Residential Mortgages in Reading & Caversham
Whether you are buying your first home, moving house, or remortgaging, getting the right residential mortgage can save you thousands of pounds over the term of the mortgage. At Templar Mortgages, we search our huge panel of lenders to find the most suitable mortgage for your circumstances and explain everything in plain English.
- All Mortgage Types – First-time buyers, movers, remortgages, rate switches, self-employed and contractors.
- Unbiased Market Access - We search our comprehensive panel of mortgage lenders to get the most suitable mortgage for you.
- Expert Local Advisers – Based in Caversham, understanding the Reading and UK wide property market
What are residential mortgages?
A residential mortgage is a loan secured against a property that you intend to live in as your main home. Unlike buy-to-let mortgages (which are for rental properties) or commercial mortgages (for business premises), residential mortgages are specifically designed for owner-occupiers.
Residential mortgages come in many forms to suit different situations. You might be a first-time buyer taking your first step onto the property ladder, a home mover looking to upsize or relocate, someone wanting to remortgage to get a better deal, or a self-employed person needing specialist consideration of your income.
The mortgage market has hundreds of different products from dozens of lenders, each with different criteria, rates, and features. That is where we come in. As mortgage brokers, we search our comprehensive panel of lenders to find mortgages that match your specific circumstances: income; deposit; and preferences. We then explain your options in plain English and handle all the paperwork from application through to completion. We can also recommend quality solicitors to assist with all your legal and conveyancing needs.
Our residential mortgage services
We offer specialist advice across all types of residential mortgages. Whatever your situation, we have the expertise to source a mortgage lender your needs.
First Time Buyers
Taking your first step onto the property ladder is exciting but can feel overwhelming. We guide first-time buyers through every stage of the process, from understanding how much you can borrow to getting your keys. We explain everything in plain English, help you understand deposit requirements and government schemes, and find lenders who offer the best deals and rates for first-time buyers. We can make homeownership possible with access to mortgages with low deposit requirements.
Learn More About Self-Employed Mortgages →
Home Movers
Ready to move to your next home? Whether you are upsizing for a growing family, downsizing to something more manageable, or relocating to a new area, we make the mortgage side of moving house as smooth as possible. We can help you understand if porting your existing mortgage makes sense or if switching to a new mortgage lender offers better value. We coordinate with your existing lender, can arrange bridging finance if you need to buy before selling, and ensure everything is in place for your completion date.
Learn More About Home Movers →
Remortgages
Learn More About Remortgages →
Fixed Rate Ended / Rate Switch
If your fixed rate mortgage is coming to an end, you will automatically move onto your lender standard variable rate (SVR), which is typically much higher. We recommend to start reviewing your options at least six months before your fixed rate ends. We can arrange a product transfer with your existing lender (often the quickest and easiest option) or search the wider mortgage market for a better interest rate. Our service ensures you do not pay more than necessary and can help you lock in competitive rates before they change.
Learn More About Rate Ended / Rate Switch →
Self-Employed Mortgages
Being self-employed, a contractor, freelancer, or company director should not prevent you from getting a mortgage, but it can require specialist knowledge. Different lenders assess self-employed income in different ways. We know which lenders are most accommodating for your circumstances and how to present your case in the strongest way. We help self-employed people and business owners in Reading secure mortgages.
Learn More About Self-Employed Mortgages →
How Templar Mortgages helps you
Our straightforward three-step process takes the complexity out of mortgages.
Free Consultation
Search & Recommendation
We search our extensive panel of lenders to find the options that best suit your circumstances. We explain your choices in plain English and recommend the most suitable solution.
Application to Completion
We handle everything from application through to completion. You will have easy access to your adviser throughout, making the process smooth and stress-free.
Why choose Templar Mortgages?
Plain English Service
Local and National Expertise
Based in Caversham, we take pride in our expertise in the Reading, Berkshire and Oxfordshire property market and also nationwide.
Unbiased Market Access
As members of the Openwork network, We search our extensive panel of lenders for the right mortgage and protection solution for you.
Transparent Fees
FCA Regulated
Common questions about residential mortgages
How much deposit do I need for a residential mortgage?
The minimum deposit is typically 5% of the property price, though you will usually get better interest rates with a larger deposit. A 10-15% deposit opens up more lenders and better rates, whilst 20% or greater gives you access to the most competitive deals. Subject to purchase price, income and affordability, some lenders allow only a £5,000 deposit – but this usually works only on property values up to £500k. We can help you understand what deposit you need and what rates you can expect based on your circumstances.
How much can I borrow for a residential mortgage?
This varies from lender to lender on a multiple of income and affordability. Most lenders will lend between 4 and 4.5 times your annual household income, though some specialist lenders go up to 6 times for certain professions or circumstances. The exact amount depends on your income, existing debts, credit history, and deposit size. We can give you an accurate assessment in your free consultation.
What is the difference between a product transfer and a remortgage?
A product transfer means switching to a new deal with your existing lender, no new legal work required, usually quick and simple. A remortgage means switching to a completely different lender, which requires a new mortgage application and legal work but might get you a significantly better rate. Often the new lender will cover legal costs for you. We will assess both options and recommend the best approach for your situation.
Do I need to use a mortgage broker?
No, you can apply directly to lenders yourself. However, a broker gives you access to many more lenders and products, knows which lenders are most likely to accept your application, handles all the paperwork, and often secures better rates through lender relationships. Most of our clients pay no broker fee as we are paid by the lender, making our service cost-effective.
How long does it take to get a residential mortgage?
It varies from lender to lender and is dependent on you providing the necessary evidence in a timely fashion. From application to receiving your mortgage offer typically takes 2-4 weeks, though this can vary depending on the lender and complexity of your case. Some enders give formal offer within a week. We can usually get you a mortgage Decision in Principle (initial approval) quickly, which allows you to start house hunting with confidence.
Can I get a mortgage if I am self-employed?
Absolutely. Self-employed mortgages and mortgages for business owners are one of our specialisms. We work with lenders who understand self-employed income and know how to present your application to maximise your chances of approval. Most lenders want to see 2 years of accounts or tax returns, though some accept just 1 year.
What fees will I pay for a residential mortgage?
Mortgage fees can include: lender product fees (typically £0-£2,000), valuation fees (£250-£1,500), legal fees (£1,000-£2,000), and broker fees. Many of our residential mortgage clients pay no broker fee as we are paid by the lender. We will give you a complete breakdown of all costs before you commit to anything. You may also have the choice of paying mortgage fees upfront or adding them to your loan.
What happens if my mortgage application is declined?
If your application is declined, we will find out why and explore alternative options. Sometimes a different lender will have different criteria. We may recommend waiting to improve your credit score or deposit, or we might find a specialist lender who can help. We are honest about your chances and work to find solutions. We can find mortgages for those with adverse credit histories or low credit scores (although the mortgages may have higher rates of interest).
