A residential mortgage is a type of loan that is used to finance the purchase of a residential property, such as a house or flat. When applying for a mortgage, the lender will use an affordability calculator to determine how much you can afford to repay on a monthly basis. This will take into account your income, expenses, and other financial commitments. To be eligible for a mortgage, you will typically need to have a deposit of at least 5% of the value of your new home. Some lenders may require a higher deposit, such as 10%, and having a larger deposit can result in a better mortgage deal.

Buying a property is a major financial undertaking, and getting a mortgage can be complex and confusing. The first step in obtaining a mortgage is to determine how much you can afford to repay each month. Once you have determined this, you can start looking for a mortgage that meets your needs. It is important to keep in mind that a mortgage is a long-term commitment, and it is important to choose a mortgage that is right for you.

There are many different types of mortgages available, including fixed rate mortgages, interest only mortgages, repayment (capital and interest) mortgages, and part-and-part mortgages. Each type of mortgage has its own benefits and drawbacks, and it is important to consider your individual circumstances and needs when choosing a mortgage.

At Patrick Wayne Wealth, we can help you navigate the mortgage process and find the right mortgage for you. Our expert advisors have extensive knowledge of the mortgage market and can help you understand the different types of mortgages available and find the one that best suits your needs. Whether you are a first-time buyer or looking to refinance your existing mortgage, we are here to help you every step of the way.