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Step 1 of 3	About your mortgage
Are you looking to: How much would you like to borrow? Buy a property Remortgage a property Buy a property to let     How long do you need the mortgage for? 1 year2 years3 years4 years5 years6 years7 years8 years9 years10 years11 years12 years13 years14 years15 years16 years17 years18 years19 years20 years21 years22 years23 years24 years25 years30 years40 years50 years   Proceed to step 2.

Step 2 of 3	About your mortgage
Estimated property value?   Are you a first-time buyer? Yes No   Do you need to self-certify your income? YesNo   Have you: Had a CCJ or Default registered against you? Missed one or more secured loan or mortgage payments in the last 12 months? Been declared bankrupt or had an IVA? Proceed to step 3.

Step 2 of 3	About your mortgage
Estimated property value?   How much would you like to borrow?       Proceed to step 3.

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Your details

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Types of Mortgages

Choice Mortgages provides you with access to a wide range of mortgages and re-mortgage deals from the UK market. These would include fixed rates, interest only, capped, Tracker, discount rates and others. Please see below some of these terms explained in more detail helping you decide which would be the best mortgage deal to suite you.

Remortgage

When remortgaging, you change your existing mortgage to a new deal and in most cases an alternative lender.
Remortgaging is widely used as a method of bringing down the cost of monthly repayments. This can be done at the end of an introductory period giving you the opportunity to find a more competitive mortgage deal.

Depending on circumstances some may decide to remortgage and consolidate any existing debts. This could be done by borrowing more than you currently owe on your existing mortgage providing you with extra capital.

Buy to let mortgages

A buy to let mortgage, which could also be called an investment mortgage, is used for people who wish to purchase a property to rent out to a third party.

The payments received from any tenant should be more than the monthly expenditure required to cover a mortgage, with any remaining funds going towards off setting maintenance or management fees.

First time buyers

These days there are some very innovative first time buyer’s mortgages around. These can range from Shared ownership mortgages, Interest only mortgages, Mortgages with parents to Graduate mortgages and many others. Circumstances will dictate which of these mortgages will best suite you.

The current uncertainty in the housing market indicates that any first time buyer needs to plan ahead, and were possible insure that through regular saving a deposit is available when applying for a mortgage. A first time buyers deposit is what is required as a lump sum of money put forward towards the purchase of a property with the mortgage making up the difference in equity required to purchase the property.

If you haven’t already done so before deciding on which mortgage you should chose we would recommend you take specialist non committal advice. This should allow you to make an informed comparison of products before selecting which is right for you.

Bad credit mortgage

A Bad credit mortgage is used when a person has previously had a poor credit status. If a person has previously filed for bankruptcy, failed to pay back loans or have received court judgements for unpaid debts, these people would be considered as having a poor credit rating.

Taking out a mortgage or remortgaging does have significant benefits as it could allow you to consolidate your debt, pay off any outstanding loans or generate capital for home improvements or buying car.

There is a wide range of choice available as to which mortgage would be right for you from the discount, tracker, fixed and flexible bad credit mortgage.

Fixed rate mortgage

Fixed rate mortgages, this is a mortgage that has a fixed interest rate for an agreed period of time. If interest rates rise or fall during your agreed fix rate period, your payments will remain unchanged.

Fixed rate mortgages can be more popular during times of uncertainty regarding the interest rates, becoming increasing used if it considered interest rates are due to rise in the near future.

Interest only mortgage

An interest only mortgage is when the monthly payments cover just the interest on the mortgage while the capital borrowed remains unchanged.

Once an interest only mortgage has been chosen a long term view needs to be considered as to how the capital of that mortgage is going to be paid back at the end of the term.

It can be useful for some first time buyers to take out an interest only mortgage in the short term to enable them to keep mortgage payments low while setting up their home, switching to a repayment mortgage at a later date which would start reducing the capital bringing down the overall amount borrowed.

Not repaying back the total amount borrowed at the end of the mortgage term could lead to your house being repossessed.

Refinance mortgage

You may not be completely satisfied with your current mortgage choice, maybe it’s a fixed rate mortgage and the interest rates have started to significantly decrease and you wish to benefit from that or you are concerned about the terms of your current agreement and would like to change lenders.

By refinancing your mortgage you could lower your interest rate and your monthly payments. The company you have refinanced with will pay off your current mortgage and provide you with new terms. Please note by lowering your payments this will usually extend the amount of time it takes to pay off your mortgage. By reducing your monthly mortgage payment and extending the term you will be paying back more in the long term.

Deciding on the right mortgage is for most people the biggest financial decision they will make.

This service offers you access to a full range of mortgages and re-mortgage products (UK only).

Getting the right mortgage for you is essential. Making sure your repayments are competitively low and that you don’t pay over the odds for your mortgage is most important.

First time buyers and homeowners using Choice Mortgages should consider how much the product costs to arrange, any early repayment costs, the initial rate and the APR before making your final decision.

Please note if you do not keep up payments on your mortgage your house could be repossessed. Not all mortgages are regulated by the Financial Services Authority.