We’ve tried to answer as many as we can below, if you can’t see it – just ask us in the FAQ form.
Yes! TMG started off as a mortgage network but realised it made sense to have our own brokerage too. That way, our clients can rest easy knowing they are in good hands with plenty of experience to go around!
A mortgage is a loan specifically for buying property. You borrow money from a lender (like a bank or building society) to purchase a home, and you repay the loan plus interest over an agreed period.
The amount you can borrow depends on various factors such as your income, credit history, and the lender’s criteria. Typically, lenders use a multiple of your annual income to determine the maximum loan amount.
A deposit is the initial upfront payment you make towards the purchase price of a property. It’s usually expressed as a percentage of the property’s value.
The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It determines how much interest you will pay on your mortgage each month.
A fixed-rate mortgage is a type of mortgage where the interest rate remains the same for a fixed period, typically between two to five years. This means your monthly payments will stay the same during the fixed period, providing certainty and stability.
A variable-rate mortgage is a type of mortgage where the interest rate can change over time, usually in line with changes to the Bank of England’s base rate. This means your monthly payments can go up or down, depending on interest rate fluctuations.
A credit score is an assessment of your creditworthiness. Lenders rely on it to evaluate mortgage applications and determine the applicable interest rates.
This depends on a few factors; it is usually more challenging but can be possible! Reach out to one of our advisers today and find out how they can help.
Yes! However, we may require some additional details and documentation during the consultation process.
Besides the deposit, first-time buyers should budget for additional costs such as solicitor fees, survey fees, stamp duty (if applicable), mortgage arrangement fees, and moving expenses.
Most lenders will require a valuation of your property before offering a new mortgage deal.
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