Raising finance with your main Residence as security is the most popular way of purchasing or remortaging. In order that you give your application a good chance of success , there are certain areas you need to consider.

  • The amount of loan verses the value of property (in certain circumstances you can borrow up to 125% of the value)

  • The repayment vehicle,i.e interest only or capital repayment.

  • The term of mortagage , not normally beyond retirement.

  • Sufficient income to maintain repayments , Normally 3.5 x main +1 x second applicant or 3 x joint.

  • Discounted Fixed, Capped and Variable Rates.

Answers to these areas will quickly give you a good idea of how much you can borrow and how much it will cost. Use this simple mortgage calculator to work out how much your repayments will be.

There are thousands of mortgage products available on the market, at HRC Group we are able use our extensive knowledge base to find the exact products to suit your needs. We will then assist with completion of all neccessary paperwork, submit the application and track it to completion on your behalf. There is a 0.4% fee for this service payable upon completion (with a minimum fee of £500).

N.B. Your home may be repossessed if you do not keep up repayments on your mortgage.

The resultant figures are for illustrative purposes only and do not constitute a quotation.

How much will your monthly mortgage payments be?
Mortgage required: £
Repayment period: £ years
Interest rate, enter 7.5% as 7.5: £ %
 
Repayment mortgage:(1) £
Interest only mortgage: £

Remember, mortgage rates can go up as well as down.

At 5% a repayment mortgage(1) will cost: £
At 5% an interest only mortgage will cost: £

Notes:

(1)  The above figures assume an annual rest type mortgage which recalculates mortgage payments once a year.  As such they may slightly overstate the monthly payments for more flexible mortgages, offering monthly or even daily recalculation of payments.

2.  Since April 2000 mortgage loans have not attracted mortgage interest tax relief (MIRAS).

3.  A repayment mortgage is one where mortgage payments cover both interest costs and repayment of the original loan, so that the mortgage amount decreases over time.  An interest only mortgage is one where mortgage payments only cover interest costs.  With interest only loans, the mortgage amount does not automatically decrease over time.  Frequently, borrowers will set up an ISA, endowment or some other investment product (at additional cost), designed to repay the loan at the end of its term.