This guide will help you understand your options and navigate the process with confidence.
Our qualified Mortgage Consultants are authorised and regulated by the Financial Conduct Authority (FCA) to provide clear, practical advice on your mortgage and protection needs. We take great pride in finding the right mortgage product for your circumstances. Whether you’re a first-time buyer, moving home, a buy-to-let investor or remortgaging, we’ll:
When you take out a mortgage through us, you can become a Lifetime Member. This means you will receive ongoing mortgage and insurance advice for life.
There are two main types of mortgages. The option that is most suitable for you will depend upon your circumstances.
With this option, each monthly payment includes both capital and interest. Your loan gradually reduces, and by the end of the term, your mortgage will be fully repaid (provided you keep up with payments). This is a low-risk method that guarantees the repayment of your mortgage.
Your Mortgage Consultant can help you to find the right number of years over which to repay your mortgage. Please note that the longer your mortgage term, the more interest you will have to pay the lender.
At the end of the mortgage term, you will still owe the original amount you borrowed and will not own the property outright, so you need another plan for raising the money to do that, known as a ‘repayment vehicle’ such an endorsement, pension or ISA. We are not able to advise on the suitability of your selected repayment vehicle. If uncertain, we recommend that you seek independent financial advice.
Here are some of the most popular types of mortgages available.
Your payments are locked in for a set period (typically 2, 3, 5 or 10 years), regardless of what happens to the Bank of England Base Rate. This gives you certainty for budgeting, but be aware of potential early repayment charges and arrangement fees. You move on to your Standard Variable Rate at the end of the fixed rate period (unless you remortgage).
Be aware of Payment Shock - An increase in the payment on an adjustable-rate mortgage that may surprise the borrower at the end of an incentive period.
Your payments track the Bank of England Base Rate plus additional interest. You’ll benefit from immediate rate reductions, but you’re also not protected from rate increases.
The Bank of England base rate influences the mortgage interest rates available to buyers. A higher base rate typically means more expensive mortgage products, while a lower base rate can lead to more competitive, affordable options.
Your payments follow your lender’s Standard Variable Rate, which is usually based on the Bank of England Base Rate plus additional interest. While you’re unlikely to face arrangement fees or early repayment charges, monthly budgeting can be more difficult.
standard variable rate
A standard variable rate (SVR) is a type of variable-rate mortgage that you’re typically switched to when your current fixed-rate, tracker, or discount mortgage comes to an end— unless you decide to take out a new deal instead.
Conveyancing is the legal transfer of property from one person to another. A conveyancer will charge an additional fee for their services, and there are thousands based around the UK, so to avoid confusion and make the process as stress-free as possible this is where we can help.
The lender will process your application and arrange a basic mortgage valuation to ensure the property is worth the mortgage amount they are lending you. You should be aware this valuation is not a survey and may not identify any physical problems with the property.
This is a report suitable for conventional properties, built from common building materials and in reasonable condition. The focus of the report is on assessing the general condition of the main elements of the property.
This report is as above, but also includes the surveyor’s professional opinion on the ‘market value’ of the property and an insurance reinstatement figure.
The level 3 Survey is the most detailed survey Connells offer. Typically instructed on older properties, those that have been extended or altered significantly or those of unusual construction.
We can help you choose which survey would suit you best and arrange it for you, either directly with the lender or via our Survey and Valuation department.
We’re here for you every step of the way, ensuring the process is as smooth as possible.
Speak to one of our Mortgage Consultants who will help assess your affordability for a mortgage.
We will then search for an appropriate mortgage provider and find out how much they are prepared to lend to you in principle (subject to status and lender criteria).
We will help you find your dream home as well as give you guidance on what offer to make if the property is for sale with another agent.
If your offer is accepted, we can help arrange your mortgage and happily discuss any protection needs you may have.
Most people use a conveyancer or solicitor when buying a house as it can be a complicated process. We can help you appoint one, if you wish.
This is a requirement for your mortgage, please note that having a survey done on the property would be in addition to this.
If everything is in order a mortgage offer will be made.
Local searches are carried out by your conveyancer or solicitor.
From this point, the purchase is legally binding. (Note that Building and Contents Insurance must be put into force from this point)
The property is yours, and you can move in!
Buying a property is a major investment, so it is wise to protect yourself and your home.
The mortgage lender will require you to have buildings insurance in place from the point you exchange contracts on a freehold property.
These steps cover the costs of repairing damage caused by sudden and unexpected emergencies, such as a burst pipe that floods a room, or structural damage caused by events like storms or fires. Building cover ensures your home is safe and habitable after such incidents.
Some building insurance policies have an element of accidental damage cover included, but you may want to add additional cover for more protection.
You might want to consider adding contents insurance to ensure your possessions are covered from the day you move in. Contents insurance protects the belongings inside your home. This includes everything from furniture and appliances to personal items like clothing, electronics, and valuables.
For instance, if someone breaks in and steals your jewellery, this policy helps cover the cost of replacing or repairing those items. It essentially safeguards everything you would take with you if you moved house. Both types of cover are designed to give you peace of mind, ensuring you’re not left out of pocket after unexpected events.
There is a range of options to help protect you and your family if you were to die or if ill health forced you to take time off work.
56% of UK adults do not have a Will in place.*** Having a Will in place ensures your property, possessions and assets are distributed according to your wishes, saving your loved ones worry, costs and stress. Our Will-writing service offers:
Find out how we can help you with your mortgage and protection requirements by using the contact form.
