A mortgage is a long‑term loan secured against a property you’re buying. You provide a deposit; the lender covers the remainder. You repay monthly over a term, with interest.
Mortgage basics (example)
Price £250,000; deposit £25,000 (10%); mortgage £225,000. Payments include capital and interest.
Main UK mortgage types
• Repayment: pay capital + interest; mortgage clears by term end.
• Interest‑only: pay interest only; capital repaid at the end via savings/investments/sale.
• Fixed‑rate: rate locked for 2/3/5/10+ years.
• Tracker: rate moves with Bank of England base rate.
• Offset: link savings to cut interest charged.
• Specialist: BTL, shared ownership, guarantor/JBSP, lifetime/RIO, etc.
Repayment example (£200k, 25 years @ 5%)
~£1,170 per month; total repaid ~£351k.
Eligibility
Lenders assess income, credit history, deposit, outgoings, and property type.
Why people need mortgages
First‑time purchases, moving home, investing (BTL), or remortgaging for better rates/equity release.
Common misconceptions
All lenders are the same (they aren’t), you need huge deposits (5% products exist), self‑employed can’t get mortgages (they can), remortgaging is too complex (it can save thousands).
Why use Everest Mortgages
Whole‑of‑market comparison, criteria knowledge, paperwork support, and strategy for long‑term value.
Final thoughts
With the right advice, you can match the product to your goals and budget—saving time and money.Call to Action
Ready to explore your options? Book a free chat at Everest‑Mortgages.co.uk.
