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let's start with your mortgageability
Mortgageability is a quick way to understand how likely you are to be approved for a mortgage based on your income, outgoings, credit history, and other personal details.
We will ask you:
- Who you are and where you live
- Affordability, spending habits, and any existing loans.
- A few questions about your credit history
One of the key benefits of doing this free check is that we can provide you with a mortgage certificate. This gives you peace of mind when viewing properties, knowing what you can afford, and it shows estate agents that you’re a serious buyer, ready to move forward when the right home comes along.
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Refine your mortgage options
At this stage, the indication above is likely all you need. However, you can refine your search here. If you feel ready to choose your mortgage, we recommend speaking to one of our advisers today. They’ll guide you through your options and help you find the right deal.
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How Will You Pay Back Your Mortgage?
When choosing a mortgage, one of the key decisions is how you plan to pay it back. With a repayment mortgage, your monthly payments cover both the interest and some of the loan itself, meaning you’ll gradually pay off the full amount over time. With an interest-only mortgage, your payments only cover the interest, so the original loan stays the same until the end of the term.
Speak to an expertAdvantages
You’re paying off your debt every month
As your balance goes down, your equity goes up
Provided you stay on track, your mortgage will be fully repaid by the end of the term
Disadvantages
In the early years, your monthly payment goes mainly on interest
The shorter the term i.e. 25 years, the more the monthly payments
Can take a while to build up equity
Advantages
Because you don't repay the loan itself each month, your payments are much smaller than those of a repayment mortgage.
Interest-only mortgages can work well for some landlords, high earners, or people expecting a lump sum from a bonus, inheritance, or property sale.
Lower payments can free up money for other goals, such as investments, business plans, or home improvements.
Disadvantages
The amount you owe stays exactly the same, so you still owe the full balance at the end of the term.
Lenders will want a clear and realistic plan for how you’ll repay the loan, such as savings, investments, or selling another property.
Interest-only mortgages aren’t available to everyone. They often come with stricter criteria, including higher deposit requirements and proof of income or assets.
Understanding your initial repayment options
When you take out a mortgage, you’ll usually start with an initial deal that lasts for a set period — typically two, three or five years. The most common types are fixed, tracker, and discount rates. Each option works slightly differently and comes with its own pros and cons, depending on what matters most to you — whether it’s payment certainty, flexibility, or the chance to benefit from rate changes. We’ll explain how each type works so you can make an informed choice with confidence.
Speak to an expertA fixed-rate mortgage keeps your monthly payments the same for a set period — usually two, three or five years — giving you stability and peace of mind.
Advantages
Your monthly payments stay the same, making it easier to budget
Protection from interest rate rises during the fixed term
Ideal if you prefer certainty and want to plan ahead
Disadvantages
If interest rates fall, your payments stay the same, so you could miss out on lower costs
Early repayment charges often apply if you want to switch or repay early
Fixed rates can sometimes be slightly higher than variable options
A discount mortgage offers a reduced interest rate for an initial period, usually tied to your lender’s standard variable rate (SVR). This means your payments can go up or down during the deal period.
Advantages
Lower interest rate at the start of your mortgage
Potential to save money compared to standard variable or fixed rates
A good option if you expect rates to stay steady or fall
Disadvantages
Your payments can go up if the lender’s SVR increases
Budgeting is less predictable than with a fixed rate
May come with early repayment charges during the discount period
A tracker mortgage follows the Bank of England base rate, plus a set percentage. This means your payments can rise or fall in line with interest rate changes.
Advantages
If the base rate drops, your payments could go down
Often lower rates than fixed mortgages at the start
Transparent — you know exactly what your rate is based on
Disadvantages
Your payments will increase if the base rate rises
Less certainty when it comes to monthly budgeting
Some tracker deals come with early repayment charges or a minimum rate (a collar)
An offset mortgage links your mortgage to your savings. Instead of earning interest on your savings, they are used to reduce the amount of your mortgage that interest is charged on, which can lower your monthly payments or help you pay off your mortgage sooner.
Advantages
You can reduce the amount of interest you pay without locking your savings away
Flexible — you can choose to lower your monthly payments or shorten your mortgage term
Savings remain accessible if you need them
Disadvantages
You won’t earn interest on your savings while they’re offset
Offset mortgage rates can be slightly higher than standard deals
You may need a larger savings balance to see a noticeable benefit
Feeling overwhelmed? Let’s break it down
If you’re a first-time buyer, let me guess… by now, you’ve probably read all about mortgageability, repayment mortgages, interest-only options, fixed rates, trackers, discounts, offsets, and maybe even tried to make sense of the latest rates online.
It’s a lot. And we get it, the more you read, the more confusing it can all seem.
That’s precisely why we offer an advice service designed especially for first-time buyers. No jargon, no pressure. Just honest answers to real questions.
Whether you’re ready to apply or want to understand what’s possible, we’re here to help guide you through it, one step at a time.
Let’s make buying your first home exciting, not overwhelming.
