Mortgages

There are many different mortgage options. The choice is one of the biggest problems; however, a wide choice means that there will be a mortgage suited to your requirements.

Below are six different examples

• Variable rate – This is a rate of interest normally charged by the lender on a mortgage and can change frequently.
• Fixed rate – This is a mortgage which has its rate fixed at the start of the mortgage for a fixed period, eg. 2 years, and will not change when rates either rise or fall during the period.
• Discount rate – The interest rate on your mortgage is discounted from the lender’s variable standard rate for a specific period of time, usually with a bigger discount at the start of the mortgage.
• Capped rate – The interest on your mortgage never goes above a certain level during an agreed period, but it does go down if interest rates fall.
• Cashback – You will be given a cash sum when you start the mortgage.
• Flexible – You can decide how much you repay each month and can pay extra or even suspend payments for a while. However, underpayments will be added to the outstanding mortgage.

Caution!

 If you want to pay off your mortgage early – maybe you have found a better deal, or you’re moving house and have decided to use a new lender – you might be charged penalties. Don’t worry, your Mortgage Adviser will always explain any redemption charges and how long they apply for.

Buy-to-Let Mortgages

Over the past couple of years it has become very fashionable to buy a house for investment purposes and rent it out, thus providing additional monthly income plus a hedge against rising house prices and providing that little bit of extra capital at some future date.

Consequently, many lenders have come into the market place providing funds. These mortgages are commonly known as buy-to-let mortgages. They vary widely and we would suggest that if you are interested in such a loan, you contact a  Mortgage Adviser for a more in-depth meeting so as to iron out all the queries and possible tax implications.

Contact us to arrange to speak to an Independent Mortgage Advisor  Contact Us

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.