Mortgages

With this type of mortgage, 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.

With this type, 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 mortgage, such as an Individual Savings Account (ISA), to avoid the property having to be sold.

We have access to exclusive deals some of which are available through intermediaries only.

Our mortgage advisors will be able to let you know what the latest exclusive deals are and whether they fit with your personal circumstances.

These mortgages are generally used for investment purposes, i.e., investing into a property, rather than paying into a pension.

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 how much can be borrowed.

The FCA does not regulate some forms of buy to let mortgages.

With this type of rate, 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.

Usually, your mortgage will move on to the lenders SVR once your fixed rate comes to an end.

Fixed rates give you the security of knowing that your monthly payments will always be the same for a set timeframe (usually, 2, 3 or 5 years).

With this type of mortgage, you pay a fixed rate of interest for the timeframe chosen.

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

Choosing a tracker rate mortgage could result in your mortgage payment increasing or decreasing, in line with interest rate movements.

With a capped rate mortgage, you will know the maximum you will pay for a set timeframe.

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.

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.

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

You can vary the amount you pay each month and often make large overpayments to reduce your mortgage debt without incurring an early repayment charge.  In some circumstances, you may also be able to take a payment holiday.

Buying a home is often considered to be a complicated and worrying process, but it doesn’t need to be! We can guide you through the process and offer expert mortgage advice specific to your needs & circumstances.  Buying a home takes a number of weeks, as there are a number of different factors that need to be considered.  Our advisers will discuss the whole process with you from start to finish.

Moving home is a stressful time for many, but again it does not need to be.  We can guide you through the process and offer expert mortgage advice specific to your needs and circumstances.  It is important to know what your maximum purchase price is, we can help you work this out and identify all associated costs involved.

The process of buying a home in the UK typically takes 3 months, but this can vary depending on the size of the ‘property chain’ – there are various factors that also need to be considered.  We will discuss your personal circumstances with you, including your income, outgoings, future plans and savings.  From this, we will work out the most suitable mortgage for your home move.

This usually means changing the mortgage on your home to another lender (often at the end of a fixed rate deal); although, we will also check if a better deal is available with your existing lender.

There are many reasons why you may wish to remortgage, but the most common reasons are:

• Securing a better deal
• Releasing equity (typically for home improvements)
• Protecting against rising interest rates