What is a Residential Mortgage?
A residential mortgage is a mortgage for a house that you live in. It is a long term loan which helps to fund the purchase of a property. The mortgage is to be paid back to the lender over approximately 25 years or more with added interest.
With this type of mortgage, you must be living in the home yourself. You cannot rent the house out to tenants or use the property for any commercial purpose.
Residential mortgages typically require a cash deposit of between 10 and 30% of the total property value. For example, the deposit you would require for a £200,000 home would be somewhere within the region of £20,000 and £60,000.
First Time Buyers?
Always wanted to own your own home? Not sure where to begin? At Financial Fortress we have the training, skills and experience to help that dream become a reality.
With a myriad of government backed schemes now available including help to buy and right to buy it has never been more confusing for the first time buyer. Your mortgage adviser will understand what you are trying to achieve, provide advice on deposits and how this affects your mortgage, allowing you to make informed decisions. If you have bad credit for example, they will take time to explain what this means and how you can improve your situation in order to secure the best deal possible.
How much deposit do I need to buy a house?
Before looking at properties, you need to save for a deposit. Generally, you need to try to save at least 5% to 20% of the cost of the home you would like.
Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market.
The Mortgage Process
What you get with Financial Fortress
Authorised and Regulated by the Financial Conduct Authority
No cost or obligation initial meeting for everyone!