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Residential mortgages


If you’re planning to buy a new home, you will most likely choose to make your purchase with the help of a residential mortgage.


A residential mortgage will provide you with a loan to cover a percentage of the total purchase price of your new home. Most owners choose a mortgage for around 60 – 80% of the property price so finding a great mortgage deal is essential.


Our expert mortgage brokers have access to some of the UK’s best mortgage products, from our panel of lenders. Whether it’s your first home, a new move or a remortgage, we’ll search all the deals to secure the right mortgage to suit your needs.


Call one of our residential mortgage brokers in Birmingham today on: 0345 066 6555 or drop in to see us at Coleshill Road, Birmingham.



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Mortgage types


The interest rate you pay on your mortgage will depend on the type of mortgage rate you choose.


Fixed rate mortgages require you to repay an interest rate that is fixed for a certain period of time. The fixed rate will mean you’ll know exactly how much your monthly repayments will be for the specified period.


If you have more flexibility, you may want to consider a variable rate mortgage. A variable rate mortgage may start at a lower rate than a repayment mortgage, however the rate you pay is likely to increase in future at your lender’s discretion.


Similarly, a tracker mortgage will follow the Bank of England interest rate. When the Bank of England’s base rate drops or increases, so too will your mortgage payments.


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Mortgage terms


The terms of your mortgage determine how long it will take you to pay off the cost of your home. Most homebuyer’s mortgage terms last for 25 years but it is possible to add as much as 10 or even 15 years to the length of your mortgage.


Longer mortgage terms mean lower monthly repayments however it will take you more time to pay off the cost of your home.



How are residential mortgages calculated?


Most lenders are looking for a deposit of around 10-15% of the value of the property and are usually willing to lend around 4.5 times your annual income.


If you contributed a 20% deposit on a property worth £225,000, your mortgage would be for £180,000. For a 25-year mortgage term, a £180,000 mortgage with an annual interest rate of 3.5% (equal to £6300) would require monthly repayments of around £627.


Call our experienced mortgage brokers in Birmingham to discuss your financial situation and the best type of mortgage to suit your needs. Call: 0345 066 6555.


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What are the lending criteria?


To ensure their loan is secure, lenders will need to assess your ability to afford monthly repayments.


Lending criteria includes:

  • Your annual salary and whether you are in secure, long term employment.
  • The amount you will pay for the deposit.
  • The amount of disposable income you have left each month.
  • Your credit history.
  • Your age.


What documents will I need for my application?


You will need numerous documents to make your mortgage application including:

  • Payslips covering the last 3 months.
  • Passport or driving license.
  • Bank statements to cover the last 3 months
  • P60 from your employer
  • Proof of earnings for the last 2-3 years if self-employed (tax calculations, tax overviews, statement of accounts, bank statements).


Our experienced residential mortgage brokers are based in Birmingham, cover the whole of the UK and will support you through the entire process. Call us today on: 0345 066 6555 or drop in to see us at Coleshill Road, Birmingham.




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We’re always here to help

Frequently asked questions...

My property is already on the market, can I still use Arden Estate Agents?

Yes, you can still use Arden Estate Agents. You can choose to instruct us straight away and set the date for your marketing. You could also instruct us as an additional agent, sometimes referred to as dual agency, subject to the terms of your existing agency agreement.

How long will you market my property sale?

We will market your property for as long as it takes to sell. Along the way, it may be necessary to make changes to keep your property being advertised in the best light to get new buyers interested. You will only pay us once the property has been sold and the sale has exchanged.

When should I arrange a mortgage?

We recommend buyers seek financial advice early on and ideally have a mortgage in principal prior to viewing. This reassures the seller that you can finance the purchase and will put you in a stronger position than other buyers without one. 

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We’re always here to help

Frequently asked questions...

read more FAQs here