What is a mortgage? - Yes Mortgage Services (2024)

What is a mortgage? - Yes Mortgage Services (1)

A mortgage, also called a mortgage loan, is the money you borrow from a lender towards the cost of a house or flat.

The security for the loan is the property itself. This means that if you do not keep up your mortgage repayments, the lender may decide to get their money back by repossessing your home and selling it. For this reason, taking on a mortgage is probably the biggest financial commitment you will ever make.

The best way to get the right mortgage for you is to educate yourself as much as possible and to work with a trusted broker like YES Mortgage Services. We’ve put together this overview of the mortgage market to help you understand the process and have a stress-free experience of taking out a mortgage.

Your deposit

The first step towards getting a mortgage is to start to save a deposit for your house. Most lenders will want to see that you’ve already saved 5-20% of the property’s value, so work out how much you can afford and how much you’ll need to buy the right property, then calculate how much you’ll need to save.

The amount of money you borrow and the interest rate the lender will offer you depends on how much you have been able to raise yourself as a deposit. With that in mind, it’s a good idea to save for as large a deposit as you can afford.

Your mortgage application

Once you’ve raised your deposit and seen the home you want to buy, it’s time to apply for a mortgage. Your mortgage application is the point at which lenders decide whether or not you can afford to borrow money and keep up with the repayments. Lenders usually want to know about:

Your income, including your pension, investments and any financial support you receive (e.g. child benefit).

Your other financial commitments (e.g. paying off an overdraft, household bills, how many children you have)

Potential lifestyle changes (e.g. having a baby, taking redundancy, going back into education) – will you be able to afford your mortgage repayments if your circ*mstances change?

The lender will need to see evidence of your income and outgoings. Evidence of your income will include payslips and your tax forms (usually your P60). Evidence of your expenses will include details of any financial arrangements (e.g. car payments, paying off your student loan, pension contributions). You’ll also need to show household bills, council tax bills, insurance paperwork and any invoices for childcare.

Different mortgages for different purposes

As well as residential mortgages (mortgages used to buy homes), other types of mortgages are available to cover the rental market, and to enable you to release part of the value of your house to meet other financial commitments.

Buy to Let mortgages

Buy to Let mortgages are exclusively for landlords and people planning to become landlords. The lender’s decision to offer a buy to let mortgage is usually based on the expected rental income from the property, but lenders sometimes ask to see details of other income and outgoings.

Let to Buy mortgages

These mortgages provide funds to enable you to buy a new home while your old home is rented out.

Self-build mortgages

Recent changes to self-build mortgages mean that people planning to build their own homes can now benefit from funds being released prior to the start of each stage. Customers can borrow up to 95 per cent of the land costs and up to 95 per cent of the construction costs.

Re-mortgaging

In the right circ*mstances, re-mortgaging can allow you to save money on your repayments. By changing mortgage lender, you might benefit from more competitive rates than may have been available when you first took out your mortgage. It is also a way of borrowing money against the value of your house, possibly to fund large-scale home improvements or pay off other debts.

Types of mortgages

Your mortgage advisor will help you find the most suitable type of mortgage for your circ*mstances. Some allow you to repay the same amount every month while others vary according to other factors. Some allow you to change lender part way through while others penalise you for doing so. Common types of mortgage include:

Variable rate: Your monthly payment changes in line with a Standard Variable Rate (SVR) of interest, set by the lender. You won’t usually be penalised if you decide to change lenders and you may be able to overpay when you can afford to, without incurring a penalty.

Tracker rate: Your repayments track according to an agreed base rate (usually the Bank of England Base Rate). This means that when the base rate is low, your repayments are low. It is important to consider whether you’ll still be able to afford them when the base rate rises.

Discounted rate: Your lender will offer you a discounted rate for an initial period at the beginning of your mortgage, after which you will be moved onto your lender’s standard variable rate. It is important to check that you will be able to afford the increased repayments when the discount period is over.

Fixed rate: A good option if you need to budget. The repayments are the same every month for a fixed period, so you are protected against rising rates. The downside is that you don’t enjoy the benefits of lower rates. Many fixed rate borrowers are transferred to a variable rate after the initial fixed rate period is over.

Mortgages can seem very complicated but in essence, they are simply a business arrangement between you and a lender to enable you to buy your own house. At YES Mortgage Services, we have the knowledge and experience to make the mortgage process as straightforward and stress-free as possible. To find out how we can help you find the right mortgage for you, call us today on 0800 612 5596 to book your no-obligation consultation.

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What is a mortgage? - Yes Mortgage Services (2)

Andrew Johnson

At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

What is a mortgage? - Yes Mortgage Services (3)

We don’t charge a broker fee

We are on Instagram

Securing a mortgage for a non-standard property can come with its own set of challenges, like higher interest rates or larger deposit requirements. So it`s important to speak to a mortgage advisor as early as possible. ⁣

They`ll guide you through the process, provide invaluable insights, and ensure you find the most suitable deal.⁣

Our friendly mortgage advisors are on hand to connect you with accommodating lenders and help you negotiate favourable terms. And we don`t charge a broker fee!⁣

Click the link in our bio to learn more.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #ukhomes #mortgageoffer #propertytips #propertyfinder #houseaddictive #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser #nonstandardconstruction #nonstandardconstructionmortgage #listedbuilding #thatchedcottage #myoldhome

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What is a mortgage? - Yes Mortgage Services (4)

Securing a mortgage for a non-standard property can come with its own set of challenges, like higher interest rates or larger deposit requirements. So it`s important to speak to a mortgage advisor as early as possible. ⁣

They`ll guide you through the process, provide invaluable insights, and ensure you find the most suitable deal.⁣

Our friendly mortgage advisors are on hand to connect you with accommodating lenders and help you negotiate favourable terms. And we don`t charge a broker fee!⁣

Click the link in our bio to learn more.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #ukhomes #mortgageoffer #propertytips #propertyfinder #houseaddictive #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser #nonstandardconstruction #nonstandardconstructionmortgage #listedbuilding #thatchedcottage #myoldhome
...

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Did you know that the length of your mortgage can make a big difference to your monthly payments and overall costs? ⁣

Let`s break it down 👇⁣

If you choose a longer term, your repayments will be spread out over a longer period, making them more manageable. ⁣

But this may mean paying more interest over the life of your mortgage.⁣

Opting for a shorter term may result in higher monthly payments.⁣

But could save you money on interest in the long run.⁣

So, what`s the best mortgage term for you? ⁣

It all depends on your specific financial situation and goals. Seeking expert advice is always recommended to make sure you`re making the right choice.⁣

Tap follow for more mortgage tips.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #houseaddictive #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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What is a mortgage? - Yes Mortgage Services (5)

Did you know that the length of your mortgage can make a big difference to your monthly payments and overall costs? ⁣

Let`s break it down 👇⁣

If you choose a longer term, your repayments will be spread out over a longer period, making them more manageable. ⁣

But this may mean paying more interest over the life of your mortgage.⁣

Opting for a shorter term may result in higher monthly payments.⁣

But could save you money on interest in the long run.⁣

So, what`s the best mortgage term for you? ⁣

It all depends on your specific financial situation and goals. Seeking expert advice is always recommended to make sure you`re making the right choice.⁣

Tap follow for more mortgage tips.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #houseaddictive #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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1 0

Did you know this about private medical insurance? 👇⁣

It can give you access to specialist drugs and treatments that are not always available on the NHS or within your budget. ⁣

And it provides you with the comfort and reassurance you need if your health takes an unexpected turn. All the way from your initial consultation right through to your aftercare.⁣

There`s a wide range of health insurance products to choose from. Let us help you find the right policy for you.⁣

Tap the link in our bio or call us on 0800 612 5596 ⁣

...⁣

#insuranceadvisor #parentingtipsandtricks #insurancequotes #nuffield #insurancetips #lifehacking #lovetohome #ukinsurance #healthinsurance #privatehospital #insurancepolicy #homeownersinsurance #insuranceexpert #insurance #insurancebroker #medicalinsurance #lifetips #healthcare #hometips #insuranceprotection #lifehacks #homeadvice #privatedoctor #financialtips #privatehealthcare #healthandwellbeing #wellness

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What is a mortgage? - Yes Mortgage Services (6)

Did you know this about private medical insurance? 👇⁣

It can give you access to specialist drugs and treatments that are not always available on the NHS or within your budget. ⁣

And it provides you with the comfort and reassurance you need if your health takes an unexpected turn. All the way from your initial consultation right through to your aftercare.⁣

There`s a wide range of health insurance products to choose from. Let us help you find the right policy for you.⁣

Tap the link in our bio or call us on 0800 612 5596 ⁣

...⁣

#insuranceadvisor #parentingtipsandtricks #insurancequotes #nuffield #insurancetips #lifehacking #lovetohome #ukinsurance #healthinsurance #privatehospital #insurancepolicy #homeownersinsurance #insuranceexpert #insurance #insurancebroker #medicalinsurance #lifetips #healthcare #hometips #insuranceprotection #lifehacks #homeadvice #privatedoctor #financialtips #privatehealthcare #healthandwellbeing #wellness
...

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Did you know a remortgage could allow you to...⁣

👉🏻 Borrow more money ⁣

👉🏻 Achieve a better mortgage rate⁣

👉🏻 Change the type of mortgage (from interest only to repayment)⁣

👉🏻 Avoid your lender`s standard variable rate⁣

👉🏻 Switch to a mortgage that will allow you to make overpayments⁣

👉🏻 Debt consolidation ⁣

Whatever your reason for remortgaging, our friendly advisors are here to evaluate your unique situation and guide you through your options.⁣

And the best bit? Our advice is FREE!⁣

Send us a message or give us a call on 0800 612 5596 to discuss your remortgage options.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#budgetingtip #homeownerlife #homeownertips #moneysmart #homeownergoals #homeownerlife #moneymanagementtips #refinanceyourmortgage #refinancemortgage #homeowner #remortgages #mortgageuk #homeownertips #houseaddictive #financialeducation #remortgageuk #propertyeducation #housetips #homesweethome #mortgageadvice #ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage

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What is a mortgage? - Yes Mortgage Services (7)

Did you know a remortgage could allow you to...⁣

👉🏻 Borrow more money ⁣

👉🏻 Achieve a better mortgage rate⁣

👉🏻 Change the type of mortgage (from interest only to repayment)⁣

👉🏻 Avoid your lender`s standard variable rate⁣

👉🏻 Switch to a mortgage that will allow you to make overpayments⁣

👉🏻 Debt consolidation ⁣

Whatever your reason for remortgaging, our friendly advisors are here to evaluate your unique situation and guide you through your options.⁣

And the best bit? Our advice is FREE!⁣

Send us a message or give us a call on 0800 612 5596 to discuss your remortgage options.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#budgetingtip #homeownerlife #homeownertips #moneysmart #homeownergoals #homeownerlife #moneymanagementtips #refinanceyourmortgage #refinancemortgage #homeowner #remortgages #mortgageuk #homeownertips #houseaddictive #financialeducation #remortgageuk #propertyeducation #housetips #homesweethome #mortgageadvice #ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage
...

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Buying a home can seem an impossible dream at times. But there is help available. Swipe for some of the schemes and initiatives in England that can pave the path to your very own home 🏡⁣

Do you know someone wanting to get onto the property ladder? Share this with them!⁣

...⁣

#affordablehomeownershipschemes #affordablehomes #sharedownership #helptobuy #depositunlock #renttobuy #propertyladder #firsthome #homebuyertip #firsthomes #firstimehomebuyer #househunting #myfirsthouse #buyingahouse #firsttimebuyer #firsttimebuyeruk #ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage

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Open

What is a mortgage? - Yes Mortgage Services (8)

Buying a home can seem an impossible dream at times. But there is help available. Swipe for some of the schemes and initiatives in England that can pave the path to your very own home 🏡⁣

Do you know someone wanting to get onto the property ladder? Share this with them!⁣

...⁣

#affordablehomeownershipschemes #affordablehomes #sharedownership #helptobuy #depositunlock #renttobuy #propertyladder #firsthome #homebuyertip #firsthomes #firstimehomebuyer #househunting #myfirsthouse #buyingahouse #firsttimebuyer #firsttimebuyeruk #ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage
...

2 0

Andrew, the Director of Yes Mortgage Services is out of office this week networking! (That`s what he has told the wife!) We think this looks more like skiing... #networking #skiing2024 #mortgages

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What is a mortgage? - Yes Mortgage Services (9)

Andrew, the Director of Yes Mortgage Services is out of office this week networking! (That`s what he has told the wife!) We think this looks more like skiing... #networking #skiing2024 #mortgages...

3 0

We like to keep the mortgage process easy & simple...⁣

👉 Busy schedule? No problem! We offer appointments outside normal working hours.⁣

👉 No complicated mortgage jargon! We break everything down in plain and simple terms.⁣

👉 From finding the perfect mortgage to guiding you until completion, we`re by your side.⁣

Visit our website to learn more (🔗 in bio) or call us for a chat on 0800 612 5596.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

3 0

Open

What is a mortgage? - Yes Mortgage Services (10)

We like to keep the mortgage process easy & simple...⁣

👉 Busy schedule? No problem! We offer appointments outside normal working hours.⁣

👉 No complicated mortgage jargon! We break everything down in plain and simple terms.⁣

👉 From finding the perfect mortgage to guiding you until completion, we`re by your side.⁣

Visit our website to learn more (🔗 in bio) or call us for a chat on 0800 612 5596.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

3 0

Mortgages shouldn’t be complicated just because you’re self-employed.⁣

But high street lenders tend not to offer mortgages to the self-employed without considerable paperwork and delay, so finding the right mortgage for your circ*mstances can be daunting 🤯⁣

We have access to a wide range of lenders and understand the specifics that each mortgage lender has when it comes to getting a self-employed mortgage.⁣

Meaning we can match you to an appropriate lender for your circ*mstances and needs 🎯⁣

And the best bit? We don`t charge a broker fee, so our advice is free! ⁣

Send us a DM or call us on 0800 612 5596 to book your appointment.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser #selfemployedandlovingit #selfemployment #soletrader #mortgagepro #selfemployedproblems #freelancerlife

3 0

Open

What is a mortgage? - Yes Mortgage Services (11)

Mortgages shouldn’t be complicated just because you’re self-employed.⁣

But high street lenders tend not to offer mortgages to the self-employed without considerable paperwork and delay, so finding the right mortgage for your circ*mstances can be daunting 🤯⁣

We have access to a wide range of lenders and understand the specifics that each mortgage lender has when it comes to getting a self-employed mortgage.⁣

Meaning we can match you to an appropriate lender for your circ*mstances and needs 🎯⁣

And the best bit? We don`t charge a broker fee, so our advice is free! ⁣

Send us a DM or call us on 0800 612 5596 to book your appointment.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser #selfemployedandlovingit #selfemployment #soletrader #mortgagepro #selfemployedproblems #freelancerlife
...

3 0

There`s no one-size-fits-all calculation to determine how much you can borrow. It depends on several factors:⁣

👉 The cost of the property you`re looking to purchase.⁣

👉 The size of your deposit.⁣

👉 Your income and financial affordability, which considers your monthly commitments and any future obligations.⁣

These factors, combined, will determine your eligibility and help shape the amount you can borrow. ⁣

We know navigating the mortgage process can be overwhelming, but we`re here to lend a hand. Our friendly advisors can help you understand your eligibility and guide you towards making informed decisions about your mortgage. ⁣

Our advice to you is FREE, so get in touch for a chat - call us on 0800 612 5596 or visit our website to learn more.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#propertyladder #familyhome #housebuyingtips #movinghomes #solobuyer #timeforachange #houses #homebuyers #propertyuk #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome

3 0

Open

What is a mortgage? - Yes Mortgage Services (12)

There`s no one-size-fits-all calculation to determine how much you can borrow. It depends on several factors:⁣

👉 The cost of the property you`re looking to purchase.⁣

👉 The size of your deposit.⁣

👉 Your income and financial affordability, which considers your monthly commitments and any future obligations.⁣

These factors, combined, will determine your eligibility and help shape the amount you can borrow. ⁣

We know navigating the mortgage process can be overwhelming, but we`re here to lend a hand. Our friendly advisors can help you understand your eligibility and guide you towards making informed decisions about your mortgage. ⁣

Our advice to you is FREE, so get in touch for a chat - call us on 0800 612 5596 or visit our website to learn more.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#propertyladder #familyhome #housebuyingtips #movinghomes #solobuyer #timeforachange #houses #homebuyers #propertyuk #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome
...

3 0

Home will always be where mum is. But if it`s time to take your own steps onto the property ladder, we`re here to help.⁣

Our friendly mortgage advisors are always available to chat, listen to your goals, and discuss your options. We`ll provide you with expert advice on how you can prepare yourself to step onto the property ladder with confidence 💪🏡⁣

The best bit is we don`t charge a broker fee, so our advice to you is FREE!⁣

Tap the link in our bio to find out more, or give us a call on 0800 612 5596⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#myfirsthome #firsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #firstimehomebuyers #homebuyersguide #firsthouse #firsttimebuyerspecialist #firsthometogether #firsttimehomebuyertips #firstimebuyer #firsttimebuyersuk #homebuyingprocess #homeownership #firsttimehomebuyer #followyourdreams #propertyeducation

3 0

Open

What is a mortgage? - Yes Mortgage Services (13)

Home will always be where mum is. But if it`s time to take your own steps onto the property ladder, we`re here to help.⁣

Our friendly mortgage advisors are always available to chat, listen to your goals, and discuss your options. We`ll provide you with expert advice on how you can prepare yourself to step onto the property ladder with confidence 💪🏡⁣

The best bit is we don`t charge a broker fee, so our advice to you is FREE!⁣

Tap the link in our bio to find out more, or give us a call on 0800 612 5596⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#myfirsthome #firsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #firstimehomebuyers #homebuyersguide #firsthouse #firsttimebuyerspecialist #firsthometogether #firsttimehomebuyertips #firstimebuyer #firsttimebuyersuk #homebuyingprocess #homeownership #firsttimehomebuyer #followyourdreams #propertyeducation
...

3 0

Arranging a mortgage or organising personal finances can be time-consuming and stressful.⁣

But we`re here to make it as painless as possible!⁣

👉🏻 Before recommending a mortgage, we take the time to understand your individual needs and circ*mstances.⁣

👉🏻 We`ll only suggest mortgages that we consider suitable and affordable for you.⁣

👉🏻 If we can`t find a suitable mortgage, we won`t recommend one.⁣

👉🏻 We encourage you to ask any questions you have – no question is too silly.⁣

👉🏻 From start to finish, we`ll handle the entire process, from answering initial questions to managing multiple applications.⁣

👉🏻 Best of all, we won`t charge you a broker fee!⁣


Visit our website to learn more (🔗 in bio) or call us for a chat on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

2 0

Open

What is a mortgage? - Yes Mortgage Services (14)

Arranging a mortgage or organising personal finances can be time-consuming and stressful.⁣

But we`re here to make it as painless as possible!⁣

👉🏻 Before recommending a mortgage, we take the time to understand your individual needs and circ*mstances.⁣

👉🏻 We`ll only suggest mortgages that we consider suitable and affordable for you.⁣

👉🏻 If we can`t find a suitable mortgage, we won`t recommend one.⁣

👉🏻 We encourage you to ask any questions you have – no question is too silly.⁣

👉🏻 From start to finish, we`ll handle the entire process, from answering initial questions to managing multiple applications.⁣

👉🏻 Best of all, we won`t charge you a broker fee!⁣


Visit our website to learn more (🔗 in bio) or call us for a chat on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

2 0

When it comes to self-build mortgage applications, there`s often quite a bit of paperwork involved 🫠⁣

You`ll need to submit documents such as planning permission, building plans, financial forecasts etc...⁣

But our mortgage advisors will take care of the whole mortgage application for you, from beginning to end.⁣

Including dealing with the paperwork! 🤩⁣

Leaving you to concentrate on the exciting bits; the actual build! 🏡⁣

Find out more via the link in our bio, or give us a call on 0800 612 5596⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

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What is a mortgage? - Yes Mortgage Services (15)

When it comes to self-build mortgage applications, there`s often quite a bit of paperwork involved 🫠⁣

You`ll need to submit documents such as planning permission, building plans, financial forecasts etc...⁣

But our mortgage advisors will take care of the whole mortgage application for you, from beginning to end.⁣

Including dealing with the paperwork! 🤩⁣

Leaving you to concentrate on the exciting bits; the actual build! 🏡⁣

Find out more via the link in our bio, or give us a call on 0800 612 5596⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageadvice #mortgagehomes #propertymarket #hampshirelife #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome #housebuild #selfbuildhomes #selfbuildcollective #homedesign #selfbuild #homebuilding #ourhome #selfbuildjourney #renovation #homesweethome #buildingahouse #selfbuilduk #mortgageadvisor #newhome #newbuild #ukmortgages
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What is a mortgage? - Yes Mortgage Services (2024)

FAQs

Does a mortgage servicer own the mortgage? ›

Many mortgage loans are sold and the servicer you pay every month may not own your mortgage. Whenever the owner of your loan transfers the mortgage to a new owner, the new owner is required to. If you don't know who owns your mortgage, there are different ways to find out.

What does a mortgage company do? ›

Key Takeaways

A mortgage company is a lender specializing in originating home loans. Some mortgage lenders offer creative and out-of-the-box loan offerings, such as no origination fees or offering loans to those with less than stellar credit.

Who is the largest mortgage servicer in the US? ›

Wells Fargo Bank and PNC Real Estate / Midland Loan Services were the two largest commercial real estate mortgage loan servicing firms in the U.S. in 2023. Each of the two companies serviced close to 700 billion U.S. dollars of loans secured by commercial or multifamily properties in that year.

What are the three types of lenders? ›

Direct lenders originate their own loans, either with their own funds or borrowing them elsewhere. Portfolio lenders fund borrowers' loans with their own money. Wholesale lenders (banks or other financial institutions) don't work directly with consumers, but originate, fund, and sometimes service loans.

What is the difference between a mortgage lender and a mortgage servicer? ›

Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer is the company that sends you your mortgage statements. Your servicer also handles the day-to-day tasks for managing your loan.

How much is a mortgage servicer? ›

Typically, servicing fees range from 0.25% to 0.50% of the outstanding mortgage balance, Mortgage servicers also provide monthly statements, maintain records, and collect and pay taxes and insurance.

Is it better to use a mortgage broker or bank? ›

If you need help shopping around, a mortgage broker could help you compare options with many different lenders. If you're already loyal to one bank, or if you want to shop around on your own, going with a direct lender could be the better choice.

Is it better to get a loan from a bank or lender? ›

The best option for you depends on your specific circ*mstances. If you lack credit history or have poor credit it may be easier to get a loan from a private lender. If you have a good credit score or an established relationship with a bank, you will likely qualify for better lending terms.

Who owns the house in a mortgage? ›

But you might be surprised to learn that even if the property was purchased via a mortgage arrangement, you still own the home. Your name is on the title as the homeowner. The bank or mortgage company owns an interest in the property and the mortgage note itself — but the lender does not own your house.

Who is the best mortgage lender in the United States? ›

Best mortgage lenders
  • USAA: Best for low origination fees.
  • Veterans United: Best for VA loans.
  • New American Funding: Best for custom mortgages.
  • Chase: Best for discounts.
  • SoFi: Best for quick closings.
  • Navy Federal Credit Union: Best for military.
  • Wells Fargo: Best for thin credit.

Who are the top 5 mortgage lenders? ›

  • Best Mortgage Lenders of 2024.
  • Chase.
  • Flagstar Bank.
  • Mr. Cooper.
  • PNC Bank.
  • Better.com.
  • New American Funding.
  • Ally.
5 days ago

What is America's most popular mortgage? ›

30-Year Mortgages: What's The Difference? America's most popular mortgage is the 30-year fixed-rate mortgage, but it's not your only option. A popular alternative to the 30-year fixed is the 15-year fixed-rate mortgage. People with a 15-year term pay more per month than those with a 30-year term.

What are the 3 C's of mortgage lending? ›

They evaluate credit and payment history, income and assets available for a down payment and categorize their findings as the Three C's: Capacity, Credit and Collateral.

How many years is the most common mortgage term? ›

The average length of a mortgage is 30 years, but that's not the amount of time that most borrowers will keep the loan. Homeowners only stay in a home for eight years on average, and many refinance their home loans. So most folks will sign up for a 30-year mortgage but keep it for a far shorter time. Why 30 years?

Who is the primary lender? ›

Banks, mortgage brokers, mortgage bankers, and credit unions are all primary lenders and are part of the primary mortgage market. Homeowners can deal directly with primary lenders when shopping for a mortgage loan by contacting their local bank.

Who actually owns my mortgage? ›

The lender owns the loan and is also called the "note holder" or "holder." Sometime later, the lender might sell the mortgage debt to another entity, which then becomes the new loan owner (holder). Loans are frequently bought and sold in the mortgage industry.

Who is the owner of a mortgage? ›

The bank or mortgage company owns an interest in the property and the mortgage note itself — but the lender does not own your house. Your home is considered collateral for the mortgage loan. As long as you pay your home loan in accordance with the terms, you are the legal owner of the property.

Who owns the mortgage home? ›

To understand more click here. If you have a mortgage, you still own your home (instead of the bank). Your bank may have loaned you money to purchase the house, but rather than owning the property, they impose a lien on it (the house is used as collateral, but only if the loan goes into default).

What is the difference between a loan servicer and loan holder? ›

Basically, the servicer is a third party that acts as a liaison between you and the holder of the loan. You don't get to choose your loan servicer. The loan holder assigns one. So, if you have federal student loans, the Department of Education picks your loan servicer.

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