MortgageDrive

GET THE BEST MORTGAGE FOR YOU

We designed MortgageDrive to show people that mortgage providers are not for life and that you can save thousands by switching mortgage suppliers once your current deal comes up for renewal. It may be that your current provider advises you stay with them. But MortgageDrive recommends that you check out the whole market and see if there is a better mortgage out there.

You don’t have to spend hours poring over rates and terms you can trust a specialist supplier who searches for the best deal and digitally switches you to another supplier and a better rate. No need to visit branches or go through endless paperwork.

It’s not just about switching mortgages MortgageDrive can also provide help with first time mortgages, buy to let mortgages, longer term retirement mortgages.

Click on a heading below and see a summary, and if you're interested you can GO and read more about it!

Here are some facts and stats  about mortgages. GO!

See which type of mortgage might be best for you. GO!

See what government backed schemes there are. GO!

See what the choices are between getting advice or doing it yourself. GO!

If you’re a visitor to our site you can join and download information, assess your own health and create your own action plans, and even contribute to our site.  GO!

We have a video and testimonial.  GO!

See what you can do next. GO!

We have some additional information on this subject. GO!

Facts About Mortgages

1 million
mortgages

11 million mortgages in the UK 2021

Buying with mortgage
28.7%

share of people aged 45-54 buying a house with a mortgage was 28.7% (Statista)

1 ,000
homeowner remortgages

 469,000 homeowner re-mortgages in the UK in 2021

Couples with children
32.4%

Couples with dependent child(ren) as a share of mortgage borrowers was 32.4% (Statista)

0.1 %

3.56% is the average mortgage rate 2022 in the UK

Biggest lender
19.5%

The market share of the biggest mortgage lender Lloyds banking group was 19.5% (Statista)

10
mortgage lenders

100 mortgage lenders in the UK

Lower lending in Q4 2021
8.4%

The value of gross mortgage advances in 2021 Q4 was £70.2 billion, 8.4% lower than in 2020 Q4, and the lowest level since 2020 Q3. (FCA)

man thinking about mortgages

Which mortgage is best for me

To answer that question, you need to obtain financial advice from a qualified Mortgage Advisor. But before you do that you need to understand more about the types of mortgages so that when you meet with an Advisor you are not clueless and need to take their words as gospel. The more informed you are the better the chances you have of getting the right mortgage.

The first thing to consider is your own position
Your family situation matters - are you buying a property with a partner, with children (existing or planned?
Is this your first mortgage, are you re-mortgaging your existing property or are you moving house?
Is the mortgage actually for a property you plan to live in, or is it for a property you intend to rent out (known as a buy-to-let mortgage)?

Then there's the type of mortgage - is the capital repaid at the end of the term or not (repayment or interest only), how is the interest rate set out (e.g. fixed or variable), and some specialist types of mortgage.
See some details in the tabs below.

Mortgages by purpose

The chart here from Statista (sources FCA and Bank of England) shows the split between mortgages used for house purchase, remortgage, buy to let and buy to let remortgage.

Gross advances on residential loans issued to individuals in the United Kingdom (UK) from 2015 to the second quarter of 2021 in this statistic are distributed by loan purpose. In the second quarter of 2020, the share of house purchase loans dropped due to the coronavirus pandemic and the disruption of normal business activities. This share recovered in the following quarters and reached over 75 percent in the second quarter of 2021.

- Note the loans for house purchase dropped in Q2 2020 because of the pandemic, but recovered in the following quarters. So the %-age of mortgages for home ownership is again at pre-pandemic levels at 53.0%, down 10.9pp from 2020 Q4.(FCA)
- The share of gross advances for remortgages for owner occupation also moved towards levels observed before the pandemic, at 28.1%, an increase of 9.7pp since 2020 Q4.(FCA)
- The outstanding value of all residential mortgage loans was £1,613.4 billion at the end of 2021 Q4, 4.7% higher than a year earlier.
- The value of gross mortgage advances in 2021 Q4 was £70.2 billion, 8.4% lower than in 2020 Q4 as shown above in Facts, and this is the lowest level since 2020 Q3.

Government backed mortgage scheme

Lifetime Individual Savings Account (LISA)
You can use a LISA to buy your first home (for a property costing £450,000or less) or save for later life. You must be aged between 18 and 39 to open a LISA.

You can put in up to £4,000 each year, until you’re 50. You must make your first payment into your ISA before you’re 40. The government will add a 25% bonus to your savings, up to a maximum of £1,000 a year.

If you’re buying with another first-time buyer who also has a LISA, you can both use your LISA towards the same property.

Be aware that there’s a penalty for taking money out of a LISA if you’re not putting it towards a deposit or withdrawing after age 60.

Clicking the button on the back gives you more information and YouDrive’s view!

Whether choosing an interest only, repayment or offset mortgage or renting, I'll seek professional advice I'll make the decision myself to get the right answer

I'll sort this out myself

I can use Google and mortgage comparison websites to get the best answer for me

I'll get professional advice

This is a big decision so I'll get professional help.
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Mortgages Explained

Mortgages Explained

In this 17 minute video MamaFurFur explains the basics of mortgages

"Home is where the mortgage is."
Billy Connolly
Scottish comedian

Next Steps

It doesn’t matter what stage  you’re at – it’s important to be the best you can be.  At the end of the day it’s about taking personal responsibility – You Drive!

It’s really your choice. You can find out more information about the subject, or see other institutions that can help by going to Support. There you will find organisations, training, coaching, self-help courses and other items to support your personal change. We have also started developing a panel of experts to provide info, advice, help and support. 

Get Support

There are times when you need some help to meet your aims –  a helping hand. That might be  an organisation that can provide you with some help,  some specialised information, a particular book or tool to help, or just getting some background reading material.

We have a lot of items which appear on our Drives and other pages, which you can go to by clicking on the picture or link.  Some contain affiliate links and we may receive a tiny commission for purchases made through these links.

If you know of anything which could help you or our other visitors then please click the button on the right, which will take you to a Contacts page where you contact us.

Experts

We are compiling a list of experts who can provide advice, help or specialised services.  You will be able to access these experts from anywhere on our site you see our ‘Experts’ symbol.  Click the green E to see what our Experts list will look like, with a couple of imaginary ‘experts’ added!

More Information

Scroll down to see more information on this Drive. 

If you register you can also download reports, white papers, quizzes and other collaterals.  We will never ask you for any financial information, and we’ll only send you the information you want. You can register for our site either above or in the footer below.  You can provide your own questions and experiences in order to help other members.  We only moderate for spam and inflammatory language – see our moderation policy.

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More information

How to Buy Your First Home

(And How to Sell it Too)

Phil Spencer, property expert and co-presenter of hit series Location, Location, Location, provides everything you need to know to help you buy (and sell) your first home


Go to Amazon

The Complete Guide to Property Investment

How to survive & thrive in the new world of buy-to-let

Over the last 20 years, more than a million Brits have made life-changing profits from buy-to-let. But as prices keep rising and the tax landscape changes, investors need to get smarter in order to succeed.


Go to Amazon

Help me, I’m buying a house

A practical guide for buying your own home in England and Wales. From First Time Buyers, for First Time Buyers and those who don’t know what they are doing.

Almost 300 pages of hands-on guidance. An essential and fun read about buying your own home – from First Time Buyers, for First Time Buyers. Illustrated by Ben Jones to make you smile.


Go to Amazon

45 Ways to Buy Property

Strategies and tactics to build your property portfolio

Property provides a rare opportunity to create wealth and replace your income, do you want to replace your income in 2022?
But, it’s an area shrouded in mystery. How do people grow a portfolio of 20, 30 or 40 properties?


Go to Amazon

Citizens Advice have information on managing your mortgage

MoneyHelper give some guidance on mortgages

The Financial Conduct Authority have some tips and advice on finding an adviser

Scope provide advice for disabled people on getting a mortgage

MoneySupermarket have a mortgage calculator

Stuff you might want regarding smoking

Now you’ve read about smoking you might want to make a bit of a statement.  Have a look at some stuff below we think has some humour value!  We may make pennies on commission, but that’s not the point really.  Click on the image to see more details.

Quit Smoking Gift Stop Smoke Free T-Shirt

In many colours and sizes

 

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Quit Smoking – Trying To Quit Smoking T-Shirt

In many colours and sizes

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I Quit Smoking Wow What Funny Novelty 11oz Mug

11oz Mug
Hand Printed in the UK
Highest Quality in the Market
Microwave & dishwasher safe

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Dorothy Spring Never Quit You Can Do It Inspirational Quote Plaque Metal Sign Perfect Gift Size 15x20cm

Length: 20cm / 7.9inch | Width: 15cm / 5.9 inch
Metal Wire Included / Easy Hanging
Perfect gift for family, mother, sister, daughter, granddaughter, grandmother, girlfriend, wife, husband, friends and colleagues
Ideal gift for Christmas, Birthdays and new house
High Quality Beautiful Gloss Finish Print

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Stuff you might want on mortgages

Now you’ve read about mortgages you might want to make a bit of a statement.  Have a look at some stuff below we think has some humour value!  We may make pennies on commission, but that’s not the point really.  Click on the image to see more details.

How to get onto the property ladder

A first-time buyer’s guide to financing and finding your first home

This updated 2022 edition includes the latest government help-to-buy schemes and the impact of the Covid-19 pandemic – including its effect on interest rates, property prices and buyer preferences. So much has changed.

 

Go to Amazon

Rent 2 Rent Success

Our ethical 6-step system to get you started in property without buying it

Want to get started in property but worry you don’t have enough money, time or experience?
Stephanie and Nicky Taylor were there too. These dynamic sisters were working too hard, for too many hours. They wanted the time, freedom and options that property investing seemed to provide others, but they didn’t know how to start and couldn’t see anyone like them doing it.

Go to Amazon

How to: Buy a House

This book gives a Layman’s terms view on how to purchase a property without the confusing jargon you may find online. It highlights all the important steps you’ll need to know before purchasing a property and also the steps you’ll encounter whilst going through the process.

Go to Amazon

Mortgage Management For Dummies

(For Dummies (Lifestyle)) Paperback

Quickly make sense of mortgages
Taking out a mortgage to purchase real estate is a huge decision, one that could affect your family’s finances for years to come. This easy-to-follow guide explains how to secure the best and lowest-cost mortgage for your unique situation. Whether you select a 15- or 30-year mortgage, you’ll get all the tips and tricks you need to pay it off faster—shortening your payment schedule and saving your hard-earned cash.

Go to Amazon

How to Buy Your First Home

(And How to Sell it Too)

Phil Spencer, property expert and co-presenter of hit series Location, Location, Location, provides everything you need to know to help you buy (and sell) your first home


Go to Amazon

The Complete Guide to Property Investment

How to survive & thrive in the new world of buy-to-let

Over the last 20 years, more than a million Brits have made life-changing profits from buy-to-let. But as prices keep rising and the tax landscape changes, investors need to get smarter in order to succeed.


Go to Amazon

Help me, I’m buying a house

A practical guide for buying your own home in England and Wales. From First Time Buyers, for First Time Buyers and those who don’t know what they are doing.

Almost 300 pages of hands-on guidance. An essential and fun read about buying your own home – from First Time Buyers, for First Time Buyers. Illustrated by Ben Jones to make you smile.


Go to Amazon

A Butterfly Life: 4 Keys to More Happiness, Better Health and Letting Your True Self Shine

Times of change can be a challenge, no doubt! Whether it’s a relationship breakup, job loss, or being diagnosed with a serious health issue. Or you may WANT things to be different, but it feels a little scary or overwhelming. The butterfly reminds us change can be beautiful, even necessary, in order to realize our full potential and live our best life.