Mortgage Brokers in Leicester and East Midlands

Get the best mortgage deals in Leicester, Leicestershire, and the East Midlands area

Leicester’s property market offers a diverse range of options for homebuyers and investors. From the bustling city centre to the rail-connected suburbs and surrounding towns, Leicestershire provides a variety of popular locations to consider when buying property.

Whether you’re looking for Victorian houses, historic country homes, or modern city-centre flats, the East Midlands offers homes to suit every preference and lifestyle.

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How Much Deposit Do I Need for a Mortgage in Leicester?

Properties in Leicester had an overall average price of £278,638 over the last year. Generally, lenders in Leicester often expect a deposit of at least 5-20% of the property’s purchase price. This means that you will need a deposit of between £13,931.90 and £55,727.60, on average.

Saving for a higher deposit can lead to more favourable interest rates and mortgage terms, so it is often a better idea to save closer to 20% of the home’s full value. However, this sum will depend on the price of your property as well as other factors including how much money the bank is willing to lend you.

How Can I Qualify for a Mortgage in Leicester?

Each lender may have different criteria and requirements, but in general, to qualify for a mortgage in Leicester, lenders generally consider factors such as:

  • Your credit score
  • Your current income
  • Your employment history
  • Your debt-to-income
  • The value of the property you intend to purchase. 

What Types of Mortgages Are Available in Leicester?

In Leicester, you can find various types of mortgages, including:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • Interest-only mortgages
  • Government-backed mortgages such as those offered by the Help to Buy scheme. 

Each type has its own advantages and considerations, so take the time to understand the terms and conditions associated with each mortgage type before making a decision.

what is a bridging loan

Speak to Octagon Capital on 0333 414 1491 for bridging loans at a range of different LTVs.

What Are the Costs Associated With Getting a Mortgage in Leicester?

When obtaining a mortgage in Leicester, there are several costs to consider, including:

  • Arrangement fees
  • Valuation fees
  • Legal fees
  • Stamp duty land tax (if applicable). 
  • Monthly mortgage payments
  • Insurance premiums
  • Maintenance expenses for the property.

How Long Does It Take To Complete a Mortgage Process in Leicester?

The time required to complete a mortgage process in Leicester can take anywhere from several weeks to a few months to complete the entire process from initial application to final approval and disbursement of funds.

However, it can vary depending on several factors, including the lender’s processes, your financial circumstances, and the complexity of the transaction. 

Is Leicester a Good Place to Buy a Home?

Leicester is considered a good place to buy a home for many reasons. It offers a thriving cultural scene, excellent transportation links, a range of educational institutions, and diverse employment opportunities.

The city’s rich history, green spaces, and affordable property prices make it an attractive choice for buyers. However, individual preferences may vary, so you should consider taking the time to research the local market, visit the area, and determine if Leicester aligns with your specific needs and aspirations.

What Are the Advantages of Buying a Home in Leicester?

Buying a home in Leicester has several advantages. The city boasts a vibrant multicultural atmosphere, a thriving city centre with shopping and entertainment options, and a range of housing choices to suit different budgets and preferences. 

Leicester’s central location in the East Midlands provides easy access to other major cities and scenic countryside areas. Additionally, the city’s ongoing regeneration projects and investment in infrastructure contribute to its appeal as a place to live and invest in property.

Can I Remortgage My Property in Leicester?

Yes, you can remortgage your property in Leicester. Remortgaging involves switching your current mortgage to a new lender or renegotiating the terms with your existing lender. People often consider remortgaging to take advantage of better interest rates, access additional funds, or change the mortgage term.

Will the Leicester Government Help to Pay My Mortgage?

Yes, there are government schemes available in Leicester to help with mortgage affordability. The Help to Buy scheme, mentioned earlier, is one such program that provides assistance to eligible buyers in purchasing a property. 

Leicester City Council and local housing associations may also offer support or affordable housing options that can help make mortgages more accessible to certain individuals or families.

How Can Leicester County Council Help With Mortgages?

Leicester County Council may provide assistance and support in various ways related to mortgages and homebuying. They might offer guidance on affordable housing schemes, provide information on local initiatives, or connect you with resources to explore mortgage options. Contacting the council or visiting their website can provide more details on the specific programs and services available.

Leicester City Council and local housing associations may also offer support or affordable housing options that can help make mortgages more accessible to certain individuals or families.

Can I Buy a Property in Leicester as a Foreign National or Non-UK Resident?

Yes, it is possible for foreign nationals or non-UK residents to buy a property in Leicester. However, there may be additional requirements and restrictions depending on your residency status. It’s advisable to consult with mortgage advisors and legal professionals who specialise in assisting non-UK residents to navigate the process and understand the specific eligibility criteria and documentation needed.

What Are Some Popular Locations to Consider for a Mortgage in Leicestershire?

Leicester offers a variety of neighbourhoods and areas that are popular for obtaining mortgages. Each area has its own unique characteristics and amenities, so it’s important to research and visit different neighbourhoods to find the one that suits your preferences and budget. Some sought-after locations in and around Leicester include:

  • Clarendon Park
  • Stoneygate
  • Oadby
  • Knighton
  • Evington
  • Leicester City Centre
  • Loughborough
  • Market Harborough
  • Hinckley
  • Melton Mowbray
  • Coalville
  • Wigston
  • Burbage
  • Ashby-de-la-Zouch
  • Syston
  • Narborough
  • Birstall
  • Thurmaston
  • Glenfield
  • Anstey
  • Mountsorrel

How Can I Find the Best Mortgage Rates in Leicester?

To find the best mortgage rates in Leicester, you should compare offers from multiple lenders. You can start by researching and contacting different banks, building societies, and mortgage brokers operating in Leicester.

Online mortgage comparison websites can also be helpful in comparing rates and terms and can even put you in contact with special deals.

To explore your options with a member of our dedicated team, call us on 0333 414 1491 or email


A maximum fee of 1% of the loan amount is payable – for example on a mortgage of £100,000 the fee would be £1,000, the exact fee will be dependent on your circumstances. For Bridging Finance where the net loan amount is £150,000 or below, the maximum fee charged is £1,995.

SPF Short Term Finance is a trading style of SPF Private Clients Limited which is authorised and regulated by the Financial Conduct Authority (FCA).