Residential Mortgages
Straightforward, expert guidance for homebuyers and homeowners
Whether you’re buying your first home, moving to a new one or looking to secure a better mortgage deal, Power Mortgages is here to make the process simple and stress-free. With over 14 years of experience and strong relationships with a wide range of lenders, we help you find the right residential mortgage with confidence.
A specialist adviser will guide you through the entire journey, explain your options clearly and manage all the paperwork so you can focus on the move itself.
Residential Mortgages
Straightforward, expert guidance for homebuyers and homeowners
Whether you’re buying your first home, moving to a new one or looking to secure a better mortgage deal, Power Mortgages is here to make the process simple and stress-free. With over 14 years of experience and strong relationships with a wide range of lenders, we help you find the right residential mortgage with confidence.
Residential Mortgages
Straightforward, expert guidance for homebuyers and homeowners
Whether you’re buying your first home, moving to a new one or looking to secure a better mortgage deal, Power Mortgages is here to make the process simple and stress-free. With over 14 years of experience and strong relationships with a wide range of lenders, we help you find the right residential mortgage with confidence.
Understanding Residential Mortgages
What a Residential Mortgage Is
A residential mortgage is a loan used to purchase a property you intend to live in. Unlike Buy to Let mortgages, affordability is based primarily on your personal income and financial circumstances.
We help you understand how lenders assess applications and what documents you’ll need.
Types of Residential Mortgage Options
Residential mortgages come in many forms, including fixed-rate, tracker, variable, interest-only and repayment mortgages.
We’ll walk you through the pros and cons of each so you can choose a product that suits your finances and long-term plans.
Who Residential Mortgages Are Suitable For
Whether you’re a first-time buyer, home mover, remortgaging to get a better deal or raising capital for home improvements, we tailor our advice to your goals.
Our team ensures every recommendation is based on your personal circumstances.
Residential Remortgages
Securing a Better Rate
If your current mortgage deal is ending, remortgaging could help reduce your monthly payments.
We compare lenders to find competitive options that meet your needs.
Borrowing More Money
Many homeowners choose to release equity for home improvements, debt consolidation or future plans.
We explain how much you can borrow and what impact it may have on your monthly repayments.
Switching Lenders
Switching lenders can unlock better terms or more flexibility.
We’ll handle the entire process, ensuring a smooth transition with minimal disruption.
Residential Remortgages
Securing a Better Rate
If your current mortgage deal is ending, remortgaging could help reduce your monthly payments.
We compare lenders to find competitive options that meet your needs.
Borrowing More Money
Many homeowners choose to release equity for home improvements, debt consolidation or future plans.
We explain how much you can borrow and what impact it may have on your monthly repayments.
Switching Lenders
Switching lenders can unlock better terms or more flexibility.
We’ll handle the entire process, ensuring a smooth transition with minimal disruption.
Why Choose Power Mortgages for Your Residential Mortgage?
Expert, Personalised Advice
We take the time to understand your situation and long-term goals so we can recommend the most suitable mortgage.
Whole-of-Market Lender Access
We work with mainstream banks, building societies and specialist lenders to give you more choice and better options.
A Fully Managed Service
From application to completion, we deal with every part of the process.
You receive regular updates without ever needing to chase us.
Frequently Asked Questions About Residential Mortgage
What is a residential mortgage?
A residential mortgage is a loan used to purchase a property you intend to live in. Lenders assess affordability based on your income and financial commitments.
How much can I borrow on a residential mortgage?
Most lenders base borrowing on income multiples, usually between 4 and 5.5 times your annual income depending on your circumstances.
What documents do I need for a residential mortgage?
You’ll typically need ID, proof of address, payslips, bank statements and credit history details. Self-employed borrowers require tax returns and accounts.
Can I get a mortgage with bad credit?
Yes, some specialist lenders accept applicants with previous credit issues. A broker can help identify suitable options.
How long does a mortgage application take?
Most applications take 2–6 weeks depending on the lender, property type and how quickly documents are provided.
What is an Agreement in Principle (AIP)?
An AIP is a lender’s confirmation of how much you may be able to borrow. It strengthens your position when making an offer on a property.
Should I choose a fixed-rate or variable-rate mortgage?
Fixed rates offer stability with predictable payments. Variable rates can be cheaper initially but may rise. We help you choose based on your risk profile.
Can I make overpayments on my mortgage?
Many lenders allow overpayments up to a percentage of the balance each year. This can help reduce your mortgage term and overall interest.
What is a remortgage?
A remortgage is when you switch your existing mortgage to a new lender or product, either to save money or borrow additional funds.
Can I switch lenders before my current deal ends?
Yes, but be aware of early repayment charges. We can help you decide whether switching early is worthwhile.
How much deposit do I need?
Most lenders require at least 5% for residential mortgages, though higher deposits can lead to better rates.
How can a mortgage broker help me?
A broker compares lenders, manages the paperwork and ensures your application meets criteria, saving you time, stress and money.