On your own
Buying a home is one of the biggest financial decisions you’ll ever make. And unless you’re lucky enough to buy outright, choosing a mortgage is a vital step in the journey. Learn more about Standard Residential mortgages below.
With a standard residential, repayment mortgage, you’ll put down a house deposit and borrow the remainder from your mortgage lender.
Over the course of the mortgage term, you’ll pay off the loan by making monthly repayments. These pay off the amount you’ve borrowed - the capital - as well as the interest charged by your lender.
All mortgages have risks and benefits. Here are some key things you should know before applying for a residential repayment mortgage.
Competitive interest rates
Most mortgage lenders, from big high-street banks to specialist lenders, offer repayment mortgages. This means you might be able to choose from a wider range of mortgages and interest rates than if you opted for a more niche product.
Different mortgage types available
You can pay back the interest on your mortgage in different ways. The most popular option in the UK is a fixed-rate mortgage, where you fix in a rate for a number of years, but you can also explore variable rates which go up and down in line with the base rate or your lender’s standard variable rate.
Keep it simple by buying on your own
You (and anyone else you’re buying with) can keep it simple: no guarantors, private equity loan lenders or housing associations are involved.
You can only borrow 4-4.5x your income
Most mortgage lenders will offer you between 4-4.5x your total income, although this will be impacted by your credit score, expenses and if you’re self-employed. This may not be enough to get the home you want.
Interest rates are impacted by your deposit
The deals available to you are largely determined by the size of your deposit. If you have the minimum 5% deposit, you will get less favourable rates than if you had a larger deposit of say 10% or 20%.
Your home is at risk
A mortgage is a big commitment. If you aren’t able to keep up with monthly repayments, you could lose your home. It’s always worth exploring income protection and life insurance, to ensure you’re protected if the unexpected happens.
Get into your very own home in 4 simple steps
In under 10-minutes, we’ll check your eligibility for a Standard Residential Mortgage, as well as our other buying schemes. Plus, you’ll get a personalised recommendation including interest rates and repayments.
Book a call with our mortgage experts to complete the qualification process. We’ll cover any questions you might have about Standard Residential Mortgages and any other schemes.
Once you’ve found a property, your dedicated advisor will undertake full affordability and submit a Decision in Principle with your chosen lender. Once accepted, we’ll submit a full mortgage application for you.
During the conveyancing process, we’ll liaise with the developer or seller and your solicitors to ensure a smooth purchase. We’ll also provide a free insurance protection review, so you’re covered if the unexpected happens.
Explore our other schemes to discover alternative ways to buy
On your own
If you’re a first-time buyer, borrow up to 5.5 times your salary to boost your buying budget.See details
With a guarantor
Add some or all of a guarantor’s earnings to your household income to boost your mortgage affordability.See details
Unlock a gifted deposit from a loved one’s property to create a house deposit from scratch or top up your existing deposit.See details
You can be snug in your very own home in 4 simple steps