Residential Mortgages
Planning to buy a home in the future? Unless you’re paying in cash, you’ll likely need a residential mortgage. Since residential mortgages are the most common form of home financing in the UK, it’s beneficial to understand how they work.
Whether you’re a first-time buyer, moving home, or remortgaging, you’ve found us for a reason. You need a residential mortgage.
Let’s explore why.
We are Connect Experts—a platform that helps clients find mortgage advisers based on expertise, gender, location, and language. These factors could be why you’re here. Now, let’s focus on residential mortgages.
How Does a Residential Mortgage Work?
When purchasing a residential property, buyers typically need a cash deposit ranging from 5% to 40% of the home’s total value.
For example, if you’re buying a £250,000 home, you would generally need to deposit between £12,500 and £100,000 upfront.
Sometimes, it’s possible to secure a 100% mortgage, meaning no deposit is required. This can be achieved through options like a guarantor mortgage or a family-assisted mortgage, where a family member provides financial backing. Additionally, a mortgage product on the market allows renters to buy a home without a deposit, making homeownership more accessible for first-time buyers.
Other Services we provide
Types of Residential Mortgages and Their Mortgage Needs
Moving Home Mortgages
Whether you’re upgrading or downsizing, securing the right mortgage makes a difference.
First-Time Buyer Mortgages
If you’re buying your first home, you may qualify for government schemes or need help navigating the process.
Remortgaging
If your mortgage deal is ending, switching lenders or finding a better rate can save you money.
Credit Problem
If you have credit issues, there are lenders who specialise in helping those with a less-than-perfect credit history.
Short-Term Bridge Loans
Need funds quickly? A bridge loan can help cover gaps in financing while you secure a long-term mortgage.
Fast Loans
If you need a loan approved quickly, expert advisers can connect you with lenders offering expedited approvals.
Equity Release
Age doesn’t have to be a barrier—specialist lenders offer options for retirees and older buyers.
Find the Right Residential Mortgage Adviser
Finding the right mortgage adviser can be challenging, especially when your needs are unique. Whether you’re a first-time buyer, self-employed, or need a specialist lender, expert advice is crucial.
This is where Connect Experts helps. Instead of searching through countless brokers, our platform allows you to find a mortgage adviser based on expertise, location, language, and even gender—ensuring you receive advice tailored to your needs.
Avoid time-consuming, generic recommendations. Find the right residential mortgage expert today and take the next step towards securing the best deal for your home.
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FAQ: Residential Mortgage
| Question | Answer |
|---|---|
| What is a residential mortgage? | A residential mortgage is a loan used to buy or refinance a property you plan to live in as your main home. The lender secures the loan against the property, and you repay it over an agreed term with interest. |
| How much deposit do I need for a residential mortgage? | Most lenders require a minimum deposit of around 5% to 10% of the property’s value. A larger deposit can help you access lower interest rates and a wider choice of lenders. |
| Can I get a residential mortgage with bad credit? | Yes, some lenders consider applicants with a history of missed payments or other credit issues. Your options may be more limited, but a specialist adviser can help you find lenders willing to assess your case individually. |
| What documents do I need to apply? | Typically, you’ll need proof of income (payslips or tax returns), bank statements, ID, and evidence of your deposit. Self-employed applicants may need two or more years of accounts or SA302 forms. |
| How long does a residential mortgage application take? | On average, it takes two to six weeks from application to offer, depending on the lender, your circumstances, and property type. A mortgage adviser can help keep the process moving smoothly. |
| Can I overpay on my mortgage? | Most lenders allow overpayments of up to 10% per year without penalty. Overpaying can reduce your total interest and shorten the term of your mortgage. Check your lender’s terms before making any extra payments. |
| What types of residential mortgages are available? | Common options include fixed-rate, tracker, discounted, and variable mortgages. The best type depends on your income stability, budget, and long-term plans. |
| What happens if I move home? | Many mortgages are portable, meaning you can transfer them to a new property. However, not all products offer this feature, so check with your adviser before committing to a move. |
| Can I get a joint residential mortgage? | Yes. A joint mortgage allows two or more people to combine their income and apply together, which can increase borrowing potential. Each borrower shares legal responsibility for the repayments. |
| Why use a mortgage adviser for residential mortgages? | A qualified mortgage adviser can access a wide range of lenders, including those not available directly to the public. They help you compare deals, manage paperwork, and ensure your mortgage fits your financial situation. |