Mortgages Guide
A mortgage is a type of loan that is used to purchase a property or land. The loan is typically secured against the property, which means that if you fail to make your mortgage payments, the lender has the right to repossess the property and sell it to recover their money.
Mortgages are usually long-term loans, typically lasting for 25 years or more, and the borrower makes regular monthly repayments to the lender to pay off the loan over time. The amount of money that can be borrowed through a mortgage is determined by a range of factors, such as the borrower’s income, credit history, and the value of the property being purchased.
There are different types of mortgages available, including fixed-rate mortgages, variable-rate mortgages, tracker mortgages, and offset mortgages.
Each type of mortgage has its own features and benefits, and it’s important to carefully consider your options before choosing a mortgage product that is right for you.
What is a mortgage broker?
A mortgage is a professional who specialises in finding and arranging mortgage loans for individuals and businesses. They act as intermediaries between borrowers and lenders, helping borrowers to find suitable mortgage deals that match their financial circumstances and requirements.
Mortgage brokers typically have access to a range of mortgage products from different lenders, and they can provide expert advice and assistance throughout the mortgage application process, from initial consultation to completion.
Why should I use a mortgage broker?
There are several reasons why a client may want to use a mortgage broker like Thameside Mortgages:
- Access to a wide range of lenders: Thameside Mortgages has access to more than 90 lenders, including some that are not available on the high street. This means they can help clients find a mortgage product that is tailored to their specific needs and financial situation.
- Expert Advice: The brokers at Thameside Mortgages have nearly 20 years of experience in the mortgage industry, which means they have a deep understanding of the market and can provide clients with expert advice and guidance.
- Utilising technology to make the process easier: Thameside Mortgages uses technology to make the mundane aspects of getting a mortgage easy for clients. For example, they use an online portal to manage the application process and provide clients with real-time updates on the progress of their application.
- Small, but friendly: Thameside Mortgages is a small, family-run company, which means they can provide clients with a personal and friendly service. Clients can expect to deal with the same broker throughout the entire mortgage application process, which can help build trust and make the process more comfortable.
- Time-saving: Using a mortgage broker like Thameside Mortgages can save clients time and effort, as the broker will handle the mortgage application process on their behalf. This can include completing paperwork, liaising with lenders, and providing guidance and advice along the way.
Overall, using a mortgage broker can provide clients with a range of benefits, including access to a wide range of lenders, expert advice and guidance, time-saving, and a personal and friendly service.
What are the main mortgage product types?
The main types of mortgages are:
- Fixed-rate mortgage: A fixed-rate mortgage offers a set interest rate for a fixed period, typically 2, 3, or 5 years. This means that your monthly mortgage payments will remain the same during the fixed-rate period, which can help you budget more effectively.
- Tracker mortgage: A tracker mortgage follows the Bank of England base rate, plus a fixed percentage. This means that your mortgage payments will change in line with any changes to the base rate.
- Variable-rate mortgage: A variable-rate mortgage has an interest rate that can go up or down at any time, depending on market conditions. This means that your monthly mortgage payments can fluctuate over time.
- Offset mortgage: An offset mortgage allows you to use any savings you have to reduce the amount of interest you pay on your mortgage. Instead of earning interest on your savings, your savings are offset against your mortgage debt, reducing the amount of interest charged.
What Interest Rate can I get?
Several factors can determine the interest rate you’ll be offered when you apply for a mortgage. Here are some of the most important ones:
- Credit score: Your credit score is a measure of your creditworthiness, and lenders use it to assess the level of risk you pose as a borrower. Generally, the higher your credit score, the lower the interest rate you’ll be offered.
- Loan-to-value ratio (LTV): This is the amount of the loan you’re applying for compared to the value of the property you’re buying. Lenders typically offer lower interest rates to borrowers who are borrowing a smaller percentage of the property’s value, as this represents a lower risk to the lender.
- Loan term: The length of your mortgage term can also affect your interest rate. Generally, shorter mortgage terms will have lower interest rates than longer ones.
- Type of mortgage: Different types of mortgages come with different interest rates. For example, fixed-rate mortgages generally have higher interest rates than variable-rate mortgages.
- Economic conditions: Interest rates are also influenced by wider economic conditions, such as inflation, the Bank of England’s base rate, and market competition among lenders.
It’s important to note that different lenders may have different criteria for determining interest rates, so it’s always a good idea to utilise the expertise of a good mortgage broker before making a decision.
What are the costs of obtaining a mortgage?
When obtaining a mortgage, there are several fees and costs associated with the process. Here are some of the most common fees you may encounter:
- Application fee: Some lenders may charge a fee when you apply for a mortgage. This fee may cover the lender’s administrative costs, such as checking your credit report or verifying your employment.
- Valuation fee: Lenders typically require a valuation of the property you’re buying to ensure it’s worth the amount you’re borrowing. You may be charged a valuation fee to cover the cost of the valuation.
- Mortgage arrangement fee: Some lenders charge a mortgage arrangement fee, which covers the cost of setting up your mortgage.
- Legal fees: You may need to hire a solicitor/conveyancer to handle the legal aspects of your mortgage. They’ll charge a fee for their services, which may include things like conducting local searches, checking contracts, and registering the property with the Land Registry.
- Survey fees: You may choose to have a more detailed survey of the property conducted to identify any potential issues, such as structural defects or problems with the roof or plumbing. There may be a fee for this service.
- Stamp Duty Land Tax (SDLT): In the UK, you’ll need to pay SDLT when you purchase a property above a certain value. The amount of SDLT you’ll pay depends on the purchase price of the property.
It’s important to factor these fees and costs into your budget when considering how much you can afford to borrow. Your lender or mortgage broker should provide you with a breakdown of the fees associated with your mortgage, so be sure to ask for this information upfront.
Should I use a broker who charges fees?
While many mortgage brokers have access to similar mortgage deals, the importance of having the right mortgage broker cannot be overstated. Paying for a mortgage broker can provide someone who is extremely experienced and qualified in the field of mortgages, providing invaluable advice tailored to your specific financial circumstances, ensuring that you make informed decisions and ultimately secure the right mortgage for your needs.
You should check client reviews, such as Google, Trust Pilot and Social Media platforms before choosing a broker, to ensure you’re choosing a firm that has your best interests at heart.
There are brokers who do not charge fees, but these could be large organisations that may prioritise efficiency and volume over personalised attention to clients, or smaller firms that lack experience in the industry and/or may not invest in systems and processes to enhance and simplify the client experience.
On the other hand, a good quality, experienced mortgage broker that charges a fee for their services can provide excellent value for money due to the invaluable advice they provide, access to exclusive deals. While this may be an additional expense, clients can benefit from personalised attention, expert advice, and assistance throughout the mortgage application process.
Therefore, it’s not uncommon for a good quality, experienced mortgage broker to charge a fee to their clients for their services.
At Thameside Mortgages, we would typically only charge a fee on receipt of a mortgage offer, which means you have peace of mind knowing you are not at risk of losing money upfront. It’s worth noting that there can be situations or complex cases that require slightly different terms, but we would always be clear, upfront, and transparent when it comes to the fees you would pay.
By charging fees, mortgage brokers are less likely to be influenced by the commission offered by mortgage lenders.
The Financial Conduct Authority does not regulate building surveyors.
Thameside Mortgage Ltd are not regulated by The Royal Institution of Chartered Surveyors, we do not have any involvement in the provision of this type of service / activity. We are not qualified surveyors and the information provided on this website is for informational purposes only. The information provided is not intended to be a substitute for professional advice, inspection, or survey.
It is important to seek professional advice and to undertake a proper survey/inspection before making decisions or taking actions related to a property.
What Our Clients Are Saying
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Thank you to Thameside Mortgages to Laura and Andrew, helping me get the mortgage, they were both very professional. The mortgage was smooth and efficient. I had difficulties with the solicitor, but Laura and Andrew have been there to support me throughout. I will definitely be in contact for a future mortgages. Happy to recommend to anyone.
chong brown
Introduced to Mr Sheen in 2016 and using his services for me and my family since then. When I was looking for the second mortgage, I was unable to find him at his earlier employers, as he had meanwhile started Thameside Mortgages. I spent two days on internet, found him and contacted. I appreciate 7 respect his services, integrity & professionalism.
Rajen Saraswati
Andrew and the team at Thameside Mortgages provided a fantastic service throughout our re-mortgage process. From detailing how it all works and what steps we have to take along the way with taking care of our best interests. Andrew was also able to sort out life insurance for me and my partner ensuring we are protected with what we seemed necessary. I very much look forward to using Thameside Mortgages in the future and would recommend anyone else to do so.
Jordan Smith
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This is the 3rd time I have used Thameside Mortgages , I was so impressed with their professionalism and quick response. They helped me through every step of the way and continue this service after completion. It was such a pleasure throughout the whole process , I would definitely recommend this company to all my friends and family . Mrs Pamela Payne
Pamela Payne
I had heard great things about Thameside Mortgages before we used them to buy our new home, and they certainly did not disappoint! Andrew and his team were friendly, thorough and efficient from start to finish, which made what initially felt like a daunting process completely stress free. The team went above and beyond on multiple occasions, including to resolve a couple of unforeseen issues that we encountered with our mortgage application, proving that we couldn’t have done it without them! I will definitely be using them again for any future house purchase / remortgage.
Michaela Peck
Andrew and Laura provided an exceptional service and my partner and I are extremely grateful for their services. They were both on hand to answer any questions or queries without hesitation and provided clear, concise and accurate information. As first time buyers and with one of us being self employed, it proved extremely difficult for us to get a mortgage (especially in a pandemic), however Laura and Andrew both went above and beyond to ensure we were looked after and for that we are extremely thankful.
Hazel McCarthy
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Andrew’s experience and knowledge of the market was next to none, which allowed me to get the perfect mortgage deal. Followed by Laura’s communication made the whole process very comfortable. It wasn’t as easy ride with many hiccups from my end but Thameside stuck with me throughout the entire process until I picked up my keys and more. Highly recommend.
Henry Kidman
I could not recommend Thameside Mortgages More! Andrew is always fantastic to deal with, he is always extremely responsive, supportive and helpful! Thanks to the team at Thameside and Andrew for your constant support!
Larissa Tait
I really can’t recommend Thameside Mortgages enough. From start to finish, the process was very well explained and completely hassle free. They found me an amazing deal and their communication, responsiveness and support was second to none. A heartfelt thank you to Andrew, Laura and Lydia; keep up the brilliant work.
David Leece
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After the purchase of our property we were in search of a good mortgage broker and our estate agent recommended Andrew. After speaking to Andrew we were confident we had found the right person to entrust finding us something as important as our first mortgage. We provided Andrew with all the necessary details and with his extensive experience and knowledge in this field, he was able to find us a very good mortgage deal. It was a pleasure working with Andrew and he was there to help and support us from the initial stages of the mortgage to the final completion day. When we needed to remortgage, Andrew helped us find another good deal, providing the same care and support as before. I would definitely recommend Andrew to anyone who is looking for an experienced and professional yet very approachable and friendly expert broker who will help guide them through the whole mortgage process. Thank you so much Andrew and Lydia for all your help recently.
Pam Mehroke
From start to finish Thameside Mortgages have been available and very helpful in guiding us through not only moving house, but also remortgaging in these difficult times. I can’t tank Andrew, Laura and Lydia enough for their care and fantastic work ethic! Will definitely be using them in the future!!
Chris Bassett
I've been working with Andrew and his team for a few years now. After recently completing a re-mortgage with Thameside I thought I'd leave a quick review to help others looking for help with the mortgage and to show my appreciation to everyone at Thameside. Their customer service is fantastic. Each time the process is completely stress free. The team are knowledge and always willing to go above and beyond to help make the process go smoothly. They take the time to explain the products they offer in a way that is easy to understand. They are profession and personable at the same time. I especially like the person touches the team do, like sending a thank you card on completion. I would highly recommend the services they offer. Keep up the good work Thameside.
Surj
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I was highly recommended Thameside Mortgages and they didn't disappoint! The process was stress free, professional and very efficient. Nothing was a problem. Everything was explained fully and no question was to much trouble to answer in a way that I could understand. I also took out insurances too which were highly competitive! Great company and service received.
Laura Biggs
We brought our first home nearly 2 years ago, we had Jason Harris as our advisor. I can’t put into words how much he helped from the very first call to present day with our remortgage and life insurance. Jason has been incredible from the get go, it felt as though we didn’t have to do anything really, as he found everything for us and gave multiple options so all we did was say yes or no. He broke everything down and explained things in such a simple way for us to not get too overwhelmed. He made everything feel stress free and simple, as well as finding us an incredible offer twice he has also found cheaper life insurance policies for us which is something I didn’t even think to do, he has saved us £100’s of pounds overall with our new offers. Really appreciate having him as our advisor and he’s a really helpful and lovely guy. Thank you Thameside & Thank you Jason.
chelsea melbourne
Thameside Mortgages have been nothing but patient, informative and thorough. Andrew and Laura have been great, providing continued support and really taking the time to explain all the questions we sent their way. Their knowledge and expertise is apparent straightaway. Would highly recommend!
Rosie Woods
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We used Thameside Mortgages for our mgt for our new property. We had professional and brilliant service from Andrew and his team. I would highly recommend Thameside Mortgage as they go over and above what I expected from them. Thank you so much Andrew and your team X
Kelly Carberry
Couldn't recommend Thameside Mortgages enough, both Andrew and Laura have and continue to be a huge support in the process for us. We have been kept up to date at all times, provided as much information as possible and have received helpful responses to any queries we have had. They have made a stressful process much easier and we couldn't have wished for a better service.
Laura Ward
We used Thameside Mortgages for our recent mortgage application and cannot speak highly enough of Andrew and his team. They were professional and attentive from the outset and helped us through every step of the process. Andrew consistently communicated with us throughout to ensure the process was as easy and streamlined as possible, and we felt we received a completely personal service. I wouldn’t hesitate to recommend Thameside Mortgages for anyone considering a mortgage application in the future and will definitely utilise their service again.
Sarah Blanks
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I genuinely can't thank Andrew and Laura enough for all of their hard graft through a very stressful process! The sleepless nights have been totally worth it!! I couldn't have done this with out your superb guidance. Professional, caring, excellent communication, explations to a solo first time buyer that doesn't always understand the jargon that comes with process. I was told by several people I didn't earn enough, needed a partner, better paid job to get on the property ladder. Andrew took this as a challenge and found me an excellent mortgage deal, twice!! I am so, so happy that I chose them to make this a lot easier. I genuinely can't recommend Thameside Mortgages enough. Forever grateful!
Lauren Cosgrove
Andrew and the Team were not only extremely knowledgeable in their field, but extremely professional and thorough throughout the process. I can't recommend the team enough and would strongly urge engaging the team for your mortgage and life insurance management. Thank you Thameside Mortgages.
Matthew Harrison
We've bought our first home with Thameside Mortgages and it was a wise decision to choose them over others. Andrew made sure that everything is done for us and helped us beyond our expectations. Both he and Laura are very responsive, professional and welling to help anytime is needed. Our journey was a long one, being a chain but they stood side by side with us the whole process even in this difficult time. If I should choose again I would definitely choose them again. I recommend them 100%. Well done Thameside Mortgages 👌
Partene Ramona
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The team went above and beyond to help us secure the best possible rate. During what was a difficult time for us, they’ve been so supportive and empathic. Their work is delivered with pedagogy and transparency, for customers to understand relevant details and take informed decisions with confidence. I strongly recommend their mortgage services.
Mikhaël Mazu
Andrew & Laura at Thameside Mortgages were an absolute godsend. Having them as our Mortgage Broker was so worth the money. They had excellent communication, were brilliant at chasing our lender and keeping things moving quickly, they were also fantastic at finding the best mortgage deal and helping you with every step of the way. They made the whole process so much easier, especially as we were first time buyers and had no clue what we were doing. They help you with all the paperwork and make the process far less overwhelming. I cannot recommend them enough, book them you will not regret it.
Nicholas Anscombe
Thameside were amazing! Made the process completely stress free and felt informed throughout. I’ll go with them every time.
Ellie Blackall
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I used Andrew and team 5 years ago and they were brilliant, I couldn't recommend them enough. Recently used them for my renewal and nothing was a problem and felt easy to complete. First class hassle free!!
Shaun Bradford
Fantastic service from start to finish. Andrew and Laura assisted with the purchase of mine and my partners first home, it was great to know that we were in safe hands throughout. Highly recommend!
Noah Kirby
I couldn't recommend Thameside Mortgages enough - they helped me with my life insurance and Laura was so helpful and so patient with me! Andrew clearly has incredible knowledge and was very supportive and considerate when discussing all of my options. Laura was brilliant at following up and helping me through the process and was very quick responding to any queries that I had. Will most definitely use them again for any further business that I have, A* service - thank you so much!
Ceri Morgan
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Thameside Mortgages, Jason Senior Financial Adviser is the most proactive Adviser I have had the pleasure of working with. He helped me not only with the purchase of my Property 5 years ago but also with my Remortgage couple days ago, very versatile with a lot of knowledge and huge experience a really great, amazing person. My e-mail was answered frequently within a minute, he was quick on the document chase. Friendly professional, service, I definitely recommend it. And very decently. Thank you so much Jason.
stanislaw oleniacz
Thameside mortgages made getting a mortgage so easy ,even for a tech phobe like myself Laura was so professional ,always their to answer any questions I was kept up-to-date through the whole process ,no stress at all Would recommend to anyone ,5 * isn't enough Massive thank you to Andrew & Laura Well done
Cheryl Zammit
Fantastic guidance and service all the way through the process of our purchase. Very quick to respond to our questions and would certainly recommend.
Aaron Jago
