UK Mortgage Expert: The Key Things You Need To Know

We get loads of questions about mortgages so we thought we’d ask an expert, Anthony Emmerson, Director at mortgage broker Trinity Financial. Whether you’re getting a mortgage for the first time or looking to remortgage, what should you look out for?

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Disclaimer:
This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - Intro
00:19 - What is the most common mistake first-time buyers make?
02:57 - What are the lenders’ criteria?
04:59 - How to get the best deal if you are self-employed
07:12 - What can stop you getting a mortgage?
09:20 - How to pick a good mortgage broker
12:04 - Tide ad
13:04 - The problems with a 99% mortgage
18:50 - Capital repayment vs Interest only mortgage
24:22 - How long should you lock in your mortgage for?
31:29 - Vanta ad
32:24 - Why don’t we have 30 year fixed rate mortgages?
35:23 - Why the Bank of England doesn’t control the interest rate you get
37:35 - What to do if you are coming off a fixed-rate mortgage
41:44 - Should you change your mortgage lender?
45:55 - How to get the deposit you need?
49:52 - What is the average age of a first-time buyer
50:36 - Predictions for the property market
53:10 - Sign up to our newsletter

[MakingMoneyPodcast]

This episode was recorded in September 2024. The rates and other figures we mention may have changed since then.

[garethgazz]

Bi-annual catch up episode with this guy would be so useful.

[leebriggs]

Excellent straight taking guest. Please invite him back in next 12/18 months. Keep up the good work!

[MikeAllaway]

I locked my mortgage in at 2.49% for 10 years when I bought in 2019... my thinking was that it could only go down by 2% at most, whereas it could go up a lot more... and then it did.

currently saving away into high interest cash ISAs ready to clear the mortgage when the fixed rate ends in 2029

[lovefootball]

Mortgage rates today are much higher since the recording of this episode 😅😅😅😂😂😂

[GeorgeAusters]

We've been overpaying the maximum since we bought out house 2.5 years ago.. We could have gotten a better return had we invested it or saved it, but then we could have been tempted to spend it.. Whereas now, our mortgage is essentially getting cheaper and cheaper every year and should be paid off in 2.5 years.

[Ali.McL]

Brilliant and informative discussion, thanks guys!! Love the content.

[_rainey]

2.09% until June 2029, I’ve got 54k left (plus 5% early repayment charge but that comes down every month esp with an overpayment).
I won’t be able to pay it off by the time the fixed rate ends but I’ll have far less to go so hopefully the interest rate won’t be as eye-watering as my lender’s standard variable rate of 8.25% 😮

[GeorgeAusters]

We saved planned and saved for 4 years before we bought our first house.. I find it crazy how someone can decide to buy after just a few months

[LuCa-nnwn]

Not being rude but 3 holidays a year is a luxury, not a necessity. Of course it's a personal choice how people live their lives and spend their money, but too many people seem to feel like they're entitled to have extras, and don't consider that volatility in the market has always been around and can change your situation.

[kbsam]

To be honest many of my friends went to a mortgage advisor just to find info on how to prepare but we were told that without a house and a price they wouldn't be able to give us the info. So maybe advisors also need to be willing to direct people in the right way and prepare them adequately before going ahead

[Sean-yc]

Banks just look at the stats between defaults for employees and self employed. Self employed default a lot more.

[IgnacioCarnicero-dugr]

The system in place in the UK it’s simply mad. How can you work this out with the biggest investment the average family does in it’s lifetime?
Fixed 300k& at 1% 30year mortgage at the end of 2020 in Italy.

[minimad]

interesting view on the mortgage world. Taught me something I didn't know. thanks guys. I had a bad run in with a mortgage broker as he gave me the lenders standard rate (I was naïve to the mortgage market) and so ever since, have sorted my own re-mortgages. I am still on a low rate of 1.63% 2027 so definitely in the ball park and fingers crossed at getting the 3.5% renewal rate. that brings another set of equations of paying a lump sum to either the current lender or the new lender when it expires. decisions decisions.

[cacovelho]

Overpaying as much as you can without compromising your investments for me was the right choice.

[tntwentyone]

Great advice, I would love to take him on as a broker if and when

[MrLaughinggrass]

99% mortgage, borrowing 495k. That's over 2k a month just in interest

[JD]

Yep. Seems nuts but i have overpayed tax on purpose to make my income look as high as possible.

[wl]

Fees, fees, fees. Knowledge is key. A broker is just another fee.

[Carl-hsa]

House prices are very high and for what you get it's very questionable.
When I have the cash I'm looking abroad.