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Mortgage · Strategy & Uses

The Mortgage 100.
Strategy & Uses

Focus: Smart usage, investment approaches, and case studies.

20+Questions
100%Expert Answers
FCARegulated
What’s the difference between remortgaging and loan restructuring?
TL;DR Remortgaging involves switching your mortgage provider or deal. Loan restructuring modifies existing debt terms, often to ease financial strain. Understand the key differences for UK homeowners.
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What are capped and tracker mortgages?
TL;DR Explore the differences between capped mortgages and tracker mortgages in the UK. Understand how interest rates fluctuate, potential benefits, and the risks associated with market movement.
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How does remortgaging affect my equity?
TL;DR Understanding how does remortgaging affect your equity is vital. We explain how equity is calculated, how loan-to-value (LTV) changes, and the impact of capital raising.
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What can cause a mortgage application to be rejected?
TL;DR Discover the top reasons what can cause a mortgage application to be rejected in the UK. Learn about common pitfalls related to credit scores, income stability, affordability, and property valuation. Prepare effectively for your home loan.
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How do mortgages work for commercial properties?
TL;DR Learn how mortgages work for commercial properties in the UK. Our guide covers eligibility, interest rates, deposits, and the application process for businesses.
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How often can I remortgage my home?
TL;DR Learn the typical remortgaging cycle in the UK. Discover constraints like early repayment charges, lender rules, and the 6-month rule. Get professional, compliant advice.
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What types of mortgages are available in the UK?
TL;DR Explore the primary types of mortgages available in the UK, including repayment methods (capital & interest, interest-only) and interest structures (fixed, variable). Understand the options.
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Can I get a mortgage for a second home?
TL;DR Looking to buy a second home in the UK? This expert guide explains the criteria, deposit requirements, stamp duty rules, and mortgage options available for second properties.
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What is an interest-only mortgage?
TL;DR Discover what an interest-only mortgage is, how it differs from a repayment mortgage, and the crucial requirement of having a robust plan to pay off the capital when the term ends.
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Can I get a mortgage if I have a low credit score?
TL;DR A low credit score doesn't rule out getting a mortgage, but it makes it harder. Learn how bad credit mortgages work, what specialist lenders look for, and steps you can take to improve your affordability and increase your chances of securing prope…
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What are the fees associated with a mortgage?
TL;DR Understanding mortgage costs goes beyond just the interest rate. Discover the full range of fees associated with a UK mortgage, including arrangement, valuation, legal, and broker costs, so you can budget effectively for your property purchase.
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What is mortgage insurance, and do I need it?
TL;DR Understand what mortgage insurance is in the UK and if it's necessary for your home loan. We explain the difference between Mortgage Payment Protection, life cover, and buildings insurance.
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What is the cost of a 30-year vs. a 15-year mortgage?
TL;DR Comparing a 30-year vs. 15-year mortgage reveals key differences in monthly payments and total lifetime interest costs. Learn how repayment term length impacts your finances and long-term wealth in the UK.
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What is a mortgage, and how does it work?
TL;DR Understanding mortgages is key to buying a home. Learn what a mortgage is, how it functions in the UK, the types available, and the crucial steps involved in securing one.
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How do I qualify for a mortgage in the UK?
TL;DR Learn the essential criteria for qualifying for a UK mortgage. We cover affordability checks, credit scoring, deposit requirements, and required documentation to help you secure your loan.
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What is the difference between a fixed-rate and variable-rate mortgage?
TL;DR Comparing fixed-rate vs variable-rate mortgages? Fixed rates offer stability but lack flexibility, while variable rates fluctuate with the Bank of England base rate. Understand the pros and cons for your property purchase.
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What is a Help to Buy mortgage, and am I eligible?
TL;DR Find out what a Help to Buy mortgage is in the UK, how the government equity loan worked, and what eligibility requirements applied before the scheme closed in 2023. Essential reading for current owners.
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What is the total cost of my mortgage over its lifetime?
TL;DR Discover the true total cost of your UK mortgage. We break down the interest, fees, and charges that contribute to the lifetime expenditure of your property loan. Understand hidden costs.
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What are the pros and cons of using a mortgage broker?
TL;DR Should you use a broker for your mortgage? We break down what are the pros and cons of using a mortgage broker, covering cost, access to deals, regulation, and time saving benefits.
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How does a mortgage in principle work for first-time buyers?
TL;DR A Mortgage in Principle (MIP), sometimes called an Agreement in Principle (AIP), is vital for first-time buyers. Learn how to get one, what documents you need, and how it strengthens your property offers in the UK market.
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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