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Our Mortgage Broker Guide to getting a mortgage in North East London

The mortgage application process has 4 stages regardless of which mortgage lender you use:

    Approval/Decision in Principal (AIP/DIP)
    Mortgage in Principal (MIP)
    Mortgage Valuation
    Mortgage Offer

Read about the full mortgage process here - What is the mortgage process?

Mortgage Broker North East London Tip 1
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Mortgage Broker Tip 1

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Get wise to APRs

APRs are a fundamental to understanding how much your borrowing will cost you. They vary greatly according to what form of borrowing is being taken on and how high your credit score is.
You are well advised to shop around between products and types of borrowing available to you where APRs are concerned and you must find out what your credit score is – if it's on the low side, you're likely to be charged higher APRs on borrowing or even for your application to be refused.

Discounted Variable Rate Mortgage

For these mortgages, repayments are calculated using a variable interest rate which is a set discount on a lender's Standard Variable Rate (SVR) (which itself is invariably a set percentage above the Bank of England base rate).

If the lender's SVR is 3.00% and the discounted rate gives you a 1.2% discount, you'll pay 1.8%. Your payments can go up as well as down.

North East London in many ways is an artificial geographical construct because traditionally and going by postcodes, there is an N (North) area and an E (East) area but nothing NE. However, increasingly the area has become recognised in its own right because it makes little sense thinking of a suburb like Chingford as being in the East End when it is clearly far to the north of traditional East End areas such as Bow and Whitechapel. Hackney also is somewhat ambiguous – it's often thought to be part of the East End yet it's clearly somewhat north as is Dalston.

The area covers much of the path of the River Lee with its highly important reservoirs. Many of the suburbs towards the border with Essex are quite affluent, particularly Chingford and Higham's Park whereas Hackney has kept a traditional 'salt of the earth' reputation. That said, all the districts around Hackney, Dalston and Kingsland are these days regarded as fairly cosmopolitan, with a wide variety of small and larger-chain shops and fairly high property prices.

There are many beautiful parks in the area looking back to Victorian times such as Victoria Park itself and Hackney Downs. Walthamstow has seen considerable redevelopment and investment in recent years and is a brilliant communications hub for public transport as well as roads. The Hainault border with Essex is very near to the 'Golden Triangle' of Chigwell, Buckhurst Hill and Loughton.

E5 9DD

Property Price Stats for North East London

Average property price in North East London £555,266
% Change compared to last year 5.73%
Population of North East London 1,400,000 (2011)

The property price data is sourced from the Land Registry's UK House Price Index and you can view up to date property prices by clicking - Land Registry House Price Index >> Land-Registry

Mortgage Broker North East London - Recently Completed

  • Comberton Road, E5 9PU
  • Mountside Walk, E5 9QF
  • Abersham Road, E8 2LN
  • Shrubland Road, E10 7EP
  • Fyfield Road, E17 3RA

Local High Street Banks in North East London

Mortgage Broker in and around North East London

Our North East London mortgage broker can help you with your mortgage app;lication locally or in any of the surrounding areas including Walthamstow, Dalston, Leyton, Ilford, Hackney, Stratford and Highams Park.

Which banks are local to you?

  • Barclays Bank - 24 Station Rd, Chingford, London E4 7BQ
  • HSBC Bank - 283 Mare St, London E8 1PJ
  • Lloyds Bank - 377 Eastern Ave, Ilford IG2 6LW

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North East London Mortgage Broker Insider Tips

If a family member or friend is providing you with any of the finance towards your home purchase in North East London, make sure your solicitor has all the information in good time.

If there is a loan or a gift, your solicitor may need proof of funds, relevant documentation and a proof of ID. If they do not have this, you may find yourself ready to exchange but not able to go ahead. Furthermore, your mortgage lender may not be happy to lend where there is an unregistered interest (i.e. the financial interest of your relative or friend) over the property. 

They will want to know if this is going to be a gift or a second registered charge. As you can see this is prone to getting complicated and can affect whether or not you decide to proceed. If you can get everything underway and sorted out as soon as possible, you will be in a better position to make an informed decision from the outset.

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