The Mortgage Specialists
Even in todays climate, there are literally hundreds of Mortgages available on the market at any one time but which one is best for you? Our experienced advisors will search the market for you and help and recommend the best product suit your needs.
Below is a guide to the types of mortgage that are available:
Standard Variable Rate
This is a lenders highest priced product but generally unlikely to have any penalties on partial or full redemption. It is often possible to get a better interest rate deal than that of a lenders Standard Variable Rate
Discount Mortgages
Discount Mortgages are offered at a discount to Variable Rate and may have ties or penalties on part or full redemption of your loan. Lenders are not generally obliged to pass on to you in full any decrease in the Base Rate with Discounted Mortgages.
Fixed Rate Products
These are handy if you need to be sure of your budget as the rate is fixed and payments will increase or decrease during the fixed rate period. Fixed Rate products are likely to incur an arrangement fee and are pretty likely to have penalties on part of full redemption. Penalties on early clearance can be very steep. Generally speaking the smaller your mortgage amount and repayment term the more consideration should be given to avoiding this type of product.
Capped Mortgages
Likely to incur penalties on part or full redemption and are similar to fixed rate products but with a capped rate mortgage if the variable rate drops below the "capped" figure so do your payments, rises are however capped at an agreed level. This type of mortgage puts a maximum on your monthly payments. This type of products is now offered less by lenders.
Trackers
Tracker mortgage can still be sourced with little or no arrangement fees or ties or penalties. The rate follows the Bank of England Base Rate plus or minus a margin. In a period of falling interest rates these are attractive as the full decrease is immediately passed onto you, the mortgage holder but remember the opposite also applies should the rate rise.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
As an Independent Mortgage Broker we will not normally charge you a fee, however, if you would prefer to pay us a fee, we will charge you 1% of the loan amount advanced. This is payable in advance. We will charge £495 for all sub prime mortgages. This is payable in advance. The FSA do not regulate commercial or Buy to Let Mortgages.