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What is a residential mortgage?

A residential mortgage is a loan secured against a property that the borrower intends to use as their main residence. This type of mortgage is the most common way for individuals to purchase a home when they cannot afford to pay the full price upfront.

Lenders provide the capital to buy the property, which the borrower then repays over a set period, typically 25 to 30 years, through monthly instalments that include both interest and part of the principal amount. The interest rates and terms of the mortgage can vary, depending on the lender and the borrower’s creditworthiness.

In the UK, residential mortgages are regulated to ensure fair treatment of consumers, with a variety of types available to suit different financial situations, including fixed-rate, variable-rate, and tracker mortgages.

Types of Residential Mortgages

Residential mortgages are mortgages for the home you live in. Whether you are a first time buyer, an existing borrower looking for a better deal, or looking to remove some of the equity from your property for a wedding, debt consolidation or an extension - If you live in the property, its a residential mortgage. Lets get down to the detail....

A first time buyer is an individual or household purchasing their first home. First-time buyers often benefit from various mortgage products tailored to make stepping onto the property ladder more accessible and affordable, including lower deposit requirements and government schemes like Help to Buy. Some lenders consider you a first time buyer if you previously owned a property, but have not owned one for some time. Our advisers can scan the market to see if you qualify as a first time buyer.

A remortgage is when you take your existing mortgage to a different lender. There may be several reasons for doing this, but the most common are to move a lender with a better deal, or to release equity from your property to pay for things like home improvements, or consolidate debt. The process is similar to buying a property in that you undergo a full affordability and underwriting by a lender, but the legal process is a lot quicker. Normally a remortgage can be carried out within 2-3 months from start to finish.

When you want to move up the property ladder, you are classed as a home mover. There are a couple of options available to you depending on your current lender, so its important to get advice at the start of the process to make sure you are aware of the best route for you. Some lenders allow you to take your current mortgage (and more importantly, the rate!) to your new property. Others wont .. Working out the best option for you is all part of the service we provide and we will look after you from start to finish.

When you take a mortgage, you normally start on a deal that lasts for a fixed period of time (normally 2 or 5 years). At the end of this time period, you have two options. Remortgage or product transfer. Whilst a remortgage means going through the whole underwriting process again (collecting payslips, bank statements and so on), a product transfer is often a quick way of making sure you dont go on the dreaded standard variable rate! It means staying with your current lender, so may not be on the best deal ohn the market, but you may find its the best route if your circumstances make it difficult for a full application with a new lender

A second charge is where you add a new mortgage on top of your main mortgage. They tend to be a more expensive option of raising capital from your property, but have the added bonus that they can be arranged fairly swiftly. A further advance is another way you can pull cash out of your property but using your existing main lender. The rates tend to be cheaper than a second charge, but they do take a little longer and often have restrictions on what you can use the money for. If you need to raise funds using your equity, we can go through all your options with you to make sure you are going down the right path.

Where to start?

Want to see the kind of deals out there today? Click below for our live rate system. Then head over to our Disposable Income Calculator to see how your finances stack up!


All these types of mortgages share the common feature of being secured against a residential property, and they typically require the borrower to meet lenders specific criteria when it comes to creditworthiness and affordability. Every lender is different, but we have the skills and tools to match you to the lender that is most likely to accept your application and allow you to get the keys to the house of your dreams.

Mortgages are complex – it’s a fact, and these days it is essential to engage with a skilled mortgage broker to ensure you get the outcome you are looking for. At 1st Call 4 Mortgages, our experienced brokers take the time to thoroughly understand your specific financial situation, ensuring you are knowledgeable about every option available to you- we will keep it transparent for you at all times.

Professional advice is invaluable, empowering clients to effectively explore and choose the best pathways for their mortgage.
If you are a first-time buyer, interested in a second charge mortgage, or looking to remortgage, please click below to send us an enquiry and request a callback now.

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