Whilst a perfect credit score isn't essential, taking charge of your financial profile can make a significant difference. By reviewing your credit file before meeting with us, you'll empower our advisers to find the perfect mortgage solution tailored to your circumstances. Here at Eastwood Mortgages, we pride ourselves on our vast network of more than 90 lending partners, from familiar high street names to specialist credit repair institutions. Even if your credit history needs polishing, we encourage you to book a complimentary initial consultation. This valuable session will illuminate your current position and reveal whether your dreams of home ownership could become reality straightaway, or if we need to craft a strategic plan to strengthen your financial standing for the future.

Most lenders in today's market require at least 5% of the property value as a deposit, though a select handful now offer 100% mortgages, subject to stringent eligibility requirements. At Eastwood Mortgages, we maintain access to exclusive rates and products that you simply won't discover through an online search. As mortgage options fluctuate daily, consulting with our expert advisors proves invaluable. We'll analyse your unique situation, weighing up current rates and products against your financial goals, to determine whether a larger—or sometimes even smaller—deposit would better serve your short, medium and long-term aspirations.

There are a number of additional costs associated with buying or moving home. These include stamp duty, solicitor’s fees, estate agency fees (if you are selling your current property), product arrangement fee (not all mortgages charge a fee and our advisors will walk you through this during your consultation) and moving costs. These costs can vary, so it is best to do your own research as they can vary depending on location and size of property!

When moving home or purchasing a property, you'll need to account for several significant costs beyond the deposit. The largest of these typically includes stamp duty, whilst you'll also need to budget for your solicitor's expertise and any estate agency fees if you're selling your current home. Some mortgage products carry arrangement fees, though not all do—our advisors will guide you through these options during your consultation. You'll also want to factor in the practical costs of moving itself. As these expenses can vary considerably based on your location and the size of your property, we strongly recommend researching current rates in your area to build an accurate budget for your circumstances.

Our advisors specialise in helping you achieve mortgage freedom as swiftly as possible by focusing on two crucial aspects. First, we'll carefully consider your mortgage term—the period over which you'll repay your loan. Second, we'll identify products that offer the flexibility to make overpayments when your finances allow. Through careful analysis, we'll strike the perfect balance between manageable monthly payments and the freedom to accelerate your mortgage repayment journey when circumstances permit. This tailored approach ensures you're not stretched too thin month-to-month whilst maintaining the option to chip away at your mortgage more aggressively when you're able.

A decision in principle (DiP) reveals your potential borrowing power, giving you a clear picture of your house-hunting budget. Also known as a mortgage or agreement in principle, this crucial document demonstrates to estate agents that you're a serious buyer. Here at Eastwood Mortgages, we can secure your DiP on the same day, empowering you to begin your property search with confidence. Indeed, in today's competitive market, most estate agents require this document before they'll even consider your offer on a property.

It's worth noting that a DiP differs from a formal mortgage offer—you'll need to complete a full mortgage application once you've found your ideal home. This more detailed process begins after you've identified the specific property you wish to purchase, but having your DiP in hand puts you in an excellent position to move swiftly when you find that perfect home.

The loan to value ratio, commonly abbreviated as LTV, represents the relationship between your mortgage amount and your property's value, expressed as a percentage. Understanding this figure proves crucial when planning your property purchase. For instance, if you're considering a mortgage with a 90% LTV, you'll need to contribute a 10% deposit. This ratio significantly influences your mortgage terms—typically, the lower your LTV, the more competitive interest rates you'll encounter. Lenders tend to reward larger deposits with more favourable rates, as they're taking on less risk with a lower LTV.

Mortgage repayment strategies fall into two distinct categories. With a repayment mortgage, your monthly payment includes both a portion of the loan amount and the interest charges, steadily reducing your overall debt until you own your home outright. This approach offers the security of watching your mortgage balance decrease month by month.

Alternatively, you might opt for an interest-only mortgage, where your monthly payments cover just the interest charges. Whilst this often means lower monthly outgoings, you'll need a robust strategy to repay the entire loan amount when your mortgage term concludes. This method requires careful financial planning to ensure you can manage the substantial final payment.

Choosing between fixed and variable-rate mortgages represents a crucial financial decision. With a fixed-rate mortgage, your monthly payments remain constant throughout an agreed period, offering valuable stability for your household budget. This predictability proves particularly reassuring during times of economic uncertainty, as you'll know exactly what you'll pay each month regardless of wider economic changes.

Variable-rate mortgages, however, move in tandem with the Bank of England's base rate. When the central bank adjusts its rate, your mortgage payments typically follow suit. Should the base rate increase, you'll likely see your monthly payments rise accordingly; conversely, when the base rate falls, you might benefit from reduced payments. This direct link between the Bank of England's decisions and your mortgage payments means your monthly costs could fluctuate significantly over time, requiring more flexible budget management.