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Residential mortgages

Our award-winning team offer free, impartial mortgage advice tailored to your individual needs.

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A residential mortgage is a loan secured against your property to facilitate its purchase and typically lasts 25 years. In return for lending you the money the provider will charge interest.

At StepChange Financial Solutions our expert advisors will take the time to get to know your situation before advising on which type of mortgage best suits your needs.

Why choose us?

  •  Free: We don't charge for our advice. There aren't any hidden fees
  •  Unbiased: Our advisors don't work to sales targets, bonuses or commissions
  •  Specialist: We offer advice to all, from first-time buyers to those looking to retire
  •  Trustworthy: Last year 98% of our clients said they would recommend us to family or friends

Need mortgage advice?

Contact our knowledgeable team on 0808 168 6719 or arrange a call back at a convenient time.

Contact us

Fixed rate mortgages

  • Refers to the initial term to which a specific interest rate will apply. The most common fixed rate terms are 2, 3 and 5 years.
  • Usually the longer your fixed term, the higher your interest rate will be as you effectively buy the additional security of knowing your monthly repayment won't increase.
  • At the end of the fixed rate period you'll transfer to the provider’s standard variable rate and you're free to remortgage to another mortgage product or provider.
  • Fixed rate mortgages often carry the highest application fees and usually apply an early repayment penalty should you wish to repay the loan during the fixed term.

Tracker mortgages

  • Usually track the Bank of England base rate by a specified amount (e.g. base rate +1%). 
  • Changes to the base rate will most likley affect your interest rate and therefore your monthly repayment may change also.
  • These products tend to offer a great deal of flexibility as they usually have minimal early repayment charges and can offer extremely competitive rates of interest.

How to apply

  1. Contact us for free, impartial advice tailored to your needs. You can give us a call or use our online form to arrange a callback.
  2. We'll talk through your situation and see which type of residential mortgage is your best options. There's no need for a home visit; we'll do everything over the phone.
  3. We'll guide you through the entire mortgage process, whether you need answers, advice or help with your paperwork.
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What our clients say

"I can't think how the service could be any better. Everyone was helpful, sympathetic, understanding and very professional."

Mr and Mrs West, Cambridge

Your home may be repossessed if you do not keep up repayments on your mortgage.

Discount rate mortgages

  • Usually offer a specific discount off the mortgage provider’s standard variable rate.
  • The discount most commonly applies for 2 or 3 years but could be for any term. These tend to offer extremely competitive rates of interest.
  • This type of mortgage usually benefits from low application fees and early repayment penalties only tend to apply during the discount period. 
  • The main risk is linked to any change in interest rates that could affect your monthly repayment.

Variable rate mortgages

  • Usually referred to as a provider’s standard variable rate (SVR). 
  • Each provider can set their own SVR and any increases or decreases do not have to be linked to a change in the Bank of England base rate.
  • Most variable rates tend to sit between the banks tracker and fixed rates.
  • The main advantage of this type of interest arrangement is that you have no restrictions on overpayments and there is usually no early repayment penalty.
  • The primary disadvantage is that your interest rate and repayment could increase at any time and so the cost of your mortgage could increase.

Common residential mortgage questions

What you can borrow is based on what you can afford. Each mortgage provider has different affordability criteria. Your advisor will complete a full income and expenditure assessment to help you establish how much you can borrow.

Some mortgage providers will accept benefit income. As most means tested benefits aren't guaranteed and can change most mortgage providers will want to make sure you can afford the payments should your benefits reduce or stop.

You can still qualify for a mortgage although it will depend on your new salary, type of contract and any probationary period.

Some mortgage providers will allow you to maintain a mortgage in retirement providing you can afford the payments, though it would need to be repaid at a specific age. If you're in or near retirement you can also consider your suitability for a retirement mortgage or equity release plan.

Need help applying for a mortgage?

If you're considering a residential mortgage, call our expert team on 0808 168 6719 or arrange a call back at a convenient time.

Contact us now
StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2018