Getting access to the best mortgage rates
Which bank has the best mortgage rates?
Did you know that there is over 90 different bank and building societies in the UK offering over 14,000 different mortgage interest rates? This means finding the current best mortgage rates can give you a headache. The straight answer is the lender with the top mortgage rates changes daily. The easiest way to find the lowest mortgage rates is to get an independent financial adviser. They will be able to search the whole market and this way you will know the very best rates for you. They will not only look at the best mortgage rate but we take into account the over deal that comes with the rate.
First, we recommend getting to know the different types of mortgages before looking into current rates.
Understanding the different types of mortgages
Let’s start with the most common type of mortgage interest rates; the fixed-rate mortgage. As the name indicates, a fixed-rate mortgage has a fixed rate of interest for a set period of time. This term tends to vary between two and ten years, however, there are some deals where a longer mortgage term is available. The main advantage associated with this type of mortgage is that you have the peace of mind that you are going to be paying the same monthly payment every month for the fixed period/term. Make sure you get advice from a mortgage broker before you pick one of the many fixed-rate mortgages with a long term. Having to stop a fixed mortgage rate because you are moving home or wanting to change your mortgage can be very costly sending on your financial situation.
There are some other mortgages that you can benefit from as well, including the following:
Small deposit mortgages
If you only have a small deposit, this does not mean you cannot get a mortgage. There are mortgage deals designed for those who only have a five per cent deposit. Plus, there are schemes like the government Help to Buy scheme, which may be of benefit to you.
A discount mortgage is one whereby you will get a discount from the usual standard variable rate mortgages. The lender has will allow the discount for a certain period of time. However, it is vital to consider what you will be paying once the discounted period ends. It never usually makes financial sense to fall on to a standard variable rate. Variable-rate mortgages on an SVR mean very high-interest rates.
In 2019 the SVR was at a 4.9 percentage rate average. Comparing that to the average two-year fixed mortgage rate which is much lower at only 2.52%. (according to Moneyfacts)
This type of mortgage has a variable interest rate, yet there is a mortgage interest rate ceiling cap, meaning the cannot go over a specific amount. If you think that mortgage interest rates may fall, this is a good option to consider. Of course, we will advise you on whether or not we think this type of mortgage is a good option for you.
Offset mortgages give you the ability to offset any savings that you have against the amount owed on your mortgage, therefore, lowering the amount of interest you will be charged.
Finally, with tracker mortgages, the interest rates tend to track the base rate at the Bank of England, with a set percentage added on.
Interest Only mortgages
Although most mortgage lenders offer interest-only mortgages there still a few that do. On Interest-only mortgages, you only pay the interest on the mortgage loan meaning that at the end of the term you still owe the same amount on the mortgage.
What do you need to consider when looking for a mortgage?
Aside from factoring in the mortgage rate type, there are a number of other things that you need to consider when you are searching for a mortgage.
These are some of the main areas of consideration when looking for a mortgage. The good thing about working with YesCanDo Money is that we will be there for you every step of the way, and so we can help you to consider the points mentioned above to ensure you make the right decision for you.
How long should I fix my mortgage for?
If you have a low ‘Loan to Value’ (LTV) then it usually makes the best financial sense to secure a fixed-rate allowing you to secure a great low rate.
The most common fixed-rate mortgages terms are listed below.
It is best to know your maximum LTV beforehand by talking to a broker who will get to know your financial situation and goals. After talking to a mortgage advisor you will be certain if a 2-year fixed-term or a 5-year fixed term is best for you.
Call our advisers or message via WhatsApp for Fee-Fee advice and support.
How to get a mortgage
When it comes to taking out a mortgage, you have two options;
- you can either go directly to the lender
- you can use a mortgage broker.
It makes sense to opt for a free mortgage broker, as you are going to have access to a much larger and more diverse pool of potential mortgages. You will also benefit from the help of expert advisers with many years of experience in the industry. This is exactly what you can expect when you choose YesCanDo Money.
Benefit from fee-free expert mortgage advice
There is only one place to begin, and this is the fact that you are going to benefit from free advice from our expert mortgage team. You may be wondering how this is possible. However, we don’t make money by charging our clients; we are a fee-free mortgage broker. Instead, we make our money at each completion, and this is paid to us by the mortgage lender. This means that we do not need to charge you, and so we do not add to the expenses that you already have when it comes to purchasing a property. This means that you get the added benefit of our experience and expert knowledge and you do not have to pay an extra penny for it. It is a no-brainer really.
The best mortgage for your situation
Everyone has different financial situations and different requirements when it comes to mortgages. There are over 90 different banks and building societies offering mortgages. Between them, these 90 lenders offer over 14,000 different rate mortgages and deals.
It is essential that you search the whole mortgage market as mortgage lenders have their preferences to who they like to lend to. If you are self-employed, for example, you will be better off considering a different pool of lenders when compared to those who are employed traditionally. We understand this, and so we will help you to find mortgages that are right for you and are tailored to your specific requirements, as well as ensuring you have the best chance of being accepted.
Making mortgages easy
We know that the financial industry can be complicated. When people start looking for a mortgage, they often feel overwhelmed by the plethora of information and all of the complex jargon. However, this is something you do not need to fret about here, as we have put together plenty of beginner’s guides to ensure you understand the mortgage marketplace.
Compare mortgages from many mortgage lendersFinally, one of the main reasons why it makes sense to opt for our service is because we have access to a huge number of deals. We compare mortgages interest rates and deals from a huge number of lenders, with thousands of different deals available. This means that you are going to have the best chance of finding the right deal and best deal for you. Speak to our adviser team for FREE advice and support.
We research, advise and submit the whole mortgage application fee-free.
Here at YesCanDo money, we give honest, straight forward, easy to understand financial advice into the finance market. We are a team of independent mortgage advisers who provide mortgage services with advice across England and the UK. We search the whole mortgage market to find the best and most competitive mortgage interest rates available to you. We also take care of all the administration for mortgages and life cover applications as well as liaise with your estate agents, lenders and solicitors to make the process as smooth and hassle-free for you as possible.
We take the time to get to know you and your personal circumstances so that we can provide you with sound financial solutions for your mortgages, life cover and everything financial in between. Being a small, experienced team of mortgage advisers means that you will always know who you are talking to and that we can really get to know you.
Speak to our mortgage advisers UK on 033 0088 4407
SPEAK TO A MORTGAGE ADVISOR
Let us know what the best time is for us to call you. We will get one of our mortgage advisors will be in touch to talk through your situation and available options. Let us know what the best time is for us to call you. We will get one of our mortgage advisors will be in touch to talk through your situation and available options.
Fee Free Mortgage Brokers
We are an FCA approved mortgage broker with a team or CeMAP qualified mortgage advisers and protection advisers. We offer advice into the finance market and a range of mortgages, insurance, and property services across the UK.
Whether you are looking to become homeowners or you are looking to step up the property ladder or remortgage we can help. Our aim is to help people in the UK achieve a mortgages deal and rate that best suits their financial situation.
In today’s chaotic world, isn’t it great to have all of your financial services in one place and with a company who is friendly, on your side and really looks after you?
Here at YesCanDo Money, we are independent mortgage advisers, which means we search the entire mortgage market for the best mortgages suited to your circumstances.
We have a range of mortgage services and offers available.
Why choose us for your mortgages?
Our Hampshire based independent brokers hold an expert mortgage adviser team.
An advisor from our team will provide you with very helpful advice and mortgage solutions. They will take the time to get to know you and your personal circumstances so we can provide sound financial information and solutions for your mortgages, life cover and everything financial in between. We ensure that you always fully understand all of your available options and that you NEVER pay more than you need too.
Our highly rated independent mortgage services have access to 14,000+ mortgage rates and deals. This means we are able to consider all the mortgage solutions available to you and provide you with you the right mortgage
Remember, our independent mortgage advisers charge NO FEE for our highly rated service.
Our Mortgage Team
We’re smart, we’re hard-working, we’re easy to talk to and we love a challenge. Being a broker that really care, we guarantee our independent mortgage advisers covering the whole of the UK are CeMAP qualified. This means our team can research the whole of the market and find mortgages that best suits you and your situation.
Mortgages for Moving Home
No matter how many times you have moved in the past, buying and selling your house is well known to be one of the most stressful experiences in life…unless you use YesCanDo to help you that is 😉
We take care of every aspect of getting the best professional mortgage advice for moving home in England. Once we have an idea of how much your home is worth we will go through all of the financial figures with you. This will be to confirm that you have accounted for moving costs, solicitor’s fees and everything in between. We will complete and submit your mortgage, recommend a proactive and reliable solicitor, liaise with estate agents and generally ensure your house move goes through with the minimal amount of fuss and hassle possible.
We will keep you and your solicitor updated and informed on your mortgage solutions on each step of your mortgage progress. We understand how frustrating and time consuming it is chasing all the relevant parties, so we take this stress and worry off your shoulders so all you need to do is start packing!
Yes, we provide independent mortgage advice across the UK, but that is just the tip of the iceberg that is our very helpful range of financial and insurance-based services.
YesCanDo Money helps people around the UK with their mortgage. We are based in Hampshire but cover the whole of England are parts of the United Kingdom with our free online mortgage services.
Our customer reviews make us blush 😊
We have many happy customers from across the majority of the UK. Take a moment to read our customer reviews below or alternatively visit our reviews page. We have thousands of reviews across our Google, Facebook, and Trustpilot pages.
Frequently Asked Financial Questions
What is a mortgage in principle?
You may have heard this term before and be wondering what it means. A ‘mortgage in principle’ means that a lender has declared in a statement how much they would be prepared to lend you. It is a good idea to get this before you start property hunting, so you know exactly how much you can lend, otherwise, you could experience hurdles while trying to buy a property.
How much money will I be able to lend?
This is what most people want to know when taking out a mortgage. Unfortunately, we cannot give you a 100 per cent accurate answer without knowing your incomings and outgoings, so the best thing to do is get in touch. The amount you will be able to borrow will depend on the money you have coming in and going out every month. Lenders want to be sure that you cannot only afford the monthly repayments now but also in the future should there be any increases in the interest rates.
How does a mortgage work?
A mortgage is simply a type of loan, yet the purpose is purely to purchase a property. You cannot use it for anything else. In order to secure a mortgage, you need to put down a deposit, which is usually 20 per cent, but can differ from lender to lender. Once you put down the deposit, the lender will give you the rest of the money needed to buy the property. You will then pay this money back (plus interest) over your mortgage term, which is usually 25 years, but again, this can differ.
How long will it take to apply for a mortgage?
This depends on the lender. The average time is around four weeks to receive an offer, yet it can differ. In fact, it can often be quicker. It really depends on the lender and your individual circumstances. Also, ensuring your application is filled accurately and that you have provided all of the required supporting documents can help the mortgage to go through a lot quicker.
What is the best mortgage rate today UK?
Each day the best mortgage rate will change several times. This is because mortgage lenders tend to tweak their mortgage rates daily and with over 90 different banks and building societies the mortgage rates change hourly. The quickest and easiest way to compare mortgages on the market for the lowest rates is with the help of a mortgage broker. Just make sure you choose a mortgage broker that has access to the whole market.
How much deposit do I need to buy a property?
The size of your deposit will depend on whether it is your first property purchase or not.
If you are, you will usually need a minimum of five percent (5%) of the property’s value as your deposit. However, it can help to save more it will give you more options. This is because you will get better mortgage deals, cheaper monthly repayments, and you can improve your chances of being accepted for a mortgage. If you are not a first-time buyer, you may need as much as 20 per cent of the property’s value as a deposit. Get guidance from YesCanDo. Call us on 033 0088 4407
How much can I borrow on a mortgage?
Each lender uses its own mortgage affordability calculator to decide the size of the mortgage you can borrow. Speak to a whole of market broker in England and they will be able to access all lenders and let you know how much you will be able to borrow. Get in touch and let us work out how much you could borrow for your property in the UK.
How many times my salary can I borrow for a mortgage?
If you are reading there is a very good chance that you want to know how many times your salary can you borrow for a mortgage. What size mortgage will the mortgage lenders let you have based on your income? It is possible that you will be able to borrow 4.5 times your salary and possibly even 5 times your salary. This would be based on you having no debt and an average UK salary or higher.
Your home may be repossessed if you do not keep up with your mortgage repayments.
Do all mortgage brokers charge a fee?
Although nearly all brokers in England do charge a fee to arrange a mortgage for you. You will find that there are many fee-free mortgage brokers that will arrange a mortgage on your behalf without charging you.
How long does a mortgage application take?
Our team of mortgage finders and mortgage advisors covering England will look after you. They will submit your application and this will usually take a couple of hours and you should know that most mortgages are accepted within 48 hours.
What is a whole of market mortgage broker?
Being ‘whole of market’ means that our advisers will be able to compare all the mortgages on the market. We can then review the best rates on the market and find you the best overall deals.
When can I remortgage and how much will it cost?
If you want to remortgage you will need to speak to a whole of market financial advisors five months before your current interest rate is finished to get sound mortgage guidance. This type of mortgage broker will be able to search the entire market to find the best deals and rates for you. In order to work out how much this is going to cost, there are a number of different things you need to look at. For example, you need to consider how much it is going to cost you to leave your existing deal. An early repayment charge could cost as much as five per cent or as little as nothing. You may also need to pay a deeds release fee, which is between £0 and £300. You then need to figure out the cost of getting your new deal. This includes the mortgage application fee, valuation fee, conveyancing fee, and broker fee. As mentioned, you will not need to pay us any fees for our advice and support service, as it is free of charge. Talk to our team at YesCanDo for further financial advice and quality finance and protection services.
Why do I need to remortgage?
If you are coming to the end of your fixed-rate mortgage deal and are asking yourself what will happen if you do not remortgage, then keep reading. The initial answer is quite straight forward. Most banks and building societies are more than happy for you to not remortgage and in fact, you could even say that they are keen for you not to complete your mortgage renewal.
It is highly advised to remortgage your home when your current deal comes to end. The reason for this is that your existing interest rate will come to an end and the interest rate will revert to the lenders’ standard variable rate SVR. This will be considerably higher than your fixed-rate mortgages and you will see a sharp increase in your monthly payment.
How can you achieve equity release?
There are many reasons for wanting or even needing to take equity from your property.
- You’re coming close to your retirement.
- You want to raise equity for home improvements.
If you have an income it is very likely that you will be able to achieve equity release on your property. It will be age-dependent and also depend on how much income you have and how much you want to release.
Who are the Financial Conduct Authority?
We are authorised and regulated by the Financial Conduct Authority also known as the FCA. They are the conduct regulator for 60,000+ financial services firms and financial markets in the UK. They are the judicious supervisor for around 49,000 firms including a mortgage broker like ourselves. The FCA is there to set specific standards for these financial service firms.
YesCanDo Money is authorised and regulated by the financial conduct authority.
What is life insurance and is it worth it?
These days you can insure everything from your pet to your holiday, your property or even your left leg! But is Life Insurance really worth it?
To answer whether life insurance is worth it or not you have to ask yourself another question; Could you afford to maintain your current lifestyle if you or your partner were suddenly gone? In most cases, the answer will be no. So is Life Insurance worth it? Yes!
Losing a whole person’s income can have devastating effects on a household both mentally and financially. If you couple that with the emotional strain of losing someone, life can quickly take a downward spiral. Having mortgage insurance/protection will guarantee you can keep your property if the worst was to happen. Our financial advisers covering the UK have been looking after our clients’ mortgages since 1994.
How do I find a conveyancing solicitor?
Conveyancing describes the legal transfer for property from one person to another. If you are using a mortgage to buy your home then the lender will require you to have a professional to conduct your conveyancing. If you are a cash buyer, then you can carry out all of the tasks yourself. However, it is really recommended that you still have a professional conveyancer/solicitor to work on your behalf to make sure that the I’s are dotted and the T’s are crossed – this is not an area you can afford to make mistakes in!
How do I port my mortgage?
Porting a mortgage means that you transfer the mortgage from your existing property over to a new one. This needs to be carried out very carefully to avoid paying early repayment charge!
So you are about to move home and you have an existing mortgage in place. If you end your mortgage early you will get an early repayment charge which could add up to several thousand pounds. The question you need to ask yourself is if it’s better to take this hit and pay the charge or whether is it possible to avoid this by porting your mortgage to your new home. A free mortgage broker would be able to help answer this question for you.
Where to find the best mortgage rates
There can be several reasons for needing a mortgage. Maybe you are about to buy a new property or move home. Is your existing fixed-rate coming to an end? Whatever your circumstances are there is one thing for sure and that is you will want to find the best mortgage interest rate for you!
To find a mortgage with the best rate you will need to search the whole market. This can be achieved in several ways however the most efficient and easiest way is to use a mortgage broker.
Your home may be repossessed if you do not keep up with your mortgage repayments.
Who has the top mortgage rates for first-time buyers?
If you are reading this then the chance is you are a first-time buyer. The good news is that mortgage lenders are keen to attract first-time property purchasers. and therefore you will find most banks and building societies have not only fantastic deals but also offer lots of great incentives.
If you are about to get on the property ladder for the first time you will want to know which lender has the best mortgage rates for first time buyers? The great news is with mortgage rates at a historic low you will get the lowest rates ever available!
Should I pay an arrangement fee to get a lower interest rate?
Most lenders offer 2 options on each mortgage.
- A mortgage interest rate with no fee
- An even lower mortgage interest rate but with a fee.
How do you know which one is best for you? Why do mortgages have arrangement fees and are they worth it? When applying for a mortgage this question is often asked and the answer is not straight forward. However, if you wanting to borrow over £150,000 the answer is usually yes.
Read more: https://yescandomoney.com/should-i-pay-an-arrangement-fee-to-get-a-lower-interest-rate/
Why am I paying a Standard Variable Rate mortgage?
When you initially take out a mortgage, you are likely to be offered a low rate as an incentive to take out a mortgage with that bank or building society. These incentive rates are over 2 or 5 years. So, what happens at the end of the low rate? If you are not careful it will revert to the lenders’ standard variable rate which can be very costly to you.
It never usually makes financial sense to fall on to a standard variable rate mortgage.
How long does a mortgage application take to be approved?
So, how long does it take to get a mortgage approved; well it can take as little as 24 hours. However, you should expect to wait about 2 weeks on average while the lender gets the property surveyed and underwrites your mortgage application.
Read more: https://yescandomoney.com/mortgage-application-approval-time/
What is a mortgage decision in principle?
A mortgage decision in principle is a decision from a bank or building society that they are willing to lend you a pre-agreed amount of money for you to be able to buy a property. This is more than often the first step you’ll take prior to looking for a property to buy as it will let you know how much you can borrow and also that you will be good for your money when making offers on houses.
How do I get a mortgage decision in principle?
You can go to any bank or building society and ask for a decision in principle however it makes sense to choose who you go to wisely. Each lender has different criteria and the way they look at applicants. It is important that you get a lender that matches your criteria.
Did you know that a mortgage broker like us can provide you with a decision/agreement in principle? All you need to get one is to have an initial chat with YesCanDo about what you are hoping to achieve. We will then ask some questions that the lenders will want to know for example who you work for, how much you earn and any debts that you may have.
Read more: https://yescandomoney.com/what-is-a-mortgage-decision-in-principle/
Your home may be repossessed if you do not keep up with your mortgage repayments.
What is the current base rate?
The Bank of England s base interest rate is currently (2020) at 0.1%. In March 2020 it was lowered from 0.75% to help stabilise the economic instability due to COVID-19 coronavirus pandemic. This gave birth to low-interest rate deals but also stricter lending criteria.