AA Mortgages review

AA Mortgages is a new player in the UK mortgage market. It offers a range of fixed-rate and standard variable-rate products with a noteworthy loyalty bonus.

Updated

Fact checked
The AA

The AA is most well-known for saving us from being stranded on the road, but it’s slowly gaining a reputation for saving us money on our mortgages too.

AA Mortgages launched in 2016, offering fixed-rate, standard variable-rate and interest-only deals. All products are underwritten by the Bank of Ireland.

An annual loyalty bonus, equating to 0.1% of your mortgage balance, helps to separate AA Mortgages from its competitors. There are also some tempting cashback offers tied to a number of its products.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
L&C Mortgage Advice

London and Country Mortgage Experts

L&C is a specialist broker offering mortgage comparison & free advice.

  • Compare over 80 mortgage lenders
  • Fee FREE mortgage advice
  • Personal customer service from start to finish
  • Open 7 days a week
Promoted
The finder.com mortgage service is provided by London & Country Mortgages (L&C), Beazer House, Lower Bristol Road, Bath BA2 3BA.
L&C are authorised and regulated by the Financial Conduct Authority (reg no. 143002). Please note the FCA does not regulate most Buy to Let mortgages.

What types of mortgage does AA Mortgages provide?

  • Fixed rate. There is a wide range of fixed-rate mortgages, available for first-time buyers and home movers. They are spread over either two, three or five years. These options will be most suitable if you’re looking for certainty when it comes to the size of your mortgage repayments.
  • Standard variable rate.The only variable mortgages offered by AA Mortgages are standard variable-rate mortgages. These are based on Bank of Ireland’s SVR.
  • Interest-only. You can choose to pay interest-only with AA Mortgages, provided you have at least 40% equity in your property, worth at least £250,000. You can also choose a half-repayment, half-interest-only mortgage if you have at least 25% equity, with the property worth at least £250,000.
  • Remortgages. All the products mentioned above are also available for those looking to remortgage.

What bonuses are available?

AA Mortgages encourages customer loyalty by offering an annual bonus throughout the lifetime of your mortgage. The bonus equates to 0.1% of your mortgage balance. It’s paid every year, on the anniversary of your mortgage start date. You can choose to take this bonus as cash or as a mortgage overpayment.

With some AA Mortgages deals, you’ll receive a cashback after your mortgage application is approved.

How can I contact AA Mortgages?

AA Mortgages has a team ready to talk through what you need and help you find the right AA Mortgages deal.

You can call its team on 0800 169 6010. Phone lines are open 8.30am-8pm on weekdays and 9am-2pm on Saturdays.

If you need a consultation, this team can help arrange one with an AA mortgage adviser.

How do I apply for an AA Mortgages deal?

You can apply for a mortgage via phone or the AA Mortgages website.

You can begin your application online and finish it over the phone, with or without the help of a mortgage adviser.

The full range of available mortgages is listed on the AA Mortgages website. You can apply filters to find the products best suited to you. Once you’ve found the best product, you can apply for it online, either with or without mortgage advice.

If you choose to apply with advice, you’ll be asked to submit more details about your desired mortgage, before arranging a phone call with a mortgage adviser.

Apply without advice and you can proceed straight to the online application. Here, you’ll answer some basic questions to ensure you meet the eligibility criteria, then confirm your desired mortgage type and size. Finally, you’ll be asked to provide some personal and financial details before submitting your application. Approval is subject to a credit check.

Eligibility criteria

Before you’re offered a quote, you’ll be asked whether you meet the following eligibility criteria:

  • UK resident.
  • Aged 18 or over.
  • Have a UK bank account.
  • Annual household income of at least £20,000.
  • No history of bankruptcy or property repossession.

Find a mortgage using a broker to compare the market

Mojo Mortgages

Mojo Mortgages

The Mojo mortgage calculator compares rates in less than 1 minute. A free online mortgage broker.
L&C cobrand

L&C

The UK's largest fee-free mortgage broker & adviser. No hidden costs. L&C compares rates from over 80 lenders.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Read more on this topic

  • Coronavirus property prices We have explored how house prices have been affected across the country during this time and how interest in renting has fluctuated in different regions.
  • Accelerate My Mortgage review This new cashback website will help you to shave years off your mortgage.
  • Finder Mortgages Customer Satisfaction Awards 2020 How did your mortgage provider fare in our latest customer survey? Find out the winner of this year's Finder Customer Satisfaction Awards.
  • Proportunity review Discover the pros and cons of taking out an equity loan with Proportunity.
  • Property flipping Our comprehensive guide to property flipping gives you all the information you need to make a profit, from finding the right property to the costs you need to consider.
  • Methodology for mortgage ratings You’ll find customer satisfaction star ratings on some of our mortgage provider reviews. Here’s how we came up with them.
  • First-time buyer statistics We looked at the latest statistics to see how difficult it is to get your foot on the property ladder in 2019.
  • Mortgage statistics From the average house price to how many outstanding mortgages there are, we explore all the latest mortgage statistics for the UK.
  • Buying repossessed property How to buy a repossessed property and what the risks and benefits are. Plus, where to look for properties, buying at auction and issues to look out for.
  • DIY conveyancing Detailed guide to DIY conveyancing, including what checks you need to make, the searches you need to carry out and when you’re better off employing a professional.
Go to site