Mortgages

HELPING YOU CHOOSE THE RIGHT MORTGAGE

Speak to one of our mortgage advisers to find the most suitable deal from our comprehensive panel of lenders.

A mortgage is a long term loan secured on a property, which means that if you fail to keep up the repayments on the mortgage the lender could take back your home and sell it to repay what you owe.

Most mortgages run for 25 years but the term can be shorter or longer. There are many flexible mortgages available which allow for either early repayment or even an extension of the loan period.

You can get a mortgage from a bank, building society or a specialist mortgage lender. Before they agree to lend, they will check thoroughly that you can afford the monthly mortgage payments and that the property is worth the amount you want to borrow.

A mortgage has two parts:

  • the capital, which is the money you borrow, and
  • the interest, which is the charge made by the lender until the loan is paid back

You can apply for a mortgage direct from a lender, such as a bank, building society or specialist mortgage lender. These providers can only give you a mortgage from their own product range.

If you want to make the most of your money you’ll need to have done your research first. You can make a decision based on information from the internet. newspapers or elsewhere.

Alternatively use a mortgage broker who can compare different mortgages available to you and will also have access to some lenders who do not offer mortgages direct to customers. In that way you ensure you have a wide choice.

MORTGAGE PRODUCTS

Flexible

This type of mortgage is designed to accommodate your changing financial needs.

It may allow you to overpay, underpay or even take payment holidays. You may also be able to make penalty free lump sum repayments.

Arrangement/booking fees are likely to apply to this class of product. Once your deal comes to an end, you’re likely to be automatically transferred on your lender’s standard variable rate (SVR).

Tracker

Your mortgage interest rate tracks an index such as Bank of England Base Rate or London Interbank Offered Rate (LIBOR).

So if the tracked rate goes up so will the rate of interest you will have to pay on your mortgage, but if the base rate falls so will your monthly repayments. Tracker mortgage deals can last for as little as one year, or as long as the total life of the loan.

Arrangement / booking fees are likely to apply to this class of product. Once your tracker deal comes to an end, you’re likely to be automatically transferred on your lender’s standard variable rate (SVR).

Discount variable

This type of loan is cheaper than the Standard Variable Rate at the start of your mortgage

It allows you to take advantage of the discounted rate of interest below the lenders standard variable rate period for a set period of time at the beginning of your mortgage. An early repayment charge may apply if the mortgage is repaid during a discounted rate of interest below the lenders standard variable rate period.

Arrangement / booking fees are likely to apply to this class of product. Once your deal comes to an end, you’re likely to be automatically transferred on your lender’s standard variable rate (SVR).

Fixed rate

The rate of interest on your mortgage is fixed for a set period of time at the beginning of your mortgage.

Fixed rate mortgages are suitable for those who want to budget and prefer to know what their mortgage repayment is likely to be for the duration of the product. If interest rates increase the fixed rate will remain the same. An Early Repayment Charge may apply if the mortgage is repaid during the fixed period.

Arrangement / booking fees are likely to apply to this class of product. Once your deal comes to an end, you’re likely to be automatically transferred on your lender’s standard variable rate (SVR).

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