Buying a property can be a big decision
It is for this very reason that impartial advice is critical from competent and qualified advisers. Whether you are a first time buyer, looking to remortgage or purchase a second home, our advisers are here to help.
A mortgage is a special loan for buying property, where the property is security for the loan. Paying back the mortgage includes capital (the amount borrowed) plus interest.
Traditional mortgages are arranged over a 25 year term with payments due monthly. Changing the term length will change the amount due each month.
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Repaying a mortgage
Repayment mortgage – where you pay back part of the capital as well as the interest due each month
Interest only mortgage – where you only pay the interest on the loan each month and pay off the capital at the end of the loan term
Different interest rates
- Fixed rate – you pay a set rate for a set period of time with no changes.
- Variable rate – the monthly repayments can go up and down according to the lender’s interest rate, usually linked to the Bank of England base rate.
- Tracker rate – a variable rate linked to the Bank of England base rate by a fixed amount.
- Discount rate – a variable rate that is discounted from the lender’s standard rate as a short-term offer.
- Capped rate – a variable rate where your payments are capped at an agreed rate, even if the interest rate goes higher. A ‘collar’ is a variation of the capped mortgage, where there is a rate below which your mortgage cannot fall.
- Flexible mortgages – usually a variable rate mortgage, with flexible features such as allowing overpayments and varying amounts and timing of monthly payments.
If these terms leave you confused, don’t worry – we are here to help.
A fee for mortgage advice will be charged on completion of your mortgage. This fee will typically be £300 up to a maximum of £500. We will receive commission from the lender in addition to the fees you pay.
THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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