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Mortgages for first time buyers

Tracker mortgage deals

Trackers mortgages are a type of variable rate mortgage. Unlike other variable mortgages, the amount of interest paid is influenced by the Bank of England Base Rate.

Although tracker mortgages follow the base rate, they don’t necessarily match it. Instead, they tend to be a ‘margin’ above. Usually, each mortgage provider will add an extra percentage on top of the interest rate. For example, the mortgage provider may choose to charge the Base Rate plus 1.00%. So if the base rate is set at 0.5%, the interest rate charged will be 1.5%.

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Everything you
need to know…

What are the advantages of tracker mortgages?

Perhaps the key benefit of tracker mortgages is that if interest rates fall, so will the monthly repayments. And since introductory tracker rates can be among the lowest variable interest rates on the market, you could secure a great deal from the start.

A tracker mortgage could also see you paying lower arrangement fees and smaller early repayment charges. In some cases, lenders will allow their customers to switch to one of their fixed mortgages if rates go up, without the need to pay early repayment costs.

What are the disadvantages of tracker mortgages?

If interest rates go up, your repayments will rise. This could see your monthly outgoings increase significantly, forcing you to reassess your budget and make cutbacks elsewhere. To ensure you’re able to afford repayments in the event of an interest rate rise, you lender is likely to conduct several financial checks.

When the introductory rate period ends, you may automatically be moved onto a different rate offered by your lender. This is likely to be higher than the amount you paid at the start of your contract.

Thinking of remortgaging?

Remortgaging allows you to switch provider or mortgage products to save you money and to suit the changing requirements of your lifestyle.

Before remortgaging, or before you decide to remortgage with your existing provider, it is essential to speak with an independent mortgage expert.

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Mortgage
types

Mortgage Calculators

Our online mortgage calculators have been designed to help you with the most common mortgage questions such as ‘how much can I borrow?’ and ‘how much will it cost?’

To get a more accurate idea we recommend that you speak to one of our expert mortgage advisers.

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Fixed rate

A fixed rate mortgage charges a set rate of interest for a predetermined period. Once this period is over, the interest rate usually revers to the lender’s Standard Variable Rate (SVR).

Tracker

Trackers are a type of variable rate mortgage which see interest rates rising and falling based on the Bank of England’s base rate. However, unlike traditional variable rate mortgages, a tracker mortgage doesn’t have to match the Bank of England’s rate exactly. Instead, the rate the borrower is charged is likely to be a little above the base rate.

Offset

An offset mortgage links the borrower’s savings to their mortgage balance. By choosing an offset mortgage, homeowners can reduce the amount of interest charged and potentially pay off the mortgage sooner.

Cashback

A cashback mortgage pays the borrower an upfront lump sum. This can enable them to pay for a costly expense such as home furnishings, a car or university tuition fees. The rate paid tends to be based on the bank's Standard Variable Rate (SVR).

Discount rate

A discount rate mortgage offers borrowers a reduction on the lender’s Standard Variable Rate (SVR) for a set period of time. The rate can fluctuate and so although the borrower will repay less than the SVR, their repayments could rise or fall.

Variable rate

A variable rate mortgage sees the interest owed rise or fall depending on the base rates set by the bank. When the base rate is low, borrowers may benefit from extremely low mortgage repayments. However, if the base rate increases, so too will the amount borrowers are expected to pay in interest.

Interest only

When a homeowner has an interest only mortgage, they won’t pay traditional mortgage payments each month. Instead, they’ll only repay the interest that is due. At the end of the mortgage term, the homeowner will be expected to pay the property’s value in full.

Capped rate

A capped rate mortgage offers similar security to a fixed rate mortgage. The rate payable will be capped for the duration of an agreed upon period of time. During this time, the rate may rise or fall in line with market fluctuations, but it will never exceed the capped rate.

As a result, a capped rate mortgage enables borrowers to benefit from falling rates without placing strain on their budget as a result of unaffordable increases.

Why choose
us?

We compare over 70 lenders

We compare over 70 lenders to ensure you get the very best mortgage deal suited to your lifestyle. We’ve been around for a long time and we know the mortgage providers inside out.

WITH YOU EVERY STEP OF THE WAY

We offer a personal concierge service so you will meet us face to face. Our expert mortgage advisors will provide you with all the information you need to make an informed decision.

There are no hidden fees

You will never pay more than 1.95% of the mortgage balance. Our average fee is 1% and the minimum fee you will pay is £1295.

We make it quick and easy

We can get you a mortgage in as little as two weeks. We’ll help you fill out all of the forms and will never put you forward for anything you are not likely to be accepted for.

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Dan was incredibly helpful throughout the entire process - clear advice and explanation at all times and even went back to find a better deal after I had already accepted the first. Absolutely went above and beyond and I'm ever so grateful. Thank you!

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Hello Neil, Thank you so much. We are so excited for this next chapter. Thank you for the amazing service, we are over the moon. Your help and guidance has been very much appreciated. Wishing you a lovely weekend! Whitney & Marly

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What's your
situation?

First time buyers

Buying your first home can be a major life milestone. With so much to consider, saving and searching for your first home can also be a daunting process. Thankfully, TaylorMade are here to help you. Whether you’d like to know how much of a deposit you’ll need or how much you can borrow, we can answer all your burning questions.

Buying a second property

Buying a second property can be an extremely exciting process. Whether you’re still paying off the mortgage on your home or you own it outright, we’ll help you find the most affordable mortgage for your second property.

Remortgaging

Remortgaging can be a great way to save money each month, reduce your mortgage term and free up cash for some of life’s greatest adventures. With our help you can learn everything there is to know about remortgaging.

Buy to let

Whether you’re looking to expand an existing rental property portfolio or you’re becoming a landlord for the first time, you’ll need a buy-to-let mortgage. We’ll guide you through the process and help you find a mortgage that enables you to maximise your investment returns.

Self Employed

Obtaining a mortgage when you’re self employed may seem challenging, but with our help you can gain access to the loan you need to purchase your ideal home. We’ll walk you through the whole process from the initial affordability check right through to completion.

Buying a new build

Buying a new build home can be a great option for anyone looking to invest in their future. Whether you’re a first time buyer, a home mover, or a buy-to-let investor, we’ll help you assess your finance options and secure a great mortgage deal on your new property.
Talk to the experts

Talk to the experts

With access to the entire mortgage market, the team at TaylorMade can help you find the most suitable mortgage product for your situation.

Whether you’re a first time buyer, a self employed small business owner or a buy-to-let investor, our mortgage experts can help you get a great deal.

To learn more about our service, please get in touch with one of our expert advisers.

Get in touch

Talk to us

If you're unsure and need some advice just give us a call, our expert team of advisers are available to help you choose the mortgage that is right for you.

0345 305 2540 info@taylormade-finance.co.uk

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TaylorMade Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA Registration Number 669968). Company Registration Number 06742859

Complaints:

In the event that you wish to complain, you can contact us by email, telephone or letter.

Our address for this is:
Complaints Officer, TaylorMade Finance Ltd, 4 Church Road, Urmston, Manchester, M41 9BU. Our email address is info@taylormade-finance.co.uk and our telephone number is 0161 776 1089. We will then investigate the issues raised and inform you of our findings. Should you be unhappy with the resolution to your complaint you may contact the Financial Ombudsman Service, who can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

Email: complaint.info@financial-ombudsman.org.uk
Phone: 0800 0234 567
https://www.financial-ombudsman.org.uk/

Your mortgage will be secured against your property.

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

Our fee for this service is 1.95% of the mortgage balance (minimum £1,295 to a maximum of £2,995 although reduced to maximum £1,995 without debt consolidation). Typically this will be £1,995.