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Residential Mortgages
At Your Best Interests, we understand that taking out a residential mortgage can be a complex and overwhelming process. That's why we're dedicated to providing you with expert guidance and support every step of the way.
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So, what exactly is a residential mortgage? Simply put, it's a loan that you can use to purchase a property that will be your primary residence. It's important to note that to be eligible for a residential mortgage, the property must be occupied by you or a family member and cannot be let out to tenants or used for commercial purposes.
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At Your Best Interests, our primary goal is to help you secure the best possible mortgage deal that's tailored to your individual needs. We have strong relationships with a wide range of lenders, including banks, building societies, and specialist mortgage providers, which means that we can offer you access to the widest possible range of mortgage products.
Our team of expert advisors will take the time to understand your unique circumstances and financial situation, so that we can provide you with personalized advice and guidance that's tailored to your needs. We'll help you compare different mortgage products, understand the terms and conditions, and provide you with support throughout the entire application process.
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In summary, at Your Best Interests, we're committed to providing you with the best possible mortgage deal for your individual needs. With our expert guidance and support, you can navigate the complex world of residential mortgages with confidence and ease.
How does the bank decide what I can borrow?
The mortgage granted on a residential basis is determined by a variety of factors including some of the following
1
The amount of income you receive vs the number of financial commitments you have.
2
​How close to retirement age you are.
3
How many dependants you have.
4
How well you have been managing your commitments over the last few years.
5
The value of the property. and more
What happens if I cannot repay?
The mortgage will be secured against your property, should you not be able to maintain payments the lender has the right to repossess your property.This is why there are careful steps in place to protect you from borrowing over your budget.
How long can I have a mortgage?
The length of the mortgage can go up to 40 years but this depends on how close to retirement you are. Some lenders can lend into your retirement, subject to your projected pension income and other factors.
What’s the minimum deposit required?
Currently there are lenders offering 95% mortgages so you would only need a 5% Deposit.It is important to note that Interest rates are higher the lower the deposit you provide, so the more deposit you can put down generally the better the interest rate.