Mortgages

Buying a property can be the biggest decision made in our lives. It is for this very reason that expert advice is critical from qualified advisers.

Buying a property can be the biggest decision made in our lives. It is for this very reason that expert advice is critical from competent and qualified advisers. Whether you are a first time buyer, looking to re-mortgage, or purchase a new home, this is where our advisers excel.

Be reassured that our style is to guarantee reliable advice appropriate to any individual that makes contact with us. 

There are many types of mortgages available on the market and it can be confusing to know which one is right for you, so we have have outlined the basics below. To seek further advice from one of our qualified advisers, contact us today. 

 

Repayment mortgages 

You repay part of the amount borrowed together with the interest being charged each month.

In the earlier years of your mortgage, the majority of your monthly repayment is made up of interest.

However, towards the latter part of your mortgage term, the situation is reversed and the majority of your monthly payment will deduct from the amount borrowed.

Interest-only mortgages

You are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You will need to have credible arrangements to pay off the balance to avoid the property having to be sold, such as an Individual Savings Account (ISA).

Exclusive mortgage deals

We have access to exclusive deals, some of which are only available to our customers.  Our expert advisors will be able to let you know what the latest exclusive deals are and whether they fit with your personal circumstances. These deals are not available anywhere else on the high street.

Buy To Let

The main difference with a buy-to-let mortgage is that the lender will use the rent you will receive for the property to assess affordability. Some may also take the landlord's personal income into account. 

Standard Variable Rates (SVR)

Your payments should rise and fall in line with the Bank of England bank rate changes, but not necessarily at the same time or by the same amount. 

Fixed rates

Fixed rates give you the security of knowing that your monthly payments will always be the same. You pay a fixed rate of interest for a set period typically over two, three or five years.

Tracker variable rates 

These are usually linked to the Bank of England bank rate, which means they will change in line with this. 

Capped rates

You will know the maximum you will pay for a set period of time. This type of mortgage offers you the option of knowing the maximum monthly repayments you would have to make during a set period of, typically, two or three years.

Discount variable rates

Allows you to benefit from a discount on the lender's standard variable rate.  If the lender's standard variable rate (SVR) increases or decreases, so does the discounted rate. Typically, the shorter the discounted period the larger the discount.

Offset mortgages

Typically, a current account, savings account, or both, are linked to your mortgage and, each month, the amount in these accounts is then offset against your outstanding balance. You are unlikely to earn interest on your savings which are offset.

Flexible mortgages

You can vary the amount you pay each month and take payment holidays in some circumstances. It may help to reduce your balance with lump sum payments without incurring an early repayment charge.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE