sMighty Mortgage Deals offer independent mortgage advice to clients looking to purchase properties in the UK, either as their first home, second home or investment property. We work with banks and building societies as well as other alternative lenders in the marketplace that you will not find in the high street.
I make the process of applying for a home loan as simple and straightforward as possible, by searching for competitive mortgage and remortgage rates and assisting you every step of the process, clearly explaining fees, cost and conditions.
Home buying process
- Determine what you can truly afford to pay monthly for mortgage repayment
- Get an Agreement in Principle from the lender
- Look for a suitable property and make an offer
- Once your offer is accepted, apply for a mortgage and arrange building insurance/ life insurance
- Instruct a solicitor to handle the conveyance
- Lender makes a mortgage offer
- Your solicitor exchanges contract with the seller’s solicitor
- Completion day and house move
Types of Mortgage Payment
- Repayment. You make agreed monthly repayments, made up of capital and interest for an agreed period. If you don’t default on the payment, your mortgage would be completely repaid at the end of the mortgage term. During the early years, you will be paying more interest than capital. This is the most popular mortgage option.
- Interest Only. You only pay back interest on your mortgage loan on monthly basis and repay the capital at the end of the mortgage term. You will need a repayment strategy in place such as Stocks, Shares ISA, Pensions, shares, unit trust,…
- Also, some lenders offer Flexible Mortgages, Offset Mortgages, Cashback Mortgages, or Current Account Mortgages.
Types of interest rates
- Fixed – rate is fixed for a set number of years
- Standard Variable rate – normal interest rate your mortgage lender charges. Changes may occur due to rise or fall in the Bank of England base rate.
- Tracker – usually tracks Bank of England base rate at a set margin above or below it
- Discounted – it is a discount on the lender’s standard variable rate for two or three years
- Capped and Collared– rates cannot rise above certain level for a capped mortgage.
- Offset – links your saving account to your mortgage so you only pay interest on the difference.
If the fix rate period on your mortgage is coming to an end, it is advisable to find out if there are better interest rates or deals in the marketplace that you can remortgage to.
You can also remortgage if you are looking to raise capital for an investment, want to improve your lifestyle, or consolidate your debts.
If you need to remortgage for whatever reason, please contact sMighty Mortgage Deals by submitting an Enquiry Form and I’ll search our comprehensive panel of lenders to find mortgage deals that meet your needs, without leaving footprint on your credit report.