Mortgage Quotes Online
Looking for a mortgage? Understanding your options can be an important part of preparing to buy a home, move house or remortgage.
There are lots of different mortgage products available, with varying interest rates, fees and eligibility requirements. Getting a mortgage quote can help you start exploring what may be available, while speaking to a qualified mortgage adviser can help you understand which options may be suitable for your individual circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What is a mortgage quote?
A mortgage quote can give you an initial indication of the mortgage products and costs that may be available to you.
What you may ultimately be able to borrow, and the mortgage products available to you, will depend on your individual circumstances. This can include your income, regular expenditure, existing financial commitments, deposit, credit history and the property you are looking to buy.
A mortgage quote is not the same as a mortgage offer or a Mortgage in Principle.
Why speak to a mortgage adviser?
Mortgages can vary considerably between lenders and products, so it can be helpful to speak to a qualified mortgage adviser before making a decision.
A mortgage adviser will gather information about your circumstances, needs and objectives before considering the mortgage options available to you.
This could include looking at:
- Your income and regular expenditure
- Your existing financial commitments
- Your deposit or available equity
- The type and value of the property
- Whether you are buying your first home, moving home or remortgaging
- Your preferred mortgage term and repayment type
- Your wider requirements and future plans
Once they have enough information, the adviser can explain the options available and, where appropriate, make a mortgage recommendation based on your circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What’s the difference between a mortgage quote and mortgage advice?
A mortgage quote can be useful when you are beginning to explore your options, but it is different from receiving regulated mortgage advice.
An initial quote or indication is generally based on limited information and should not be treated as a personalised mortgage recommendation.
Before recommending a mortgage, an adviser will need to understand your circumstances in more detail. This can include your income, expenditure, debts, financial commitments, deposit, property plans and what you need from your mortgage.
The adviser can then assess the available options and recommend a mortgage they consider suitable for you.
How does the mortgage advice process work?
The exact process can vary depending on your circumstances, but it will usually involve the following steps.
1. Tell the adviser about your circumstances
You’ll provide information about your finances, current circumstances, property plans and what you are looking for from your mortgage.
This may include more detailed information about your income, outgoings and existing financial commitments.
2. Your requirements are assessed
The adviser will consider your circumstances and what you need from your mortgage.
They will also consider affordability and the mortgage options that may be available to you.
3. Mortgage options are researched
The adviser will research the mortgage products available to them and consider which may meet your needs.
4. You receive a mortgage recommendation
Where appropriate, the adviser will explain the mortgage they recommend and why they consider it suitable for your circumstances.
They should also explain relevant costs, features and risks so you can make an informed decision about whether you want to proceed.
5. You decide whether to apply
If you are happy with the recommendation and decide to proceed, the adviser can help you with the mortgage application and explain what happens next.
The lender will carry out its own checks before deciding whether to make you a mortgage offer. This can include affordability, credit and property checks.
What is a Mortgage in Principle?
If you are preparing to buy a property, you may also come across the terms Mortgage in Principle, Agreement in Principle or Decision in Principle.
A Mortgage in Principle gives an indication of how much a lender may be prepared to lend based on the information you provide and any initial checks the lender carries out.
Having one can help demonstrate to an estate agent or seller that you have started looking seriously at your mortgage options.
However, a Mortgage in Principle is not a mortgage offer and does not guarantee that your mortgage application will be approved.
How do mortgage advisers assess affordability?
A mortgage adviser will look at more than just how much you earn.
They may consider your income alongside your regular expenditure, existing debts and other financial commitments to understand what level of mortgage may be affordable for you.
The mortgage lender will also carry out its own affordability assessment before deciding whether to offer you a mortgage.
These checks are designed to assess whether mortgage repayments are likely to be affordable based on the information available.
Do I have to pay for mortgage advice?
Charges for mortgage advice can vary.
Some advisers may charge a fee for their services, and the amount can depend on your circumstances and the work involved.
You should be told about any fees that apply before deciding whether you want to proceed with the mortgage advice service.
Ready to explore your mortgage options?
Getting a mortgage quote can be a useful starting point when you’re planning your next move.
If you’d like to explore your individual mortgage options and access regulated mortgage advice, you can continue to a separate regulated mortgage website.
Your home may be repossessed if you do not keep up repayments on your mortgage.
