Residential
Mortgages
Finding the right residential mortgage to suit your individual circumstances doesn’t have to be complicated, stressful or time-consuming. Leave your search to a professional residential mortgage broker and we’ll find exactly what you’re looking for.
Types of Residential Mortgages
Our residential mortgage brokers can offer a typically fee-free*, personal service. As a well-established independent broker we’re not restricted to a panel of lenders. Instead, we have access to the whole market to compare the best mortgage rates at the touch of a button.
There’s a number of different residential mortgages you could consider, and we will assess your financial situation to find the most suitable mortgage for you.
Interest Only Mortgages
With an interest only residential mortgage, your monthly repayments will be lower than a capital & interest one but won’t help to reduce your debt. Instead, you’ll pay back the full amount of the loan at the end of the mortgage term. For this reason, interest only mortgage deals are most suitable for those with significant equity and a repayment plan in place to pay the capital lump sum back. Most lenders have strict criteria that you’ll need to meet but we know what they want so can help you to see if you’re eligible.
Fixed Rate Mortgages
A fixed rate residential mortgage is a type of mortgage that has a fixed interest rate for a set period of time, for example two, five, seven, or ten years. As a result, your monthly mortgage payments remain the same throughout the fixed rate period, regardless of interest rate fluctuations. With a fixed rate mortgage, you won’t benefit if interest rates drop, so you may end up paying more during an economic downturn. It’s recommended to start searching for new fixed rate deals three to four months before the fixed rate period ends.
Variable Rate Mortgages
The interest rate can fluctuate based on an index or benchmark, so the monthly payments can also change. Variable rate residential mortgages are often cheaper to start with, however the interest rate can increase if interest rates rise. Variable rate loans can be beneficial if interest rates are falling. A qualified mortgage broker can help identify the most suitable mortgage for your situation.
Tracker Mortgages
A residential tracker mortgage is a type of variable rate mortgage, which tracks the Bank of England’s base rate, which means the interest rate on your mortgage will change based on the base rate’s fluctuations. These mortgages can have terms of 1-5 years, or can be open-ended. When your interest rate changes, your lender will contact you with the details of your new monthly payment.
The Benefits of Using a Residential Mortgage Broker for your Mortgage
Trying to find a mortgage on your own can be time consuming, and often overwhelming. By starting your residential mortgage journey with us, we can provide more choice and access to a wider range of lenders, including some mortgage providers who may not be available on the mainstream market. This will help you find the most suitable option to suit your individual needs.
A residential mortgage broker can support you by taking the stress out of the mortgage sourcing process, and handle all the planning, paperwork, meetings and negotiations on your behalf. We can act as your advocate and work on your behalf throughout the full process, to make sure your best interests are kept at the forefront so you receive the most suitable terms and rates.
Why Choose Us As Your Residential Mortgage Broker
At Vincent Burch Mortgage Services we’re passionate about what we do and take pride in matching our customers to the mortgage that’s right for them. We take time to get to know your particular needs and guide you every step of the way, searching a wide choice of lenders and the most competitive rates.
We Support You Throughout
We have extensive experience finding a wide range of mortgages for a variety of clients. We can help you save time, money and make purchasing your home or remortgaging your current property easier.
Typically Fee Free* Service
Our service is typically fee free*, but we will assess your individual financial situation to see if this is the most suitable way forward for you. Our independent team will discuss your fee options and the interest rate impact with you.
We Have An Excellent Reputation
With over 300 glowing reviews on TrustPilot, you can be reassured by our excellent reputation. You can reach out to us, confident that your mortgage journey is handled in the most professional way.
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Frequently Asked Questions About Residential Mortgages
Can I let my house on a residential mortgage?
If you have a residential mortgage, and would like to consider renting out your home for a short period of time, you would need to look into receiving a ‘Consent to Let’ agreement from your mortgage provider. A ‘Consent to Let’ agreement is a formal, written agreement between yourself and your mortgage provider, and is the only legal way you can rent out your property for a short period of time on a residential mortgage.
Consent to Let is not a permanent change to your mortgage agreement and is not a long-term letting solution.
Get in touch with us and we can discuss the mortgage options available to you when it comes to residential properties.
Who is offering the best mortgage rates in the UK right now?
Mortgage rates can change all the time, however there are some general guidelines to how often they are reviewed. The Bank of England base rate is reviewed typically every 6 weeks by the Monetary Policy Committee. Most lenders review their individual rates once a month, tracker mortgage rates follow the Bank of England base rate.
Mortgage rates can be affected by a wide range of economic factors, so it can be difficult to guarantee a specific rate. We would recommend getting in contact with us so you can discuss the mortgage rates available to you.
Can you have two residential mortgages?
Yes, you may have two residential mortgages at one time but this does depend on your eligibility and affordability. Lenders are often wary of people using residential mortgages they may intend to instead rent out.
You can remortgage your existing mortgage to replace with a new one for a larger amount. The difference between the new loan amount and what you still owe on your current mortgage can be used as a deposit on another property.