham to discuss your financial situation and the best type of mortgage to suit your needs. Call: 0345 066 6555.
FAQs
What are the lending criteria?
To ensure their loan is secure, lenders will need to assess your ability to afford monthly repayments.
Lending criteria includes:
- Your annual salary and whether you are in secure, long term employment.
- The amount you will pay for the deposit.
- The amount of disposable income you have left each month.
- Your credit history.
- Your age.
What documents will I need for my application?
You will need numerous documents to make your mortgage application including:
- Payslips covering the last 3 months.
- Passport or driving license.
- Bank statements to cover the last 3 months
- P60 from your employer
- Proof of earnings for the last 2-3 years if self-employed (tax calculations, tax overviews, statement of accounts, bank statements).
Our experienced residential mortgage brokers are based in Birmingham, cover the whole of the UK and will support you through the entire process. Call us today on: 0345 066 6555 or drop in to see us at Coleshill Road, Birmingham.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
What our customers say about us
Blossomfield mortgages were very helpful to me and my partner when we first enquired about whether we were mortgageable to buy our first home. We were very impressed with their professionalism. Best mortgage broker in Birmingham!
Sam Ansell
Amazing service provided by Blossomfield in a quick and timely manner. No matter what questions we had they were always willing and happy to answer with their wide knowledge and experience. Would recommend Blossomfield to anyone.
Geraldene Marsh
Excellent service, quick turnaround, as promised. Will be using again and again. Would highly recommend Blossomfield Mortgages.
James Dean
Excellent service from Blossomfield Birmingham, they were able to sort a mortgage out for me very quickly and made the whole process simple and stress free, always available when needed and provided regular updates.
Jack Moriarty
I approached Blossomfield regarding a mortgage using there Birmingham branch and the service I have received has been nothing short of amazing their efficiency and passion to get everything done and approved in a professional manor is astounding.
Ryan James
Blossomfield Mortgages provided fantastic advice. Our mortgage approval went through very fast, as our mortgage was handled with the utmost urgency. From start to finish, the whole process was a breeze. We sat back and let them handle all the hard work.
Lewis Jewsbury
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Frequently asked questions...
What different types of mortgages are there?
What different types of mortgages are there?
Fixed & variable rate mortgages
The interest rate you pay on your mortgage will depend on the type of mortgage rate you choose.
Fixed-rate mortgages require you to repay an interest rate that is fixed for a certain period of time. The fixed-rate will mean you’ll know exactly how much your monthly repayments will be for the specified period.
If you have more flexibility, you may want to consider a variable rate mortgage. A variable rate mortgage may start at a lower rate than a repayment mortgage. However, the rate you pay is likely to increase in future at your lender’s discretion.
Similarly, a tracker mortgage will follow the Bank of England’s base interest rate. When the Bank of England’s base rate drops or increases, so will your mortgage payments.
Repayment or interest-only mortgages
With a repayment mortgage, at the end of your mortgage term the total amount you originally borrowed plus the interest accrued will be fully paid off. If you choose an interest-only mortgage, the monthly repayments may be lower, but you will have only paid off the interest on your mortgage once your mortgage term finishes.
Flexible or non-flexible mortgages
For flexibility in how much you pay each month, you may want to consider a flexible mortgage which may allow you to take payment holidays or make overpayments and underpayments when you require.
Our experienced mortgage brokers will support you through the entire process and help you get a competitive deal for your financial situation.
How much will a mortgage cost per month?
How much will a mortgage cost per month?
The monthly cost of the mortgage is determined by three things: the mortgage amount borrowed, the length of the mortgage and the interest rate. Thus, the cost is specific to your individual circumstances. Your dedicated mortgage broker will help you find the right mortgage for your monthly budget.
In the meantime, why not check out our mortgage calculator?
Can I take out a joint mortgage with a friend or family member?
Can I take out a joint mortgage with a friend or family member?
Yes, you can take out a mortgage with a friend or family member. If this is something you are considering, it's a good idea to speak to a solicitor on whether an agreement (trust deed) would be a good option. A trust deed will give both of you power of sale so you are covered in the event of a dispute.
You should also discuss whether you'll be joint tenants (purchasing the property on a 50/50 basis) or whether you'll be tenants in common, with each of you owning a different share in the property, i.e., one of you will own more of the property than the other.
