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AA Mortgages review May 2019

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.

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.

warning iconWarning: Your home may be repossessed if you do not keep up repayments on your mortgage.

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The finder.com mortgage service is provided by London & Country Mortgages (L&C), Beazer House, Lower Bristol Road, Bath BA2 3BA.
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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.

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*Disclaimer: The offers compared on this page are chosen from a range of products finder has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms “Best”, “Top”, “Cheap” including variations, are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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