Looking for a new mortgage?

We’ll find the right mortgage for you, whether you’re looking to put down roots, get the keys to a new home, make improvements to the home you’ve already got, or invest for the future.

First time buyer

Getting onto the property ladder can be a big step. Let us help you make that first step

Remortgage

Looking for a new deal? You may be able to save money by remortgaging

Move Home

Thinking about your next move? We will take care of your mortgage so you can focus on the move

Buy To Let

If you’re expanding your property portflio or investing for the future. We’ll help you get that Buy to Let

We make it easy, because moving is stressful enough

Benefits of Our Services

Jargon-Free

We offer jargon-free and easy to understand advice

Independent

We are independent of the market so we’re free to recommend the best for you.

Key Relationships

We have key relationships with all our mortgage providers.

Managed Process

We manage the whole process for you so you know that everything is taken care of.

Bespoke Advice

We offer completely bespoke advice unique to you on how best to protect your mortgage.

Free Mortgage Quote

Speak to an adviser on which mortgage is right for you.
Request a call back to get started on your quote.

Quote me

Finding the right mortgage for you

Friendly Advisers

Our friendly mortgage team will get to know your current situation and what is important to you and what you are looking for.

Search the Market

We are independent and search the market to find you your mortgage.

Tailor Your Mortgage

We tailor the mortgage for your requirements, to ensure you get a mortgage that is perfect and affordable.

Manage your Application

We manage the whole process for you until you complete

Further Information

What types of mortgages are there?

Fixed rate mortgage?

This type of mortgage does what it says on the tin – the interest rate remains fixed for a set period of time. During this set period, your mortgage payments will remains the same, even if there are changes to the Bank of England base rate, or your lender’s standard variable rate (SVR).

Your fixed rate typically lasts between 2 – 5 years, but can be longer. At the end of your fixed rate period, you will be transferred onto your lender’s Standard Variable Rate.

Tracker mortgage?

This is a variable rate mortgage where the interest rate usually tracks the Bank of England base rate at a set margin (for example, 1%) above or below it. Tracker mortgage deals can last for as little as one year, or as long as the total life of the loan. Once your tracker deal comes to an end, it’s likely that you will be automatically transferred on your lender’s standard variable rate (SVR). This usually has a higher rate of interest.

Lifetime tracker mortgage?

With a Lifetime Tracker Mortgage, the rate at which you pay back the loan ‘tracks’ the bank of England base rate (for example, base rate +1%) for the entire duration of the mortgage.

Interest-Only Mortgages?

With an Interest-Only Mortgage, you only pay the interest that is charged on the loan. You do not make any payment towards the actual balance until the term of the mortgage is up. It’s at this point that you’re required to pay off the amount that you borrowed in full. Your lender must agree the intended repayment vehicle whilst the mortgage is being arranged.

Offset mortgage?

With an offset mortgage you can use any existing savings you have as overpayments or contributions towards your mortgage, with interest only being payable on the remainder.
For example, if you have a mortgage worth £300,000 and you have £25,000 in a savings account, you will only pay interest on the remaining £275,000. The unique thing about an Offset Mortgage is that you will still be able to access your savings.

Discount mortgage?

A Discount Mortgage is a type of variable rate mortgage. It’s referred to as ‘discount’ because the interest rate is set at a specific ‘discount’ below the lender’s standard variable rate (SVR) for a designated period of time.

Discount mortgage deals usually last between 2 to 5 years. When your discount mortgage deal comes to an end, your lender will usually transfer you onto its SVR automatically.

Standard Variable Rate (SVR) mortgage?

This is another type of Variable Rate Mortgage and can be known as an SVR or Reversion Rate mortgage. The SVR is a lender’s ‘default’ rate – without any limited-term deals or discounts attached.

There is an element of risk attached to this type of mortgage – if you stay on your lender’s Variable Rate mortgage, you are more vulnerable because they can raise or lower the SVR at any time, which means you have no control over your monthly repayments. While Standard Variable Rates are generally influenced by changes in the level of the Bank of England’s base rate, a lender can also change its SVR even when the base rate remains unchanged.

If your budget is tight and you need your SVR to remain low, it’s very important you try to remortgage onto a fixed rate deal (which offers rate stability) before it’s too late. Our Covertree team can help you with this.

How does a buy to let mortgage work?

Buy to Let mortgages are designed for landlords who invest in property with the intention to rent the property out.

The landlord would typically need a minimum deposit of 25% and the mortgage is often interest only which allows for a greater yield.

The mortgage value is determined by the rental income that the property generates.

Please contact the Covertree team to discuss your options if you looking for a Buy to Let mortgage.

How long do mortgages normally last?

Typically, mortgages last around 20-30 years, but this can change according to a whole variety of factors. When you set up your mortgage you will decide the term (i.e. the length of the mortgage) according to your repayment plan.

How big a mortgage can I take out?

The value of what you can borrow will depend on various factors to do with your current financial situation as well as the value of the property that is being purchased/remortgaged.

Traditionally mortgage lenders used to use a simple basic multiple of your base income in order to calculate how much they are willing to lend you. Nowadays lenders will conduct a more thorough financial evaluation, taking into account your net income, with your regular monthly outgoings and expenses considered, in order to calculate how much you can borrow. Lenders will also look at your credit score and any loans or credit cards you currently have.

When purchasing a property you will need to calculate the value of the deposit you can pay or are required to pay up front before a mortgage lender will lend you the rest. The value of the deposit that you are required to pay will depend on your financial situation and credit history.

The difference between the amount borrowed and the actual value of the property is known as the loan-to-value ratio, or LTV.

For example – if you are looking to purchase a property worth £500,000 and you are required to pay a deposit of 10% (£50,000). The lender lends you £450,000 as the mortgage amount, this will give you an LTV or 90%.

A lower LTV is often the better option, this will usually mean you will need to pay a bigger deposit. However this will often allow you to get better deals all around and as you’re borrowing less in the first place, your monthly repayments will be smaller.

What if I want to move house before I’ve paid off my mortgage?

If you are looking to move, most lenders will allow you to port your existing mortgage to your new property and continue paying as usual.

You may be required to have a new affordability and credit check carried out if your new property’s value is significantly different from your old property. If you do want to move house, you will need to contact your existing mortgage lender first and they’ll advise you on what your options are.

What happens if I can no longer afford my monthly payments?

If you find yourself unable to keep up with the monthly repayments, then you need to contact your lender as soon as you are unable to make a payment. The lender may be able to offer you options to help you, some of the options that are available can be – taking a repayment holiday which is where you can stop payments for a short time, starting a new mortgage or adjustments to the existing repayment plan.

You should contact you lender as soon as possible, as multiple missed payments could result in your home being repossessed.

My house has gone up in value, can I remortgage for more money?

You can, this is referred to as releasing equity, which is subject to affordability checks by your lender.

For example – If have a mortgage worth £500,000 on a property that is worth £550,000. The £50,000 difference between what you’ve borrowed and the value is the equity. If over the course of a few years, your property goes up in value, by another £50,000, then the equity in your property has increased. You could then choose to remortgage and release some of the equity as cash, while maintaining the same LTV on your mortgage.

If you do remortgage, there may be early repayment charges that your current lender might charge.

Can I still get a mortgage if my credit rating is bad?

There are many mortgage products available to suit a whole range of financial situations and if your credit score is less than perfect, don’t worry, there is likely to be a mortgage that is available to you.

If you do have a poor credit score, you should be able to to get a mortgage product, however you may not be able to benefit from the best deals. The risk to lenders is increased if you have a poor record of repaying in the past, therefore you may be offered a slightly higher than normal interest rate, or maybe a lower LTV ratio.

Mortgages