Finding the Right Mortgage for Your Next Chapter
Finding the right mortgage that suits your individual needs can be daunting with so many options to choose from. We are here to guide you through the ever changing mortgage market.
You may have to pay an early repayment charge to your existing lender if you remortgage
5 Rating from 33 Reviews
Expert Residential Mortgage Advice
At LPR Mortgage Services, we provide expert residential mortgage advice tailored to your specific circumstances. We can help you navigate the process, compare products from the whole of the mortgage market, and provide personalised support
- We can help you understand how much you can borrow and identify the right lender for your needs.
- We can help calculate your maximum borrowing capacity. With access to all of the lenders internal calculators we help you make an informed choice of what is affordable for your budget.
- We can help you choose between fixed-rate and variable rate mortgages.
- Fixed-rate mortgages offer stable, predictable monthly payments for the duration of the fixed term (e.g., 2, 3 or 5 years), making budgeting easier. They are a good option if you value stability or expect interest rates to rise.
- Variable rate mortgages typically have a lower initial interest rate for an introductory period, but the rate can fluctuate afterward based on market conditions. They may be suitable if you plan to move or remortgage before the fixed period ends.
- We can help you obtain an agreement in principle. An AIP (also known as an Agreement in Principle) is a preliminary indication from a lender of how much they might lend you. It is not a formal mortgage offer but demonstrates to sellers and estate agents that you are a serious buyer.
Why Work with an LPR Adviser?
As mortgage specialists, LPR Mortgage Services offer unbiased, whole-of-market advice and access to a wider range of deals, ultimately saving you time, hassle, and potentially a significant amount of money.
Key Benefits
- Access to the Whole Market: We are not tied to a single bank or lender, allowing us to search a vast number of options, including exclusive “broker-only” deals you might not find on your own or on comparison sites.
- Impartial, Expert Advice: We provide unbiased recommendations based purely on your circumstances and goals, rather than an incentive from a specific lender. This ensures you get the most suitable product for your needs.
- Saves Time and Effort: Instead of you spending hours researching different lenders, comparing rates, and filling out paperwork, we handle the legwork for you, streamlining the entire process.
- Improves Chances of Approval: With in-depth knowledge of different lenders’ criteria, we can “pre-check” your finances and guide you toward those most likely to approve your application, reducing the risk of a decline that could harm your credit score. This is especially helpful for complex cases (e.g., self-employed, poor credit history).
- End-to-End Support: We manage the entire application process, liaise with lenders and solicitors on your behalf, and can provide ongoing support, such as advising you when your fixed-rate deal is nearing its end.
Remortgaging: Is it Time to Find a Better Rate?
Key Reasons to Consider Remortgaging Now
- Your current deal is ending in the next 6 months. Most people are on introductory deals (usually 2-5 years) after which they are moved to a much more expensive Standard Variable Rate. It is best to have a conversation with our advisers at LPR Mortgage Services, so we can start shopping around and lock in a new rate up to six months before your current deal expires to avoid this.
- To save money on monthly payments. Lower interest rates on new deals can significantly reduce your monthly repayments, saving you thousands of pounds over the term.
- Your home’s value has increased. An increase in your property’s value can improve your loan-to-value (LTV) ratio, potentially qualifying you for lower interest rates.
- To borrow more or for flexibility. You may want to remortgage to release equity for home improvements, consolidate other debts, or secure a deal that allows more flexibility like overpayments.
Strategic Considerations Before You Remortgage
- Weigh up the costs. Ensure any potential savings from a new rate outweigh the associated fees, such as early repayment charges (ERC) on your current mortgage, and arrangement, valuation, or legal fees on the new one.
- Lock in a rate now as insurance. Many lenders let you lock in a rate for several months (up to six months is common for remortgages). If rates rise, you have secured a better deal; if they fall before your deal starts, you can usually switch to the lower rate, though you may lose non-refundable upfront fees.
- Speak to us. As your personal mortgage adviser, I can help you navigate the wide range of available deals and find the best fit for your specific financial circumstances, including managing the process and advising on the most suitable time to switch
Frequently Asked Questions about Your Mortgage
How much can I borrow on a Residential Mortgage?
How much deposit will I need?
The minimum deposit is typically 5% to 10% of the property value, though saving more (10% or more) can secure better interest rates. There are also some exclusive mortgage products where zero deposit ( 100% mortgages ) are available if the right criteria is met.
What documents will I need?
Commonly required documents include proof of identity (passport/driving license), proof of address (utility bills/bank statements), proof of income (recent payslips, P60, or tax returns for self-employed), and bank statements showing your spending habits and deposit savings.
What is the difference between a repayment and an interest-only mortgage?
With a repayment mortgage, your monthly payments cover both the interest and a portion of the original loan (capital), ensuring the mortgage is fully paid off by the end of the term. With an interest-only mortgage, payments only cover the interest, meaning the original loan amount remains outstanding and must be repaid by other means (like investments or savings) at the end of the term.
What's the difference between a fixed-rate and a variable-rate mortgage?
A fixed-rate mortgage has an interest rate that stays the same for an agreed period (e.g., 2, 3, or 5 years), providing payment stability. A variable-rate mortgage (which includes tracker and standard variable rates) means the interest rate can change over time in line with market conditions or a specific base rate, so your payments could go up or down.
What are the main costs when buying a house?
- Beyond the deposit and monthly payments, you should budget for:
- Lender Fees: Mortgage arrangement or product fees charged by the lender (sometimes added to the loan).
- Legal Fees: Payments to a solicitor or conveyancer for the legal work of transferring ownership.
- Valuation/Survey Fees: The cost for a surveyor to value the property for the lender, and optionally, a more detailed survey for yourself.
- Government Tax: Stamp Duty Land Tax (SDLT) or equivalent in Scotland/Wales, depending on the property price and location.
Can I make overpayments?
Many mortgages allow you to make overpayments to reduce your balance and save interest, but some may have early repayment charges if you pay more than a certain amount per year.
How long does the mortgage process take?
The application and approval process can take several weeks, with conveyancing adding more time, often totalling around 1 to 5 months from application to completion, depending on complexity.
What happens if the property valuation comes back lower than my offer?
This is known as a down valuation. If this happens, we have a few options. We can challenge the valuation with evidence of local house prices in Coventry or Rugby, we can try a different lender, or you can use the lower valuation to negotiate a fairer purchase price with the seller. We guide you through the entire resolution process. Get in touch with us to discuss your options and see how we can protect your financial interests.
Can I overpay my residential mortgage to clear it faster?
Yes, the vast majority of lenders allow you to overpay up to 10 percent of your outstanding loan balance each year without any penalty fees. This is a brilliant way to reduce the amount of interest you pay and clear your debt years earlier. Call us today, and we can calculate exactly how much you could save in interest by making regular overpayments.
4.9/5
Customer satisfaction on Vouched for
400+
Reviews on Vouched for
1000+
exchanged mortgages since 2016