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Specialist mortgage advisors for £150,000 mortgages.

Our mortgage advisors are here to help you secure the right product for your needs, whatever your circumstances – Finding You The Best £150,000 Mortgages

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Unlocking Affordable Homeownership: Navigating £150,000 Mortgages with Confidence

Due to the continued rising demand in the housing market, the prices of homes have skyrocketed. As such, financing a property straight out of pocket isn’t an option for many people. If you want to buy a new property, you’ll likely need a mortgage to help finance the purchase. However, with the different types of mortgages available, finding the right one can be intimidating, especially if it’s your first time.

At When The Bank Says No, we’re experts at £150,000 mortgages, so we can help you learn more on this page, and then help you find the best £150,000 mortgages for you. By comparing mortgage rates from a range of mortgage lenders, we’ll be able to find you the very best deal to suit your circumstances.

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What is a £150,000 mortgage?

To keep it simple, a mortgage is a loan provided by a lender to help you purchase a property. Instead of buying a property out of pocket, you’ll only deposit a part of the amount and the mortgaged money will cover the rest.

Just like any other loan, a mortgage has its principal, term, interest rate, and payment frequency. These factors may change depending on the lending institution granting the mortgage.

A £150,000 mortgage simply refers to the amount of money you’ll borrow – in this case, £150,000. 

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What’s the process of getting a £150,000 Mortgage?

Getting a mortgage can be complicated, but with the right guidance and preparation, it can be a lot less daunting. Although you can get in touch directly with a lender, going that route would limit your options immensely.

Additionally, if it’s your first time and you have little idea what you’re doing, there’s a chance that you’ll get declined.

That’s where our specialists come in. When you get in touch with us, we’ll help you determine how much you can borrow and what type of mortgage may be best suited for your needs. We’ll discuss your plans and gauge any adjustments necessary. Even if a £150,000 mortgage isn’t right for you, we may be able to find an alternative mortgage that is. 

Once you have a clear understanding of your budget options, we’ll proceed to look at your documents, including your identification, proof of income, credit file, and bank statements. If everything is in order, you’ll be given a mortgage quote for the conditions of your mortgage.

After everything is sorted out and you’re happy with the mortgage quote, we’ll then proceed to obtain a mortgage in principle from the lender for your £150,000 mortgage. 

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How much is a deposit for a £150,000 Mortgage?

A lender wouldn’t offer a mortgaged amount that covers the entire cost of the property. If they did that, you wouldn’t have skin in the game that would prove your commitment to the purchase. 

The percentage your £150,000 would cover is based on the loan-to-value (or LTV) offered by the lender. You’d have to source funds to cover the remaining deposit.

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What are the different interest rates on a £150,000 Mortgage?

Lending institutions offer multiple interest schemes to maintain competitiveness in the market. 

Some offer a fixed interest rate, a standard variable rate, or a tracker rate. Others even give discounted interest rates on their fixed interest rate.

£150,000 Fixed Interest Rate Mortgage

A fixed interest rate means you’ll pay the same percentage of your mortgage for the duration of the deal. 

This type of mortgage is generally for shorter tenures. It’s generally advertised as a 2-year fix up to a 5-year fix. Once you’ve passed the fixed years, you’ll revert to a standard variable rate (SVR).

For example, let’s take a £150,000 mortgage on a 10-year payment term with a 5-year fixed rate mortgage at 4% interest. You’ll only be paying £500 in interest per month for the first five years. After five years, your interest rate will revert to the SVR unless you remortgage.

£150,000 Standard Variable Rate Mortgages

Standard Variable Rate, or SVR, is the typical rate your lender charges as interest. It’s often higher than a fixed interest rate and can fluctuate.

Although it mostly follows the Bank of England’s base rate, its fluctuations can be unpredictable. This unpredictability is because your lender can decide to raise or reduce it at any time.

£150,000 Tracker Rate Mortgage

A tracker rate is a variable interest rate that tracks (hence the name) a base rate. Like SVR, it’s often based on the Bank of England’s base rate.

However, its fluctuations only depend on the base rate it’s tracking. Your lender can’t decide to raise or reduce it. As such, a tracker rate is perceived to be more transparent than a standard variable rate.

£150,000 Offset Mortgages

Offset Mortgage is another scheme offered by lending institutions. It’s where your savings on your account are calculated to offset the interest on your mortgage. This means that you could pay less over the life of your mortgage.

The money in your savings account isn’t used to pay your mortgage. Instead, your lender incentivises you for using their service. Because of that, it’s mainly offered by banks.

Frequently Asked Questions

How long is the term for a £150,000 Mortgage?

The term of your mortgage depends on the contract you’re going to sign with your lender. Most mortgage terms for residential properties are around 20 to 25 years, but they can run from 5 to 35 years.

An LTV is a ratio of how much a lender is willing to loan you in relation to the property you’re going to buy. 

Let’s take a£150,000 mortgage with a 75% to 25% LTV for example. It’ll help you purchase a property with a value of £200,000. That means your deposit is 25% of the total property value, equal to £50,000.

The LTV of your mortgage may vary from lender to lender and depending on the purpose of the property you’re buying, whether residential or buy-to-let. To ensure you’ll get the best LTV on your £150,000 mortgage, get in touch with our mortgage specialists.

A mortgage in principle, also known as an agreement in principle or decision in principle, is a document which states how much a mortgage lender is willing to lend you. It’s neither the mortgage contract itself nor the approval for your mortgage. It’s a step to closing the contract with the lenders.

The approval process for a mortgage may vary depending on many factors, such as the lender, the complexity of the application, and the procurement of the required documents. In general, it can take a few days to a few weeks to receive a decision on your mortgage application.

To help minimise the time it takes for your application to be approved, here are the steps you can take:

  • Ensure that all documents are complete and accurate.
  • Be in good credit standing.
  • Be responsive to any request for additional information from the lender.

It’s possible to get a £150,000 mortgage as a first-time property buyer. Mortgage lenders don’t factor your prior property ownership as an eligibility criterion for a mortgage.

Additionally, as a first-time property buyer, you can even take advantage of amelioration programs from the government such as Help To Buy and First Home Fund, which can provide support with a deposit or the mortgage cost.

Whether you’re a sole trader, a small business owner, or a freelancer, you can get a £150,000 mortgage.

Many self-employed individuals get declined by lenders, but it’s often not due to their inability to pay. Sometimes, self-employed individuals’ income isn’t like an average salary person’s income. They might get a lump sum amount for a month and not earn for the following months.

Aside from that, lenders require a detailed history of financial records. Due to these reasons, they won’t convince lenders of their financial capabilities.

Fortunately, we can help you with all the preparations you need to get the necessary mortgage for your dream home.

Yes, retired people can still get approved for a £150,000 mortgage. There isn’t a single age limit for mortgage applications. Lenders can set different age limits, ranging from 65 to 80 years old. 

So long as you can provide evidence of retirement income and you’re within the age limit, you should be approved.

The only caveat when applying for a mortgage if you’re retired and a senior is that you’d have to agree to a shorter term. Because of that, you’d be expected to pay a larger amount each month. 

Can I get a £150,000 Mortgage with Bad Credit?

Although there’s no credit score requirement to buy a house, lenders see a high credit score as a plus when you apply for a mortgage. Due to that reason, it might be more difficult to get approval with bad credit, but it’s not impossible.

There are lenders who specialise in bad credit mortgages and our specialists can help you get the best deals from them.

Using gifted funds for your mortgage is an ideal way to buy a property. It can save you some time saving up the deposit yourself.

Typically, lenders will allow you to use gifted money as a deposit. Money gifted by family members is generally preferred by lenders.

If you plan to use gifted funds, lenders would require you to prove in a signed document that the money isn’t loaned.

To improve your chances of getting approved for a mortgage, here are several steps you can take: Ensure that your credit score is in good standing by paying your bills on time. Don’t take too much debt or settle them prior to applying for a mortgage. Save up as much as you can for the deposit. This will demonstrate to the lenders that you’re financially responsible and committed to the purchase. Lastly, get in touch with our mortgage brokers. We can help you tailor your mortgage to your needs and provide guidance on which lenders best fit your situation.

Income can play a huge part when it comes to mortgages. That’s because lenders multiply your income by four or five times to estimate the highest amount you can borrow. For a £150,000 mortgage, you should earn around £30,000 to £37,500 per annum.

Moreover, lenders will also look at your debt-to-income ratio. As a rule of thumb, lenders look for a debt-to-income ratio of no more than 40% to 45%. 

That means your monthly payments for whatever debts you have, including the mortgage, shouldn’t exceed 40% to 45% of your monthly income.

Your monthly repayments will be determined by several factors, including the interest rate, term, and type of your mortgage. 

The type of property you’re going to buy, whether residential or buy-to-let, also plays a role in your monthly payments.

Factors such as the LTV of your mortgage, the location of the property, and the condition of the property affect the types of properties you can purchase.

In places with more demand in the housing market, like in cities, there are flats available for £150,000 with one to two bedrooms. In rural areas, you might be able to buy properties with larger spaces, like a terraced or semi-detached house.

If you’re buying properties to let, you can still be eligible for a £150,000 mortgage. However, lenders have different schemes for such properties.

Interest rates and fees tend to be much higher in buy-to-let properties than in residential. Additionally, lenders often exclusively offer an interest-only mortgage, where you pay only the interest monthly, and pay the principal amount later on a specified date.

Can I overpay my £150,000 Mortgage?

Many mortgages allow overpayments, which can help you reduce the interest you’ll pay over the life of the mortgage. However, there may be limits to how much you can overpay.

Additionally, if you want to pay off your mortgage too early, there might be early repayment charges. 

Check the conditions of your contract and decide whether you’ll save more by paying the early payment charges than the interest.

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