🏡 A Complete Guide to Mortgages: What Every Homebuyer Should Know
Securing the right mortgage is a crucial step in buying a home, yet for many, the process can seem complex and overwhelming. At David Clarke Estate Agents, our experienced estate agents in Herne Bay and Whitstable are here to simplify the journey—helping you make smart, informed decisions from start to finish.
Put simply, a mortgage is a loan from a bank or building society that helps you buy a home. You’ll typically need a deposit (usually 5–20% of the property value), and the mortgage covers the rest. The loan is then repaid monthly over a term of 25–35 years, along with interest.
There are different types of mortgages available, and choosing the right one depends on your financial situation and future plans. The two main categories are:
- Fixed-rate mortgages: Your interest rate stays the same for a set period (usually 2, 5 or 10 years), making budgeting easier.
- Variable-rate mortgages: The interest rate can change—usually in line with the Bank of England base rate or your lender’s standard rate—so your payments may go up or down.
To improve your chances of being approved for a mortgage, you should aim to:
- Have a good credit score
- Reduce any outstanding debts
- Save for a larger deposit if possible
- Ensure your income and outgoings are stable and well-documented
One of the best ways to get started is by applying for a mortgage Agreement in Principle (AIP). This tells sellers and agents that a lender has checked your financial details and is likely to approve your mortgage application up to a certain amount. It’s not binding but helps you understand your budget—and strengthens your position when making an offer.
Keep in mind that in addition to your deposit, you’ll need to cover costs like arrangement fees, legal fees, valuation surveys, and potentially Stamp Duty Land Tax. David Clarke Estate Agents can recommend trusted local mortgage brokers to help you compare lenders and choose the best deal for your situation.
If you’re self-employed, buying a buy-to-let, or purchasing with a low deposit, mortgage options may differ. That’s why speaking with experts who understand the local market is so valuable. Our estate agents in Whitstable and Herne Bay can guide you through everything from budgeting to securing your agreement.
Whether you’re a first-time buyer or an experienced homeowner, a clear understanding of your mortgage is the foundation for a successful purchase. Let David Clarke Estate Agents support you with honest advice and personalised service every step of the way.