Finding the Right Mortgage for you
Tell us about you…
If you’re unsure of where to start with your mortgage search, then look no further than Thomas Whiting Ltd. In revealing to us a little bit about yourselves, we can help save you time by doing a mortgage search on your behalf. Our assistance can mean that the mortgage process can be more straightforward and clearer. We can help if you’re a first time Buyer, your remortgaging, moving home or looking for a buy-to-let property, we’ll look your circumstances and pick the right Mortgage for you.
Our Mortgage Advice Areas
First time buyer
We believe that everyone should be able to own their own house, should you want to. And it’s our job to help make it happen and get you on the property ladder! With various different government incentive schemes, and lenders’ criteria constantly changing, there could be opportunities available to you that you aren’t aware of. Our advisers will listen to your circumstances, talk through your options, and help find the right mortgage for your needs.
Re-mortgage
Our promise to you is to make sure that you never pay more than you need to. We understand how important it is to get the right mortgage deal at the right time, but your time is precious, and you might not be able to give up hours to search the market for a new deal. That’s where we step in. With access to 12,000 mortgages from over 90 lenders, we can help take the time and hassle out of your re-mortgaging process.
Moving home
Moving house is an exciting time, and we’re here to make sure you find the right mortgage. Whether this is your first move or you’ve moved house before, we can take the hassle out of finding the right mortgage for you.
Buy to let
When investing in a buy-to-let property, you need to know that your mortgage meets your criteria. Using our handy online mortgage finder, we can search over 12,000 mortgage products and present you with a selection of mortgages that could be right for you.
Some common questions you may have:
What is a mortgage?
a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.
How much can I borrow?
Generally, between three and four and a half times your salary. Use our online mortgage calculator at the bottom of this page to find out!
How do I get started
We at Thomas Whiting Ltd have mortgage advisers with expert knowledge and experience. you can contact us and one of our advisers can get in touch with you and assist you along every step of the process.
What does a decision in principle mean?
This basically outlines what a lender could be prepared to lend you.
What stamp duty will I pay?
Use our online stamp duty calculator at the bottom of this page to find out!
What does loan to value mean with a mortgage?
Often shortened to LTV – it is the size of the mortgage compared to the value of the property.
This value is often shown as a percentage.
What’s the difference between an interest-only mortgage and a repayment mortgage?
Repayment – pay back a chunk of the mortgage with interest each month, gradually reducing your balance.
Interest-only – pay back just the interest on the mortgage each month. But the full loan needs to be paid back at the end of the ‘term’.
What’s the difference between a fixed-rate mortgage and a variable-rate mortgage?
fixed-rate – the amount you pay remains constant for an agreed term.
variable-rate – the amount you pay fluctuates along side the Bank of England base rate.
(The base rate influences the interest rates that lenders will charge.)
How long does a mortgage last for?
There is no definitive answer to this. However, generally speaking, mortgages usually last up to a term of 35 years.
Can I pay off my mortgage more quickly?
This can be achieved via ‘overpayments’. If you pay an increased amount each month this can reduce the overall interest you pay and can reduce the term of your mortgage. However, make sure that you check your lenders terms and conditions, as most will only allow an overpayment of 10% each year. Anything above this amount will result in a financial penalty.
What are mortgage costs?
There are a few fees that you will typically pay: an arrangement fee, product fee, mortgage booking fee, valuation fee and other fees if you use a mortgage broker.
What is a mortgage broker?
Also known as a mortgage advisor – is a specialist who can help you with each step of obtaining a mortgage. They can help find the best deal for your unique circumstance.
what will I be asked in an interview for a mortgage?
First of all, you will need paperwork: proof of address, identity and income.
Some questions that will be asked are:
- your current utility bills and other regular outgoing costs.
- discretionary spend (holidays, leisure, etc.)
- childcare and school fees
- loans
- pension payments
- Do you have or are planning to have any children?
- do you expect any career or job changes?
- what do you earn and how?
- do you have any debts?
Ready to get started? Click the links below to fill out a fact-find:
Calculators
Mortgage Calculator
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
This value is calculated using a simple income multiplier to provide an indicative figure only. We do not guarantee its accuracy or applicability to your circumstances. When you apply for a mortgage, lenders will calculate how much they will lend based on your income, expenditure, and debt.