Arrange the mortgage finance you need to buy your home or business premises
Residential & Commercial Mortgages
Donkey compares the mortgage rates our partners offer to those of the major banks and finds the best mortgage deal.
With Donkey Finance, you can easily compare mortgage rates from top specialist lenders across the UK. Our service helps you find the right residential or commercial mortgage without any hassle.
View our rates below:
| Type of Loan | Interest Rate |
|---|---|
| Remortgage | 4.94% |
| Equity Release | 8.70% |
| Bad Credit Mortgage | 5.25% |
| First Time Buyer Mortgage | 4.94% |
| Buy to Let Mortgage | 4.87% |
| Let to Buy Mortgage | 4.87% |
| New Build Mortgage | 4.94% |
| Commercial Mortgage | 7.89% |
Online repayment calculator for mortgage finance
Whether you are a first-time buyer, a buy-to-let landlord, or an existing mortgage holder in search of a cheaper deal than your current lender has provided, our online mortgage repayment calculator will give you valuable insight as to how much your monthly payments will be.
This is based on the type of mortgage you are applying for, the amount of capital needed, the product’s lifetime, and the rate of interest attached to your product.As no two mortgages are exactly the same, we have decided to offer a number of different calculators (one for each type of mortgage), along with helpful advice and a brief insight on the various borrowing options available.
As well as enabling you to work out the actual cost of taking out a particular mortgage, we also provide the opportunity to talk to an FCA-approved and regulated advisor, who will be glad to explain the various options available based on your individual circumstances and unique financing requirements.
Want to know how much you can borrow based on your monthly income? Need to work out how much fluctuation in the base rate of interest will affect your monthly outgoings? Then you can simply use any one of our online repayment calculator tools as an informative reference guide that will remove the cloud of confusion while helping you determine the most appropriate funding solution in accordance with your own specific needs.
Types of mortgages available
People buy properties for a variety of reasons.
Perhaps you are tired of renting and would like to save money while investing in a place to live that you can well and truly call your own. You could even be thinking of moving to a new area with the intention of letting out your current home while turning it into a healthy source of secondary income that will cover the cost of relocating.
Whatever your needs and whatever your desires, by acting intelligently and using the right mortgage product, you can turn the thoughts in the back of your mind into a genuine reality that will effectively generate a reliable source of funds in the short and long term.
At Donkey Finance, we are able to source a wide range of products from a diverse panel of lenders covering the entire market—from mainstream providers, such as banks and building societies, through to an exclusive choice of private investors, who will consider any type of investment based on its own merits.
This includes mortgages for:
- First-time buyers
- Buy-to-let investors
- Let-to-buy landlords
- Remortgagers
- Homeowner loan applicants
- Additional homeowner borrowing
Whether you are looking for an interest-only or variable-rate mortgage or a fixed-rate or repayment-plus-interest mortgage, our online advisors are here to assist and can seriously help save you a considerable amount of money that can be put to good use elsewhere in the landscape of your finances.
Applying for your mortgage loan
Each type of mortgage requires a different set of documentation from the applicant. For example, if you are applying for a buy-to-let mortgage, you will typically need to provide evidence of any additional properties you own, either mortgaged or owned outright, along with details of the expected rental income and information on your taxreturns,– assuming you own multiple BTL homes. On the other hand, a first-time buyer will need to provide a different set of details, such as the full address of the property, the approximate year of build, and information regarding the leasehold (if the property is not freehold).
However, there are certain details that all mortgage applicants need to provide, regardless of the product they are applying for, which are as follows:
- Proof of Identity
- Proof of Address
- Bank Statements (last 3 months)
- Proof of Income
- Evidence of Other Income
- Details of Non-Mortgage-Related Borrowing
- Details of Protection Plans and Employer Benefits
Our trained advisors are always available to answer any questions you may have regarding any specific application or mortgage product, so if you need further help or information, please do not hesitate to ask.
Which mortgage is right for you?
Whether you’re a first-time buyer, a current homeowner looking to switch lenders, or a business owner needing financing for property, Donkey Finance has you covered. Our online mortgage comparison tool helps you find the best deals quickly and easily.
Top-Rated Mortgage Comparison
We offer access to the entire market, including both mainstream lenders and private investors. With the Bank of England’s low base rates, now is a great time to lock in a fixed or variable-rate mortgage. Our team can help you find the best rates for your needs, whether you’re looking for a residential mortgage, a buy-to-let mortgage, or a bridging loan.
Let our loan search tool compare rates for mortgages against high-street banks and other institutions:
Residential Mortgages and Bridging Loans
We offer a range of residential mortgage products with terms from 5 to 35 years, along with FCA-regulated bridging loans. These short-term loans are perfect if you need to buy a new home quickly before selling your current one. We also specialise in buy-to-let mortgages for landlords looking to maximise profits.
Commercial Mortgages for Businesses
If you need a commercial mortgage to buy new premises or release equity from your current property, Donkey Finance can help. We’re experts at finding the right financing for both residential and commercial borrowers. Whether you need a secured loan for your home or a short-term loan against commercial property, we’ve got you covered.
Mortgage Overpayments
If you want to pay off your mortgage faster, consider making overpayments. With flexible products, you can reduce your debt and interest by making extra payments. Whether you choose a lump sum or regular overpayments, you can use our online mortgage calculator to see how it affects your mortgage balance and payment schedule.
For any questions or to get started, contact us today! We’re open till late and ready to help you find the best mortgage deal.
How do mortgages work?
A mortgage is essentially a high-value loan that is secured on the property you intend to purchase. Unlike a typical secured loan, however, qualifying for a mortgage can be notoriously difficult. The first step in the application process is to determine how much you can afford to borrow. You’ll need to consider what kinds of monthly repayments you can afford while determining how much your chosen lender(s) will be willing to offer. This needs to be taken into account in accordance with all additional borrowing costs, along with the 10% minimum deposit you’ll need to provide.
If you decide to go ahead, you’ll need to provide your chosen lender with comprehensive evidence of your current financial status and income. Extensive credit checks are also mandatory, which often stand between mortgage applicants and the homes they intend to buy. Arrangement fees, admin fees, valuation fees, and so on may also be payable at the time of application.
Getting the best possible deal on your mortgage means considering major high-street lenders and independent specialists alike. With Donkey Finance’s whole-of-market comparison service, you’re guaranteed an unbeatable deal.
How do buy to let mortgages work?
A buy-to-let mortgage, aka BTL mortgage, is a specialist homeowner loan for buyers intent on letting the property out to tenants. The basic rules and requirements surrounding buy-to-let are similar to those of conventional mortgages, though with a few key differences to take into account. For example, arrangement fees and overall borrowing costs for buy-to-let tend to be considerably higher.
The buy-to-let can also expect elevated rates of interest, along with minimum deposit requirements in the region of 25%. It’s possible to borrow almost any amount, but allowances are usually linked with the amount of rental income the landlord will receive. Typically, the estimated rental income needs to be around 30% higher than the monthly mortgage payment. Obtaining a high-quality, low-cost buy-to-let mortgage with a major high-street lender is becoming increasingly difficult.
As a result, experienced landlords have begun turning to specialist lenders and independent service providers. Given the potential costs associated with buy-to-let, comparing the market in its entirety is highly recommended.
Whether you’re interested in your first buy-to-let or planning to extend your current portfolio, we’ll help you find an unbeatable deal from our exclusive network of lenders.
How are mortgages calculated?
Mortgages are calculated by taking the sum of money borrowed (minus the deposit) along with all additional costs and the agreed rate of interest, before dividing the total balance into small repayments over the agreed period. In the case of a variable mortgage, total borrowing costs may vary significantly as the APR increases or decreases throughout the life of the mortgage. In addition, borrowing costs vary significantly in accordance with the specifics of the loan and the applicant.
With most major lenders, overall borrowing costs for a 10-year mortgage would be exponentially lower than the same mortgage taken over a 30-year period. In addition, the financial status and credit history of the applicant can affect borrowing costs and interest rates. As can the size of the loan and its intended purpose. Lenders also implement their own unique policies regarding how much the applicant can borrow. For some, it’s a set multiple of their annual salary. For others, it’s calculated on the basis of their current financial status and income.
Shopping around is essential for ensuring you find the best mortgage deal to suit your requirements and budget. It’s also important to look beyond the High Street, considering specialist lenders where available.
How many mortgages can you have?
In theory, you can take out as many mortgages as you like. Or at least, as many mortgages as you can afford. These days, it’s impossible to qualify for a mortgage without first having your eligibility verified by the lender. If you aren’t in a position to comfortably repay the loan as agreed, you will not qualify.
However, if your financial position, credit history, and employment status inspire the lender, they’ll be happy to offer you a mortgage. Any additional mortgages (and general debts) you have will be taken into account, though they will be considered in accordance with your financial status and income. Nevertheless, it’s worth remembering that every mortgage you take on amounts to another enormous debt to pay off. If there are alternatives to a mortgage available, they’re worth considering.
Bridging loans, development finance, auction finance, or perhaps simply paying for the property in cash. All of which could save you a small fortune in borrowing costs while at the same time simplifying the purchase process.
To discuss the alternative options to a traditional mortgage, contact the team at Donkey Finance for an obligation-free consultation.
Who offers guarantor mortgages?
Many of the UK’s major lenders have begun offering guarantor mortgages. Particularly popular among first-time buyers, guarantor mortgages provide a helping hand for those who may otherwise be unable to get on the property ladder. If unable to meet the strict requirements of the lender personally, a third party can ‘guarantee’ the loan on their behalf. This essentially means that the guarantor takes ultimate responsibility in the event that the borrower is unable to repay the loan as agreed.
As with a traditional mortgage, eligibility for a guarantor mortgage is considered in accordance with credit history, financial status, proof of income, and so on. In this instance, though, on the part of the guarantor, some lenders consider all guarantor mortgages to be comparatively high-risk and therefore attach elevated interest rates and borrowing costs for such services.
Guarantor mortgages are available from major banks, but it’s nonetheless important to compare the market in its entirety. There are dozens of specialist lenders across the UK who specialise in guarantor mortgages, subprime mortgages, and various other services you won’t find on the High Street.
Contact the team at Donkey Finance, and we’ll compare the market on your behalf.
Can I qualify for a mortgage with bad credit?
It depends on the extent of the damage, the reason for your poor credit score, and the policies of the lender. If the damage is relatively minor, it will most likely be overlooked and shouldn’t be an issue. In some instances, bad credit simply results in higher interest rates and overall borrowing costs.
Are there bad-credit mortgages available?
Yes, some lenders acknowledge just how problematic and common bad credit can be these days. While most lenders punish bad credit with elevated fees and outright refusals, others are more considerate of all applications. Talk to a Donkey Finance advisor regarding a subprime mortgage application is the best option.
Who should I contact to arrange a bad-credit mortgage?
It’s always advisable to contact a broker rather than go to a lender directly. This way, you’ll gain access to dozens of specialist lenders and hundreds of potential mortgage products, which may be better suited to your needs than traditional high-street mortgages.
