Mortgage Broker London
Get The Best Mortgage Rates In London With Deedle
The city offers a wide range of properties for both homebuyers and investors alike. So what are you waiting for? Enquire to get an affordable mortgage deal in London today.
How To Get A Mortgage In London
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What Mortgages Can I Get In London?
Whether you need repayment only or interest only mortgages in London, we can help you get:
- A residential mortgage in London
- A buy to let mortgage in London
- A first time buyer mortgage in London
- A next time buyer mortgage in London
- Affordable Housing scheme mortgages in London
- Equity release mortgages in London
- Remortgage a property in London
What Deposit Do I Need For Mortgages In London?
Generally, lenders in London usually expect a deposit of at least 5-20% of the property’s purchase price. Since the average price of a property is higher in London than anywhere else in the country, this may be higher than other parts of England. With the average price of a property in London totalling around £510,000, this means a typical deposit will range between £25,5000 and £102,000 on average.
The higher the deposit, the more favourable terms you will get such as lower interest rates. So it is ideal to save closer to 20% of the property’s full value. The amount you need to pay for the deposit will also depend on how much money the bank is willing to lend you for your mortgage.
Different Types of Mortgages Available In London
Fixed Rate Mortgages
A fixed rate mortgage allows borrowers to fix their mortgage rate for 2 to 15 years.
Repayments stay the same during that time.
You can usually overpay by 10% a year to reduce the total loan amount. Any more than this could lead to early repayment charges.
Discount Variable Rate Mortgages
Discounted variable rate mortgages mean that borrowers get a discounted rate for some time, usually between 2 and 5 years.
These mortgages tend to have the lowest interest rates and lowest monthly repayments.
However, interest rates and monthly repayments can go up or down.
Tracker Mortgages in London
Tracker mortgages follow the Bank of England’s base rate.
They are often a certain percentage above it, so they do not follow the same interest rate changes as fixed mortgages.
Monthly repayments can go up or down with a tracker mortgage.
Why Should I Enquire With Deedle?
At Deedle, we pride ourselves in being the best mortgage introducers in London. We offer a free service whereby we connect your request with expert advisors who will call you back on the same day as enquiring.
A trained professional will explain the next steps to you and help you find a mortgage deal that meets your borrowing requirements. Getting a mortgage in London has never been simpler!
There is no obligation to accept the offer presented to you but if you do decide to go ahead, our dedicated team of mortgage advisors will be with you every step of the way, from initial consultation to mortgage completion. We handle all the paperwork, liaise with lenders and ensure a smooth process, saving you time, stress and effort.
Whether you have a low credit score, are self employed or a pensioner, our team of experts can help you find the mortgage that you need. With many years of experience in the mortgage industry, they search through 1,000s of mortgage deals which is certainly beneficial as by applying with a broker, you will have access to the whole market rather than being restricted to just one lender’s offer.
Where Can I Get A Mortgage In London?
London hosts a variety of neighbourhoods and areas that are popular for obtaining mortgages. Some of the many locations in London include:
- Bethnal Green
- Canary Wharf
- City of London
- Hammersmith and Fulham
- Kensington and Chelsea
- Marble Arch
- St Pancras
- Stoke Newington
- Tower Hamlets
What Are The Mortgage Requirements in London?
When assessing your application, mortgage providers in London will consider:
- Your age
- Your income
- Your employment status
- Your employment history
- Your credit rating
- Any debts you might have
- The deposit amount
- The size of the loan
- Your monthly outgoings
What Documents Are Needed To Apply For A Mortgage in London?
The following documents are usually requested in order for you to secure a mortgage in London:
- Proof of ID e.g your passport or driving license
- Proof of postal address
- Proof of income (usually the most recent three months of payslips)
- Proof of deposit
- Current or most recent P60
- Your SA302 tax return forms if you are self-employed
- Proof of any bonuses or commission if applicable
Frequently Asked Questions About Mortgages in London
When purchasing a property in London, alongside the deposit and mortgage other costs can include stamp duty taxes, valuation fees, arrangement fees, legal fees and insurance premiums. You also may need to pay for furniture such as tables and chairs or moving costs to transfer your existing items to your property.
The time taken to complete a mortgage process in London can take between a few weeks to a few months from when you start with the initial application to the final approval and disbursement of funds. Timings can vary depending on several factors such as the lender’s processing time, your financial circumstances, whether you are in a chain and the complexity of the transaction.
Yes, it is possible to get a mortgage if you have a bad credit score. The lender may just offer you higher interest rates due to the larger level of risk involved for them.
Even if you have a bad credit history, you can find a mortgage offer in London. So if you want to buy a flat in London or a house, maisonette, bungalow or any other type of property, then we will endeavour to support you and help find you the best solution possible.
Buying a home in London offers several advantages. The vibrant city has a rich cultural heritage and offers world-class educational institutions, renowned healthcare facilities, excellent transport links and countless things to do, making it an attractive choice for families, professionals and retirees alike. Better yet, London’s property market has historically shown strong growth, offering potential for long-term investment gains.
Yes, there are government schemes available in London to help with mortgage affordability. The Help to Buy scheme, for instance, offers monetary assistance towards eligible buyers deposit when they purchase a property. London borough councils and local housing associations may also offer support or affordable housing options that can help make mortgages more accessible to certain individuals or families.
Before getting a mortgage in London, you should take time to research into all the different mortgage types to decide which plan is best for you. Our advisers will be able to help you decide and can explain the pros and cons to each type.
Make sure the terms of your loan is suited to your financial situation, with monthly payments you can afford, an interest rate you are comfortable with and clear terms so that you know if there are any additional fees and what the remaining balance to pay is. It is also important to think about how you are going to pay off the loan at the end of your mortgage term whether you choose to sell the property, pay with investments, an endowment or decide to take out another mortgage.
Yes, it is possible to purchase a property in London if you are a foreign national or a non-UK resident. However, there could be additional requirements and restrictions depending on your residency status. In this case, it is worth consulting with mortgage advisors and legal professionals who specialise in assisting non-UK residents to navigate the process and understand the eligibility criteria and documentation needed to proceed.