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Residential mortgages

We are here to help you unlock your options as a homeowner.

Use our online contact form

  Mortgage advice is available throughout the UK. This service is provided by StepChange Financial Solutions, part of StepChange Debt Charity. We are not a lender. We find products that suit your needs.

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

Our expert advisors will take the time to get to know your situation before advising on which type of mortgage best suits your needs.

Due to very high demand at the moment, we are only providing our mortgage service for people who are 55 years or older.

Sorry if this means we cannot help you right now. Please read our homeowners' guides or visit the MoneyHelper website for free and impartial advice about mortgages. We hope you will find this helpful.

Why choose us?

  •  Free advice: We do not charge you for advice. If you go ahead with equity release or a mortgage, on completion you will need to pay our Service Fee. This fee cannot be refunded
  •  Trustworthy: Our Financial Solutions clients gave us a 4.9 out of 5-star average review on Feefo in 2022
  •  Unbiased: Our advisors are paid a salary. There are no sales targets, bonuses, or commissions. The advice you receive is always in your best interests
  •  Award-winning:  We have won many awards for our service over the years

Need mortgage advice?

We will help you understand your choices. For free advice, please fill out our contact form to request a call back.

Fixed rate mortgages

Are you worried about your fixed rate mortgage ending? If this is happening to you, you may feel you cannot afford the new variable rate. Or you may have fallen behind with payments already. Find out what you need to do next.

  • 'Fixed rate' refers to the initial term when a set interest rate will apply
  • The most common fixed rate terms are 2, 3 and 5 years
  • The longer your fixed term is, the higher your interest rate will be. This is because you effectively buy the additional security of knowing your monthly repayment will not go up
  • At the end of the fixed rate period you will switch to the provider’s standard variable rate. You are free to remortgage to another product or provider
  • They often carry the highest application fees. They also usually apply an early repayment penalty if you want 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 likely affect your interest rate. Therefore, your monthly repayment may change also
  • These products tend to offer a great deal of flexibility. They usually have minimal early repayment charges and can offer very competitive rates of interest

Jacqueline on Feefo says:

"Excellent service."

"Can't fault the service. StepChange helped me to secure a mortgage and from the very start they were helpful and professional and followed the procedure right through to completion."

Get help like Jacqueline

How to apply

  1. Contact us today. You can use our online form to arrange a callback
  2. We will talk through your situation and see which type of residential mortgage is your best option. There is no need for a home visit. We will do everything over the phone
  3. We will guide you through the full process. Whether you need answers, advice or help with your paperwork

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

Variable rate mortgages

  • Usually referred to as a provider’s standard variable rate (SVR)
  • Each provider can set their own SVR. It can go up or down. It does 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 rate
  • There are no restrictions on overpayments. There is usually no early repayment penalty
  • Your interest rate and repayment could go up at any time. So the cost of your mortgage could also go up

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 it could be for any term. These tend to offer very competitive rates of interest
  • This type of mortgage usually benefits from low application fees. Early repayment penalties only tend to apply during the discount period
  • The main risk is linked to any change in interest rates. This could affect your monthly repayment

Questions we are asked about residential mortgages

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. This will help you establish how much you can borrow.

Some mortgage providers will accept benefit income.

As most means tested benefits are not guaranteed and can change, most mortgage providers will want to make sure you can afford the payments if your benefits reduce or stop.

You can still qualify for a mortgage. However, it will depend on:

  • Your new salary
  • Type of contract
  • 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 are in or near retirement you can also consider your suitability for:

Debt happens. We deal with it.

We have helped millions of people since 1993.

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"Absolutely amazing service, the relief is unbelievable!! Everyone has been so positive and supportive! Thank you so much."

Hannah, Feefo Review

Ready to find out more?

We will help you understand your choices. For free advice, please fill out our contact form to request a call back.

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd, a wholly owned subsidiary of StepChange Debt Charity. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674