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MORTGAGE SCHEMES
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Standard Variable Rate
A Standard Variable Rate mortgage is one where the interest rate you are charged is set by the lender and can increase or decrease at any point in the future. This means the amount you are paying each month can decrease or increase, this can happen multiple times and there is no limit to how much your payments can change.
You normally do not need to pay the lender an arrangement fee to enter into this type of mortgage.
You can benefit from lower payments if the mortgage rate charged by the lender falls.
There is usually no Early Repayment Charge to get out of this type of mortgage.
There is no stability and security, the level of future payments are unknown.
If rates increase your monthly mortgage payment will go up.
There is no limit to how much your mortgage payment can increase by.
Discounted Rate Mortgages
A Discounted Rate Mortgage is where the lender offers you a discount off their Standard Variable Rate for a period of time typically 1,2,3 or 5 years. This is a genuine saving on their variable rate during this period. You will still be affected by interest rate changes and the amount you pay each month can rise and fall.
This is a genuine saving
You can still benefit from rate reductions.
There is normally an arrangement fee for this type of mortgage.
There is usually an Early Repayment Charge if you pay off all or some of the mortgage during the discounted period.
There is no protection from rate increases making budgeting difficult.
Fixed Rate Mortgages
A Fixed Rate Mortgage is one where the lender fixes the interest rate you will pay. This is typically done for the first 1,2,3 or 5 years of your mortgage (sometimes longer terms are available). This means whilst your rate is fixed your monthly mortgage payment will not change regardless of whether rates fall or rise. This type of mortgage is suitable for someone who is looking for security of payments and the ability to budget.
Monthly cost is known making budgeting possible.
You are protected against increased monthly payments during the fixed rate period.
There is usually an arrangement fee to pay to the lender to enter this type of mortgage product.
There is usually an Early Repayment Charge to pay if you wish to pay off all or part of the mortgage during the fixed rate period.
You will not benefit from any reductions in interest rates.
Tracker Mortgages
A Tracker mortgage is where the interest rate charged is directly linked to an index like the Bank of England Base Rate. These are typically available for 1,2,3 or 5 years. The rate charged will normally be the Base Rate plus a margin for example if the Bank of England Base Rate is 2.5% and the lenders margin is 2% the rate you will be charged is 4.5%. This gives you the knowledge the rate you are paying truly reflects the current rate and any reductions are passed on to you immediately.
The rate being paid will reduce immediately if there is a reduction in the base rate.
There is often an arrangement fee payable to the lender to enter this type of mortgage deal.
There is often an Early Repayment Charge to pay off all or some of this mortgage during the tracker period.
The amount you pay each month can rise and fall making budgeting difficult.
Flexible Appointments
We understand in this modern world life is no longer 9-5 so we offer flexible appointments to suit your needs.
Our Advice
Our initial meeting is free of charge. There is no obligation to use our service. We will only charge if you decide to go ahead and use our services.
The right Mortgage
We will make a full assessment of your needs, priorities and goals and then recommend the right mortgage for you
The right Protection
Having gathered all the information about you, your circumstances and your home, we will provide advice and recommendation on the right protection for you.
Getting you there
We are not just here to arrange your mortgage and protection. We will support and guide you through the home buying process right up to the day you get your keys
The future
We will be here to provide you with help, guidance and advice from re-mortgaging to home moves in the future as your circumstances change.
If you are experiencing financial difficulty and struggling to make repayments, then you can contact your lender who may be able to help taking account of your individual circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
You may want to contact one of the free impartial money guidance and debt advice services such as StepChange, Citizens Advice, or Turn2Us.