Information
There are many mortgage lenders with multiple different products, some of which are only available through intermediaries. We understand it can be difficult to navigate your way through the market to find the product that best suits your needs. Your adviser will work with you to find a mortgage which meets your needs and objectives, and ensure the whole process runs smoothly.
There are 2 main types of mortgage:
Repayment
You borrow an agreed amount and repay it on a monthly basis, thus reducing the outstanding amount plus interest. You do this until the total is repaid within the duration (the term) of the agreement.
Interest only
In this case, you only repay the interest making repayments much cheaper. However, the loan (the capital) amount remains the same and you will need to repay it in full before the end of the mortgage. You will also need to show how you intend to repay the capital. There are also mortgages available which are a combination of repayment and interest only.
Different types of interest rates
Fixed-rate
With a fixed-rate mortgage your repayments will be the same each month for the period of the fix. This type of arrangement is excellent for managing household cash-flow, because you know the payment isn’t going to change during the fixed-period. If you are in a fixed deal that is coming to an end, please get in touch.
Variable rate
A variable rate mortgage means you repay – again on a monthly basis – an amount in line with Bank of England Base Rates. And whilst it’s true base rates have been historically at their lowest for some time now, your repayments could still go up.
Knowledge and expertise
There is so much to consider when making what is likely one of the biggest financial decisions of your life, whether you’re a first-time buyer, moving on, downsizing, or even buying a second home. Plus, there’s the important consideration of what mortgage protection cover you need, in the event of illness or sudden death. Our advisers will be able to help you make the right choices.