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Mortgage · Rates & Costs

The Mortgage 100.
Rates & Costs

Focus: Fees, interest rates, and the total cost of borrowing.

20+Questions
100%Expert Answers
FCARegulated
What documents do I need to remortgage?
TL;DR Planning to remortgage in the UK? Discover the essential documents required, including proof of ID, income, and property details. Understand why lenders ask for specific papers to process your application smoothly.
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Can I remortgage to pay for my children’s education?
TL;DR Remortgaging your home can be a viable way to fund school fees or university costs in the UK. Learn how to release equity safely, the pros and cons, and the risks involved.
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How do I choose between a 2-year and 5-year fixed-rate mortgage?
TL;DR Choosing between a 2-year and 5-year fixed-rate mortgage requires balancing low initial rates against long-term security. Learn how your financial goals, potential rate shifts, and future plans impact this crucial UK property decision.
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What happens when my fixed-rate mortgage ends?
TL;DR When your fixed-rate mortgage ends, your payments change. Find out why you move to the Standard Variable Rate (SVR), how to secure a new deal, and the steps you must take to avoid higher costs.
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How much does a mortgage broker charge for remortgaging?
TL;DR Discover how much a mortgage broker charges for remortgaging in the UK. We explain typical fee structures, including flat fees, percentage charges, and commission models, so you can budget effectively for your next rate switch.
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How long does a mortgage approval last?
TL;DR Discover the typical lifespan of a UK mortgage offer. Learn about the validity period (usually 3 to 6 months), extensions, and what happens if your approval expires before completion.
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How can I find the best remortgage rates?
TL;DR Finding the best remortgage rates in the UK requires preparation, checking your credit score, comparing different types of deals, and calculating total costs. Learn how to secure the ideal mortgage.
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Are online mortgage calculators accurate?
TL;DR Online mortgage calculators offer estimates, not quotes. Learn why these tools may not reflect your final costs, how to spot inaccuracies, and what factors truly determine your eligibility and repayments.
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How does an overpayment calculator work for mortgages?
TL;DR Learn exactly how a mortgage overpayment calculator works. Understand the inputs needed, the impact on interest savings and term reduction, and the risks of exceeding annual limits.
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How do I calculate my monthly mortgage payments?
TL;DR Learn exactly how your monthly mortgage payments are calculated in the UK. We break down the key factors: interest rates, loan amount, and term length. Understand the formulas and tools available.
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How do interest rates affect my mortgage payments?
TL;DR Understanding how rising interest rates impact your mortgage is crucial. We explain how the Bank of England base rate affects fixed and variable mortgages and what you can do.
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How can I reduce my mortgage costs?
TL;DR Looking for ways to reduce your mortgage costs in the UK? Learn expert strategies like remortgaging, overpayments, and securing a better deal. Understand the risks and benefits.
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What’s the difference between a mortgage repayment and an interest calculator?
TL;DR Confused about mortgage calculators? Learn what’s the difference between a mortgage repayment calculator, which estimates monthly costs, and an interest calculator, which focuses purely on interest paid over the term.
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Can I use a calculator to find out my affordability for remortgaging?
TL;DR Affordability calculators offer a good starting estimate for remortgaging, but they cannot replace a full lender assessment. Learn how lenders calculate affordability and the steps you need to take.
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How can I calculate my monthly payments on a mortgage?
TL;DR Learn exactly how to calculate your UK mortgage payments. We break down the key factors: loan size, interest rate, and term, and explain the difference between capital and interest.
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How can I calculate my mortgage’s total cost over the term?
TL;DR Discover how to calculate the true cost of your mortgage, including principal, interest, fees, and potential charges, over the full repayment term. Learn the essential steps. (158 characters)
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How do I use a remortgage calculator to estimate savings?
TL;DR Use a remortgage calculator effectively to estimate potential monthly savings, assess interest rates, and understand the impact of fees on your total borrowing costs in the UK.
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How do mortgages for self-build homes differ?
TL;DR Self-build mortgages release funds in stages, unlike standard mortgages. Learn about drawdowns, payment schedules, risk, and how self-build finance differs from traditional home loans in the UK.
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Are there special mortgages for the over-55s?
TL;DR Yes, special later-life lending options exist in the UK. Discover Retirement Interest-Only (RIO) mortgages, Equity Release (Lifetime Mortgages), and standard mortgages tailored for older borrowers.
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What is a green mortgage, and how do I qualify?
TL;DR Discover what a green mortgage is, how it works in the UK, and the specific criteria you need to meet to qualify, usually based on EPC ratings or sustainable build standards.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk