Main Menu Button
Login
Mortgage · Speed & Process

The Mortgage 100.
Speed & Process

Focus: Timelines, applications, and the legal process.

20+Questions
100%Expert Answers
FCARegulated
How do shared ownership mortgages work?
TL;DR Shared ownership schemes allow you to buy a share of a property (25% to 75%) and pay rent on the rest. Learn how shared ownership mortgages work, the costs involved, and how staircasing increases equity.
Read Full Article →
What is a guarantor mortgage, and who can act as a guarantor?
TL;DR Discover exactly what a guarantor mortgage is, how it aids UK buyers with smaller deposits, and the crucial criteria defining who can legally act as a guarantor.
Read Full Article →
How can remortgaging improve my financial situation?
TL;DR Discover how remortgaging your home in the UK can significantly improve your financial health by securing lower interest rates, consolidating debts, or raising capital. Understand the benefits and risks involved.
Read Full Article →
Can I get a mortgage for a property abroad?
TL;DR Looking to buy internationally? Discover how UK residents can get a mortgage for a property abroad, exploring options like foreign currency loans and specialist brokers. Learn the risks and requirements.
Read Full Article →
How does a mortgage calculator work?
TL;DR Understand how mortgage calculators estimate monthly repayments based on loan amount, interest rate, term, and repayment type. Learn the math behind the calculations.
Read Full Article →
How do mortgage comparison sites work?
TL;DR Discover how UK mortgage comparison sites work, what data they use, and why they can save you time and money. Learn the benefits, limitations, and key differences from brokers.
Read Full Article →
What are the current mortgage rates in the UK?
TL;DR Find out what are the current mortgage rates in the UK. We explain how interest rates are set, the difference between fixed and variable deals, and what factors influence your personal rate offer.
Read Full Article →
How does equity release impact inheritance?
TL;DR Equity release significantly impacts the inheritance you leave behind. Learn how Lifetime Mortgages and Home Reversion Plans reduce property equity, affecting what beneficiaries receive, and discover steps to mitigate this impact.
Read Full Article →
What is equity release, and how does it work?
TL;DR Equity release allows homeowners aged 55+ to unlock tax-free cash from their property without moving. Learn how Lifetime Mortgages and Home Reversion plans work, their costs, benefits, and crucial implications for your estate.
Read Full Article →
What is remortgaging, and how does it work?
TL;DR Discover what remortgaging is, how the process works in the UK, and when it might be right for you. Learn about rates, fees, eligibility, and potential risks involved.
Read Full Article →
Can I get a mortgage after bankruptcy?
TL;DR Navigating a mortgage application after bankruptcy in the UK is challenging but possible. Learn how long bankruptcy affects your credit file and what steps you can take to rebuild your finances and secure specialist lending.
Read Full Article →
What should I do if my mortgage application is denied?
TL;DR Mortgage denial can be frustrating. Learn the immediate steps to take, how to appeal or reapply, and strategies for improving your financial profile for future success.
Read Full Article →
Can I get a mortgage if I’m self-employed?
TL;DR Getting a mortgage when self-employed in the UK requires specific documentation, usually two to three years of accounts. Learn about lender requirements, income proof, and how to prepare your application.
Read Full Article →
How does my credit score impact mortgage approval?
TL;DR Discover exactly how does your credit score impact mortgage approval in the UK. We explain the difference between hard and soft searches, what lenders prioritise, and practical steps to boost your rating before applying.
Read Full Article →
How can I improve my chances of mortgage approval?
TL;DR Boost your chances of mortgage approval by perfecting your finances. Learn expert strategies on credit scores, managing debt, checking affordability, and preparing necessary documentation for UK lenders.
Read Full Article →
How does my credit score affect remortgaging?
TL;DR Discover how your credit score significantly impacts your remortgaging options, interest rates, and approval chances. Learn how lenders assess risk and what you can do to improve your credit profile before applying.
Read Full Article →
Can I remortgage while in negative equity?
TL;DR Negative equity makes remortgaging difficult as property value falls below debt. Learn UK options, including product transfers and specialist secured loans. (160 chars)
Read Full Article →
What is the minimum income requirement for a mortgage?
TL;DR Finding out what is the minimum income requirement for a mortgage is complex. Lenders assess affordability using income multiples (e.g., 4.5x salary) and rigorous expense checks. Learn how lenders calculate your eligibility in the UK.
Read Full Article →
What is a mortgage underwriter, and what do they do?
TL;DR A mortgage underwriter is crucial to your home loan application. Learn exactly what they do, how they assess risk, and the steps they take to approve or decline your mortgage.
Read Full Article →
Can I remortgage with my current lender?
TL;DR Yes, you can remortgage with your existing lender via a Product Transfer (PT). Learn the key differences between a PT and a full remortgage, exploring the pros, cons, and essential steps to secure the best deal in the UK.
Read Full Article →

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