Residential Mortgages

Residential mortgages are taken out by most property purchasers except for those lucky enough to be cash buyers.

The mortgage is simply an agreement where a lender agrees to provide a borrower with a loan specifically to buy a property to live in. The loan is to be repaid within an agreed amount of time, usually around 25 years.

Most lenders expect the borrower to have a deposit, the amount of deposit depends on the amount the property is being bought for but is usually around 10% of the value of the property. Lower deposits can be acceptable.

Individuals or couples (including parents, siblings, friends) can apply for residential mortgages, these are known as ‘joint mortgages’. When a joint mortgage is applied for both applicant’s incomes may be considered.

You cannot use a residential mortgage to buy a property you plan to rent out – if you want a mortgage to buy a property you want to rent you will need a buy to let mortgage. (link)

For an initial chat you can call Chris at our Brighton Office on 01273 870 302, mobile 07821409589 or email him on chris@themortgage-house.co.uk or if you'd like to arrange a call back – fill in the details on our contact page.

We look forward to speaking to you