Mortgage quotes guide
This guide takes you through the process of getting a mortgage quote, in the UK or outside the UK.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What is a mortgage quote?
Your mortgage quote is an illustration of the costs of you borrowing a certain amount of money under certain specified conditions, along with an illustration of the cost to you. Details of the quote will range from the type and structure of the loan, to the interest rate and deposit needed and a prediction of your monthly payments.
Several factors determine the details of your mortgage quote.
What you want the mortgage for
Renting to tenants: To buy a UK property to let out to tenants, you will need a buy-to-let mortgage.
To buy your main home: A primary residence mortgage is used to buy the property that will be the main home for you or a member of your family.
Remortgage: A remortgage is put in place when you take out a new mortgage to pay off an old mortgage from another provider.
The type of mortgage you want
You need to consider what type of mortgage structure suits you best.
Fixed-rate versus variable-rate mortgages
The interest rate charged on a fixed-rate mortgage does not change from month to month. For variable rate mortgages the interest you pay is linked to the Barclays Bank Base Rate (BBBR), a variable rate set by Barclays Bank Plc which typically follows the Bank of England Base rate but is not guaranteed to do so.
Types of variable rate mortgage include standard variable rate, tracker, discount and capped.
Mix & Match mortgages
Depending on your circumstances, you might be better off with a mortgage that combines both fixed and variable rates.
Repayment versus interest-only mortgages
The monthly payments of a repayment mortgage cover the interest and pay off some of the capital borrowed. An interest-only mortgage has lower monthly payments because it does not repay the capital borrowed. The capital is repayable at the end of the agreed term.
The information you’ll need to provide
You must tell your mortgage adviser about your financial situation and the property you want to buy.
How much you want to borrow
How much you get depends on the value of the property, your income and expenditure and the size of the deposit you can put down. A bigger deposit may give you more options.
Investment or residential property?
You will usually need a minimum deposit of around 25% or more for an investment property. The minimum deposit is much lower for a residential property, starting at around 15%.
Your mortgage adviser will also need to know if:
- you have found a property you want to buy
- you are a first-time buyer or have purchased before
- you have proof of income and a credit history
Want to buy a UK property? Talk to us about your mortgage options. Call us on:
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