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buying a home

Buying a Home

Buying a home

Buying a new home can be an exciting experience.

This is likely to be your largest ever financial purchase so you should take care over your choice of home.

Have a think about what is important to you. Write down these factors, this will help you to concentrate on what is important

If you are considering two properties then compare these two properties against your chosen criteria

Here are some factors to consider;
  • Where would you like to live
  • What is the price range, is it affordable
  • Is it convenient for work, schools, shops, leisure
  • What features are important to you, workshop, garden, parking
The Money Advice Service offer further advice on choosing a home

Historically, buying a house has been profitable over the long term. Please be aware that, as we saw in the 90's house prices can fall as well as rise. If you have to sell your home in the short term you may owe more money than you recoup from the sale of your home.

There is a vast array of mortgages available. The deals on offer change weekly as companies compete for business. Newspapers and magazines regularly produce 'best buy' lists, but these are often selected from the lowest 'headline' rate.

Taking professional advice from a mortgage broker will help you to make the right choice.
A mortgage is one of the biggest investments you are likely to make. On a 100,000 mortgage you may have to pay back over 200,000 to the lender.

Plan your investment carefully, are you likely to move house or re-mortgage every few years or to keep your mortgage for the full term.

Property types

A mortgage is agreed on the basis that the property is a good security. Lenders in general do not like lending on the following properties:
  • Property that requires any structural work or remedial works
  • Freehold Flats, Studio flats, Ex local authority flats, High rise flats, Flats above commercial premises (particularly food)  
  • Non standard construction, ie. timber or concrete walls.
If the property you are considering falls into any of the above categories, please contact us.

Auction Properties

If you are considering buying a property at an auction. It is most important that you have a mortgage agreed before you bid for a property. On the fall of the hammer, you will be expected to pay a deposit (often 10%), with the balance paid within a short time period.

Your deposit may be lost if your mortgage does not succeed within this time period.
Please read carefully the terms specified by the auction provider.

We do not offer mortgages secured against property being bought at auction

Mortgage Costs

Please click on the mortgage costs link


Insurance provides protection against unforeseen events in the future.
Please click on mortgage insurances

Step by Step Guide

  • Select and apply for the type of mortgage that suits your preferences (flexible, discounted, fixed rate etc.)
  • Obtain a decision in principle from the lender, you will then know how much you are able to borrow and you will be in a position to make an offer. (Note: Some lenders will not permit you to apply without property details) 
  • House hunting.
  • Make an offer, subject to survey and contract.
  • Instruct the valuation.
  • Appoint a solicitor.
  • Arrange insurance
  • Exchange contracts, pay deposit.
  • Arrange removals.
  • Move home!
How long will it take? It depends on the lender's administration and how quickly your references are returned - say 3-4 weeks from application to offer, another 2 weeks to exchange of contracts, another two weeks to completion.