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We've been trusted by thousands of customers for mortgages since 2013.

100% Recommend

The Independent review organisation Reviews.co.uk report that 100% of reviewers recommend Lending Expert

Lending Experts

We’re mortgage experts. This means we know our stuff when it comes to all types of mortgages. We know where the best rates are and have access to exclusive deals just for Lending Expert customers.

Huge Market Comparison

We’re not tied to one lender which means we can search the wider market to find you the cheapest mortgages from across the UK.

Authorised & Regulated

Lending Expert is an FCA regulated credit broker which means you can be assured you are dealing with a legitimate and reputable finance company.

Flexible Lending

If you have bad credit or have previously been refused a mortgage we can consider your application. Whatever your circumstances please get in touch and we'll do our best to help find you the perfect mortgage deal.

Compare Mortgages With Lending Expert Today!

Compare mortgage rates today with Lending Expert! With access to over 1,000 mortgage offers, we compare the whole of the market in the UK and can help you find the best rates and maximise your chances of approval with our free eligibility checker. 

Whether you are looking for fixed, variable, offset or tracker mortgages, we offer a mortgage comparison from high street banks, challenger banks and building societies – and can help you on your journey today.

You may have found the perfect home or flat to move into or perhaps you are taking important steps to plan for your future. Either way, you can check your eligibility with Lending Expert in less than 5 minutes and get a free quote, with no obligation today!

Finding the best mortgages rates is very important and could help you save thousands of pounds – and secure your dream property. Below, we cover some of the most important things you need to consider when shopping for a new mortgage deal.

 

What is A Mortgage?

A mortgage is a loan from a bank or building society which can be used to purchase a property or land. The loan amount and interest is repaid every month over a set period of time ranging from 1 to 35 years, although most mortgages have a term of 25 years.

The mortgage will use the property as security until the total amount has been paid off in full and then you will own the property outright. Importantly, if you fail to make your mortgage payments, the lender could repossess your property to cover their costs.

 

Key Features

  • A mortgage is a loan against a property
  • Borrow £50,000 to £10 million
  • Loan term – 1 to 35 years
  • Repaid monthly with fixed or variable rates
  • Rates from 1.03% per month
  • Minimum deposit of 10% usually needed

 

What Are The Different Types Of Mortgages?

Lenders offer various different types of mortgages, all of which are designed for different financial circumstances. It is essential that you choose the right type of mortgage for your situation. Some of the most popular include:

  • First Time Buyer Mortgage: These are designed if you want to buy a home but have a small deposit and never owned property before. A minimum deposit of 10% is usually required.
  • The Right To Buy Scheme: Created to help you buy your council house for a discounted price. The discount can be used as part of the deposit.
  • Help To Buy Mortgages: These mortgages use a government scheme to help improve your chances of buying a home if you have a small deposit.
  • Guarantor Mortgages: A guarantor mortgage can help you buy a property with a small deposit and having a friend or relatives name on the mortgage as a guarantor.
  • Mortgages For Bad Credit: Some lenders specialise in offering mortgages to those who have had previous financial difficulties.
  • Self Employed Mortgages: If you have an income that is hard to prove to lenders, such as running your own business, then a self-employed mortgage might be for you.
  • Mortgages With No Deposit: These are rare to find, but it is possible to get a mortgage with little to no deposit if you have a guarantor.
  • Commercial Mortgages: A commercial mortgage will help you to buy a property for your business or as a business investment.
  • Mortgages For Older Borrowers: Most lenders will specify a maximum age for lending, and specialist mortgages for older borrowers can help you get a mortgage past this age.
  • Buy To Let Mortgages: If you want to purchase a property to rent out, then you will need a buy to let mortgage.
  • Second Charge Mortgages: A second mortgage is used if you want to buy a property other than your main place of residence, for example, for a holiday home or as an investment.
  • Equity Release and Lifetime Mortgages: These can give you cash in return for equity in a property you already own, they are then paid off when the property is sold.

The majority of these mortgages are repayment mortgages. This means the monthly repayments are paying off both the outstanding balance and interest charged, and at the end of the term, everything will be paid. You could also get interest-only mortgages, where the monthly repayments only cover the interest charged. These mean that your balance never reduces and at the end of the term the whole balance will need to be paid.

 

What Is A Mortgage Deposit and How Does LTV Work?

When you want to use a mortgage to buy a home, you are required to pay for part of the property outright. This is known as the mortgage deposit and is shown as a percentage of the property’s overall value. For example, if you purchase a house for £300,000 and the deposit is 10%, you would have to pay £30,000 upfront.

The mortgage provider is then lending you the remaining amount, which is known as the loan to value (LTV). In this example it would be a 90% LTV mortgage, which would cover the £270,000 that is remaining. This is the amount that you would then owe to the lender and pay off with your mortgage repayments plus interest. The LTV could be 50%, 60%, or even 100% depending on factors such as your deposit, income, credit status, whether you have a guarantor or the type of mortgage deal.

 

Do I Need a Mortgage?

A mortgage is the most common way of purchasing a property and there are almost 11 million people with mortgages in the UK. Having a mortgage can really help you afford a property, whilst only paying a relatively small deposit of something like 10%. 

However, you still gain financially if the property goes up in value over time. Mortgages are portable, so they can be moved from property-to-property and you can always re-mortgage or get a new mortgage every few years to access better rates – and this is very popular.

It is important to know that mortgages are rarely the same for everyone, since every borrower has a different income, credit status and property that they are looking to buy. Whilst mortgage rates are a good indication, there is usually an element of manual underwriting by the lender, hence you will need to wait for a decision and approval.

Of course, you do not require a mortgage if you have enough money to buy a property outright, or if you inherit a property from a relative, you will not need a mortgage on this.

 

Where To Get A Mortgage?

Lending Expert has access to over 1,000 mortgage products from banks, building societies, challenger banks and well-known lenders. 

You can apply to a mortgage lender directly, or whoever you bank with, however there is no guarantee that you will be approved or even get the best rates. For this reason, a lot of Brits use price comparison sites, mortgage brokers or an independent financial advisor (IFA). These specialists will compare various mortgages on your behalf to help you find the best option.

It is possible to get a mortgage without seeking advice from a professional, and these are called execution-only mortgages. 

 

How to Compare Mortgages

When you compare mortgages, you will look at the following:

  • Rates charged
  • Type of mortgage (fixed, variable, tracker, offset)
  • Loan-to-value (LTV)
  • Deposit required
  • Loan term (1-35 years)

A good starting point is considering how much you can borrow to start off with and what property you can afford. You can begin by combining the income and deposit of you and anyone that you are buying a property with – and then consider how much you could afford to borrow with an LTV of 60%, 70%, 80% etc

 

What is the Eligibility Criteria for a Mortgage?

Mortgage approvals are on the up, but the criteria can be strict. Mortgage providers want to see a stable income, employment and a good or fair credit status. 

  • UK-based
  • Stable income
  • Regular, stable employment long-term
  • Self-employed and sole traders are eligible
  • History of good or fair credit
  • Have a minimum deposit of 10% of property value

 

How Can I Get The Best Mortgage Rates?

The best mortgage offers are available for borrowers with stable incomes, low debts elsewhere and good credit scores. In addition, if you have a higher deposit, this should lower the interest rate you are charged, since there is now less risk overall for the lender.

 

What Mortgage Can I Afford?

Mortgage providers will look at several factors when deciding what you can afford, including:

  • Income
  • Your deposit 
  • Existing debts
  • Current spending habits
  • Credit status and history

 

How Can I Apply for Mortgage Online with Lending Expert?

At Lending Expert, we offer a free eligibility checker and help you get started on your journey today. We require a few simple details which you can submit online including your name, age, contact details, monthly income and amount that you wish to borrow. We will match your requirements with a number of competitive mortgage offers across the UK.

Our entire mortgage eligibility checker is completely free-to-use and will not have an impact on your credit score. There is no need to apply with each mortgage lender one-by-one, we are here to help you get a full market view, offer the lowest rates and best chance of approval.

If you have a house, flat or property that you are looking to purchase, do not wait any longer! Get in touch with Lending Expert today!

Compare mortgages and get the best deals today.