Mortgage Agents in UK

Mortgage Agents are regulated businesses primarily concerned with providing money in the form of a mortgage for the purpose of purchasing a property, house or land.

What is a mortgage?

A mortgage is a loan you take out from one of many mortgage agents to pay for a property. If you don't pay back the loan as agreed, the mortgage agents can take possession of the property and sell it to repay the loan. The loan from the mortgage agents is divided into the capital (ie the amount of money you borrowed to buy your property) and the interest (ie the amount the mortgage agents charge for lending you the money). Mortgage agents use hundreds of different names for mortgages. Ignore them. They all boil down to the two main types of mortgage, "Repayment mortgages" and "Interest only mortgages". What makes mortgages seem complex is the different variations you get on the two basic types. Actually there is a new third type; The current account mortgage but if you want to learn the basics of mortgages now, you can read about that later.

The Mortgage Agents Interest Rate

You find a home to buy and approach a mortgage agent to give you a mortgage to help you buy it. You will be looking for a mortgage from an agent with the lowest possible interest rate. The interest rate is the most significant thing about a mortgage. Each of the mortgage agents have their own variable interest rate. They vary a great deal, offering as much difference as 1%. The lower the interest rate the less money you have to pay back to the mortgage agents over the mortgage term.

Why use one of many Mortgage Agents?

Mortgage Agents recognise that financing the purchase of a home will probably be the largest financial commitment that most people will ever make. As recognised mortgage agents we offer mortgages specially tailored for first time buyers, mortgages for people moving home or wishing to change mortgage agent and mortgages for people making a fresh start after the break down of a relationship. As forward thinking mortgage agents we also offer Offset accounts for people who wish to combine their mortgage and savings.