A mortgage is a loan from a bank or building society that enables you to purchase property. The loan is repaid with interest over a number of years, with the term for doing this dependent on your personal financial circumstances.

A mortgage can be held by an individual or jointly between one or more people, but if you do not keep up your repayments, your home could be repossessed by the lender.

We offer mortgage advice to clients throughout the UK. We have put together an award-winning combined with over 100 years’ experienced team to assist you in finding the most suitable mortgage along with our key business partners.

Our aim is to help you with every step of your mortgage process. By coming to us, you can take advantage of our extensive knowledge and experience. You can also find out about mortgage offers and home loan deals that are not widely known or advertised by High Street mortgage providers.

Akhil Mair founded the company in 2019

Our head office is in Berkshire, we have offices in Mayfair London and Birmingham City. We have advisers located across the UK. This allows us to assist more people than ever before. Regardless of where you are in the United Kingdom, there is a good chance we have an experienced mortgage adviser close by. Contact us for more information on how we can help you.

Lenders often talk about the LTV requirement. LTV is an acronym for Loan to Value Ratio. This is a term used to describe the ratio of a loan to the value of the property purchased. For Example, if you borrow £170,000 to purchase a property valued at £200,000 the LTV is 170,000/200,000 or 85%, the remaining 15% is your equity.

All mortgage lenders have their own criteria. The following factors all play a part in determining their mortgage offer and how much they are willing to lend to you:

• Amount you wish to borrow
• Size of your deposit
• Employment status and income
• Credit rating
• Outgoings
• Existing debt
• Your age
• Length of the mortgage term
• Your credit status
• If you are applying solely or jointly

In order to be accepted, you need to convince lenders that you are able to repay your mortgage. To do this, lenders typically use your credit report to check your repayment history. Your credit file will contain current and existing records on items such as credit cards, loans, overdrafts, mortgages, mobile phone/s, some utilities payments and all accounts opened in the past six years. If you have had arrears, defaults, CCJs, debt management plans or previously been made bankrupt, there are mortgage options available which we can help you with.

To get a mortgage, you will need to save a deposit of at least 5%. However, the more you can save, the better your rate will usually be. If you already own your own home, you can use the equity in your property for this. Our expert mortgage advisors can talk you through the benefits and the difference in your monthly payments by increasing your deposit.

Once you have found the property you want to buy, our mortgage brokers will assess your personal needs and circumstances and recommend a mortgage product that is right for you. They will compare hundreds of mortgage quotes, including a number of exclusive products that cannot be found on the high street or comparison sites, and ensure that you get the right deal at a great price.

If you are happy with the mortgage product your advisor recommends, you will then receive an Agreement in Principle (AIP). This will give you an approximate sum of how much the lender is willing to let you borrow, and enable you to put an offer in on your dream home.

If your offer is accepted, you will need to appoint a solicitor to handle searches, surveys and contracts, which we can arrange for you. We handle the entire mortgage application process through to completion, liaising with your solicitor and lender to ensure that your application is a success.

If you are looking to remortgage, then we recommend looking for a new mortgage deal around 3 months before your current deal expires. Starting early will give you plenty of time to compare all the available mortgage products and submit your application. If your mortgage is approved early there’s no need to panic, as we will ensure that the completion date corresponds with your current deal’s end date.

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We’ll ask for the following details about you and anyone else who will be named on the mortgage:

• Personal details including: name, address, date of birth and contact details
• Employment details
• Financial details including income, bonuses, overtime, commitments and monthly expenditure
• Retirement plans

We’ll also need:

• Details of the property to be mortgaged including the year the property was built and the construction type
• Your existing mortgage lender details and your current mortgage balance
• Documents to confirm what you've told us

Most mortgage lenders will lend you up to five times your salary. However, this is dependent on a number of factors including your age, number of dependants and current financial commitments. Lenders generally work out how much they will lend you based on what you can realistically afford each month after you have paid your bills, credit cards, loans etc.

Our Mortgage Broker can help you understand how much you can realistically borrow before an application or credit search is completed, by assessing your individual needs and circumstances. If you choose to proceed with an application, then our advisers will know which mortgage lenders to approach to ensure you get the required loan amount.

To buy a home with a mortgage, you will need to save a deposit of at least 5%. The more you can save, the better your mortgage rate will be. There are a few exceptions to this however as follows:

• If you already own a home, you can use the equity from your property for the deposit
• If you are a council tenant and are looking to buy your current home under the Right to Buy scheme, most mortgage lenders will now accept your Right to Buy discount as a deposit.

With property prices increasing, first time buyers are struggling to save enough money to buy a home. The government has therefore introduced ‘Help to Buy’ to enable first time buyers to get on the property ladder.

Our professional mortgage advisors are experts on all the various mortgage deals available and can help you decide which mortgage deal best fits your needs.

When you take out your mortgage, you arrange to have a fixed or variable rate product for a period of time.

At the end of this time, the product will end and your loan will usually be transferred to one of our lender variable rates. At this point, you may choose to move it to a new product for a further period of time. Rest assure Our Mortgage Broker will be in touch 120 days prior to your deal expiring in order to review and find you the most suitable mortgage deal so you do not over pay once your current deal expires.

For the majority of mortgages, you borrow money from a lender to buy a property and pay interest on the loan until you have paid it back. The only exception are interest-only loans. Here are the different types of mortgages available:

• Repayment
• Interest-only
• Fixed rate
• Variable rate
• Tracker
• Discounted rate
• Capped rate
• Cashback
• Offset
• 95%
• Flexible
• First time buyers
• Buy to let

The amount you pay each month is dependent on the total cost of your property and the type of mortgage you have. The costs you may need to pay vary but typically include:

Interest: Accrues across the lifetime of the mortgage and is charged as a percentage rate on the amount you owe.

Mortgage fees: A product fee which is charged for taking out the mortgage.

Application fees: Charged on application, regardless of whether you take out the mortgage.

Valuation fees: Can be charged by lenders for calculating how much your home is worth.

Higher lending charges: Can be applied to mortgages that have a small deposit.

Telegraphic transfer fees: Charged by the bank for arranging to transfer the money they are lending you (usually to your solicitor).

Broker fees: Often charged if you use a broker to arrange your mortgage.

Early repayment charges: Can be charged if you repay your mortgage before the end of the agreed term.

Exit fees: Lenders can charge these if you move to a new lender.

Missed payments: These can be charged by your lender if you fail to keep up your repayments, which can increase the total amount you owe.

Lenders lend you the money on the basis that you are using the property as your main residence.

If your circumstances change after you take the mortgage, and you want to let the property you must there permission, this is called consent to let.

We do not guarantee that they will allow you to let your property but they may have to transfer you onto another product if they do allow this. Speak to an advisor at Our Mortgage Broker who can best advise you on the necessary steps to take.

If you have a history of bad credit including; arrears, defaults, county court judgements (CCJs), debt management plans or bankruptcy, there are still mortgage options available. Your choice of mortgage lender and type of mortgage will however be limited, and the rate of interest will be higher than someone who has a good credit rating. Our expert mortgage brokers are in regular contact with adverse mortgage lenders and are well placed to advise you on all your available options.

Getting a mortgage application approved is dependent on you, your mortgage broker, solicitor and lender. At OMB, we handle the entire process for you through to completion, communicating with your solicitor and lender, to remove the stress and hassle from you and ensure that your application is a success. Having all the relevant mortgage documentation to hand ready for your mortgage advisor, will also help speed up the process.

When buying a home your mortgage lender will likely insist that you have buildings insurance in place before you exchange contracts.

Whilst it is not compulsory to have any other level of cover in place to buy a property, there are insurance policies that can help you through a rough patch. For example, income protection can pay your mortgage repayments for a fixed period of time, should you unexpectedly find yourself out of work due to an injury or illness, whilst a life insurance policy could completely clear your outstanding mortgage debt, should the worst happen to you.

If you would like to know more about the various protection options that are available, we can help. Our expert mortgage and protection advisors can meet or chat at a time to suit you, and can ensure that you get the right level of cover for your personal circumstances at an affordable price.

If you need a mortgage to buy your new home, then your mortgage lender will ask that a valuation be conducted on the property, before they determine whether they will approve your mortgage offer or not.

There are three different types of home surveys available. The survey your lender will request to be made, is dependent on the type of property you are looking to buy. For peace of mind, you can however pay to have a full structural survey carried out on your property, before you commit to buying it.

• Home condition survey: Most basic and cheapest survey, often used for new-builds
• Homebuyer’s report: More thorough, as it evaluates the inside and outside of the property
• Building survey: A complete survey that assesses the full structure of the property, generally used for older or unusual properties.

Most people are able to remortgage their home to get a new mortgage deal. There are many reasons why remortgaging could be a good option for you including:

• Getting a better mortgage rate
• Having the option to make overpayments
• Enjoying a more flexible mortgage
• Freeing up cash for some long awaited home improvements
• Purchasing additional property
• Saving money on your monthly repayments
• Reducing your current term

If you would like to know which remortgage options are available to you, get in touch! Our expert remortgage advisors will provide you with a free mortgage review and compare thousands of deals to find the remortgage deal that best fits your needs.

If you current mortgage deal is due to expire, then you should ideally start to look for a new mortgage at least three months prior to this, to ensure that everything is in place when this happens.

If you feel that your current mortgage deal is restricting you however, and are considering switching to either get a better rate, reduce your term or simply want a more flexible mortgage, then it has never been a better time to do so, with interest rates at an all-time low.

To check whether now is the right time for you to remortgage, get in contact and see if you can take advantage of the fantastic remortgage deals available.

To improve your bad credit rating, there are a few things you can do to possibly increase your chances of being approved for a bad credit mortgage:

• Check that you are on the electoral roll
• Always pay your bills on time and in full
• Close any credit accounts you have for stores or catalogues and no longer use
• Consider applying for a credit builder credit card, to help show lenders that you can manage money responsibly
• Guarantor loans can also improve your credit score, if you keep on top of your repayments
• Regularly check your credit report to make sure that all the information is correct. If any of the details are incorrect, contact the relevant lender and ask for these to be amended.

Making these changes should help improve your credit score, but it will not happen overnight, especially if you have a history of bad credit or have missed multiple payments.

It’s not impossible. The problem is that shops such as fast food outlets, launderettes and some cafes and bars open at unsociable hours; attract noise; and generate smells, which makes lenders loathe to lend on such properties. Because of this anti-social element, lenders’ major issue is that these properties are more difficult to resell and, in a declining market, tend to lose their value quicker, especially if you have a small deposit. However, there are many factors to consider, especially if the property is in a desirable area. For more general shops there should not be an issue, although some lenders may limit the loan you caIt’s not impossible. The problem is that shops such as fast food outlets, launderettes and some cafes and bars open at unsociable hours; attract noise; and generate smells, which makes lenders loathe to lend on such properties. Because of this anti-social element, lenders’ major issue is that these properties are more difficult to resell and, in a declining market, tend to lose their value quicker, especially if you have a small deposit. However, there are many factors to consider, especially if the property is in a desirable area. For more general shops there should not be an issue, although some lenders may limit the loan you can get, but even if it is a more “undesirable” shop, the good news is that there are lenders who will be able to assist. Any good broker would be able to research the property thoroughly and liaise directly with valuers to find the right lender for you.n get, but even if it is a more “undesirable” shop, the good news is that there are lenders who will be able to assist. Any good broker would be able to research the property thoroughly and liaise directly with valuers to find the right lender for you.

To produce an Agreement in Principle (AIP), the lender or bank will need to do a credit check, however, many lenders use a ‘soft’ credit check which will not affect your credit rating at all as it leaves no “footprint” on your credit file. Some lenders do still use a “hard” credit check which does leave a mark, but one or two of these would not cause an issue. Multiple searches however, could start to affect your credit rating so we let you know each time we apply for an AIP and keep searches to the absolute minimum.

Whether buying with friends or buying with a partner, the bank will look at all your income and outgoings to work out your affordability.

Different lenders work in different ways and some will use the highest two incomes whilst others may be able to use up to 4 incomes together before applying their affordability calculation.

For a general idea, add up all your incomes and multiply them by 4.5, this will then give you an idea how much a bank may lend you. 

Yes! If you have enough equity in your current home, remortgaging can be a great way of raising funds to go towards your next property purchase.

Buy-to-let mortgages are for landlords who want to buy property to let to tenants. If you would like to move into your buy-to-let mortgage, we would recommend converting your buy-to-let mortgage to a residential one. Give us a call if this is something you want to discuss in depth.

We at Our Mortgage Broker specialise in advising on and arranging the most suitable and cost effective buy to let mortgages, bridging finance, development finance and most other finance requirements. We understand that everyone’s situation is different and we therefore work with a very broad range of lenders to ensure that we have a solution for anyone who is in a suitable position to invest. When taking a mortgage it is also important to assess your insurance and estate planning requirements to ensure your assets and wishes are protected. Contact us today for free initial advice, a portfolio review or simply to discuss your options.

There will in most cases be a fee for mortgage advice, the precise amount will depend upon your circumstances. Our standard fees are as follows;

1. Initial Advice – Free of Charge
2. Application fee – £195
3. Completion fee – £495

A fee of up to 1% of the loan amount maybe charged depending on individual circumstances.

Yes indeed we are, but so are a lot of brokers. What sets a great broker apart, is knowing their way around all buy to let lenders products and criteria with total confidence, appreciating who will accept what, and who won’t – seeing potential problems before they occur. Therefore how we use the tools at our disposal is what makes the difference. We put in the hard work to find you the most competitive deal from the growing offering out there, and make sure we navigate the maze of criteria successfully for you.

Sorry but that’s a tough question to answer, a bit like calling an insurance company and asking for their best quote without telling them what car you drive, or how old you are! ...we can answer, but the figure is not necessarily relevant to you! The mortgage quote needs to fit many parameters. Also, the best rate isn't always the best deal, and we can usually find something more cost effective when we look at the set up fees and view the deal as a whole. In other words the cheapest rates usually have the most expensive fees, and often aren't worth paying.

We can move very quickly for you, securing you a decision usually the same day, once you've agreed your quote. A mortgage offer tends to take between 1-3 weeks from application submission depending on the lender. If you feel the ‘need for speed’, we can avoid any slow coach lenders and recommend only those that can meet your deadline. Definitely needed where repossession purchases are concerned for example. We’ve never believed in the old saying "no news is good news", because in this business it isn’t - we push things through as quickly as possible for you, unless of course you wish us to slow things down for your own reasons!

In brief, we are specialists in this area, so we know our stuff, you can pick our brains and get to know us, take some quotes at no cost and see the very best the market has to offer to you. We only quote deals which fit your circumstances, we are flexible and can tailor our service to you, and don't have annoying company policy and red tape to get in your way.... We are always available and our priority is getting you the best deals and completing your case with the minimum of hassle and fuss.....and keeping it straightforward for you the whole time! If you have any more questions to ask us and would prefer an emailed answer then please get in touch..

Well generally the mortgage can run up to age 80, but we do have mainstream lenders that have no maximum age where needed, and some options with no maximum age.

Lenders are tightening their criteria, yes. Stress tests are tightening with changes in December 2015, and lenders are becoming more sensitive to overall mortgage debt in the background. Long gone are the days of a £25k salary enabling the ability to build a large portfolio regardless, but that's been the same for a long time. There are some obvious caveats to getting a landlord mortgage. You'll generally need a very good credit history, a decent deposit or equity of between 15-25%, most (but not all) lenders require a minimum income, say £20k to £25k but this can be joint in some cases. And your property must generally rent for a minimum of 125% of your monthly interest at a given rate, usually 5%-5.5%, although this can differ. As we've mentioned before, it is a case of marrying you up with the right lenders who can help given your circumstances. So you need a specialist who knows the right places to look, can find the best schemes, knows the lenders criteria back to front and has the dedication to push it through from start to finish. Now more than ever, you need to partner with a decent mortgage broker who is serious in this market, contact OMB to discuss how we can obtain higher borrowing levels using the lenders pay rate calculator with a 5 year term.

No, not at all. Technically the business could have been set up yesterday, so long as it's set up prior to any borrowing application and the applicable SIC , that's enough.

No, limited company buy to let deals are available to a maximum of 85% loan to value. Although similarly to personal buy to let deals, there is more choice at 75% loan to value and below.

It stands for 'House of Multiple Occupation (HMO)', basically a property let to multiple tenants. They could be students or professionals.

Technically we have lenders who have no upper limit to numbers of bedrooms.

No, not really, other than the fact some lenders for larger HMO properties (6 bedrooms plus) will wish you to evidence landlord experience, in other words show that you have rented property for a certain period, anything from 6 months to 3 years. For smaller HMO's and multi lets, if we're using a standard lender on standard rates, then there is no difference at all assuming the valuation fits within a lender's criteria.

APR

Annual Percentage Rate. This is calculated by taking the total interest cost over the term of the mortgage, plus fees which may be applicable.

Arrangement fee

This is the set-up fee for your mortgage, and can include a range of fees such as booking and application fees, which are an important consideration when picking a mortgage deal and can amount to thousands. At One 77 Mortgages we NEVER charge you an arrangement fee.

Arrears

This is when you have not kept up your payments and have ‘defaulted’ at least once. By falling into arrears you are at risk of losing your home.

Base rate

The rate of interest set down by the Bank of England. This is used to base some mortgages on e.g. tracker mortgages. SRV’s (Standard Variable Rates) are also set depending on base rate moves.

Booking fee

This is another mortgage set up fee. These can also be absorbed or included into the Arrangement Fee.

Bridging loan

A short term loan (typically 12 months) secured against property that is used to ‘bridge’ a gap between a longer term solution becoming available.

Buy-to-let

A BTL (buy-to-let) is a property bought solely for letting to tenants. One 77 can arrange buy-to-let mortgages to suit these borrowers.

Capital

The amount you borrow as a mortgage to buy a property.

Commercial mortgage

A mortgage against commercial property, either owner occupied or for an investor.

Credit score

The score a borrower has that is used to help determine their suitability for borrowing. When a borrower has a poor credit score it is typically from missed payments on credit agreements, credit cards or loans. It is always best to check your credit score prior to applying for a mortgage.

Development finance

A secured facility that is typically used for the construction of residential property, this could also include conversion and refurbishment work.

Decision In Principle

A statement or certificate estimating how much a lender is willing to provide you with as a mortgage.

Early Repayment Charge

Some mortgage incur an early repayment charge if some, or all, of the mortgage is paid off before the end of the agreed term.

Equity

The amount of value a property has, minus the outstanding sum on the mortgage on it.

Fixed rate mortgage

A specific mortgage deal set over a defined number of years – generally between two and five. The interest rate is ‘fixed’ for the agreed time period.

Guarantor

A person, such as a parent, who guarantees to meet the mortgage repayment if the borrower cannot.

Interest-only mortgage

A mortgage where the borrower is only required to pay the interest on the ‘Capital’. However, the initial borrowing sum/capital will remain unpaid and will need to be settled at the end of the mortgage term.

Key facts illustration

A document that sets out the details of the mortgage.

Loan to value (LTV)

The percentage of the price of a property that you have borrowed as a mortgage. For example, if you borrow £90,000 on a property worth £100,000, the LTV is 90%.

Mortgage term

The length of time you have agreed to pay off your mortgage. This is typically 25 years, but can be more or less.

Negative equity

When the amount you owe on your mortgage is greater than the value of your property. This can become problematic when you are looking to move house.

Offset mortgage

A type of mortgage that allows borrowers to ‘offset’ any savings they have against their mortgage. For example, if you have £100,000 offset mortgage and £25,000 savings, you will only pay interest on £75,000.

Overpayments

Generally most lenders allow 10% overpayments every year on a mortgage without penalty. Overpaying will mean you pay less interest and therefore shorten the time it takes to pay off the mortgage.

Remortgaging

When you arrange a new mortgage on your current home.

Repayment mortgage

A mortgage where you pay the interest as well as the ‘Capital’ sum. With a repayment mortgage at the end of the mortgage term you no longer owe anything, assuming you have kept payments up to date.

Second Charge Loan

A Mortgage that sits behind the 1^st charge loan (usually a traditional mortgage with a bank), a product like this is used for extra borrowing or to fund things such as home renovations or personal spending.

Standard Variable Rate (SVR)

A SVR is a type of mortgage interest rate that you are likely to go onto when your introductory or fixed rate deal has ended. A SVR is a type of variable rate and means your payments can go up or down according to changes in interest rates.

Tracker mortgage

These are mortgages generally linked to the Bank of England base rate. The repayment amount will therefore rise or fall in line with the BoE base rate.