Of course we can help you with mortgages-for-purchase, but we also offer so much more. Whether you are buying your first home, moving to a new one, remortgaging your existing property or purchasing as an investment, we can help you to work out your budget and find the best lender for your situation and needs.
Depending on the type of mortgage you are looking for, we can assist with divorce settlement, self-build, school fees, raising equity to purchase a car or a holiday or even a second property. Note that lenders do not usually allow capital raising for business purposes or to pay a HMRC tax bill.
Mortgage types available include: Purchase, 1st Time buyers, Re-Mortgages, Buy to Let
This is where the interest payable on the loan is set for a period of time—usually ranging through 2, 3, 5 or 10 years. After this time, your rate will usually revert to the lender’s Standard Variable Rate. During your fixed rate, regardless of what is happening in the market, the interest due will remain unchanged, giving you security of budgeting each month. You are usually tied in with the lender during the fixed-rate period. If you redeem the mortgage during this time, then you will be liable to pay Early Repayment Charges which will be explained to you at the outset.
This type of rate is linked to the Bank of England Base Rate and will be set slightly above it, to an extent that varies from lender to lender. When the Base Rate varies, your mortgage payment will too. Again, these conditions can be for a set period of time, but there are products that are called Lifetime Trackers that track the rate for the whole term of the mortgage. You will usually be tied into the lender if you opt for a specific time period and you may be liable to pay Early Repayment Charges if you redeem the mortgage during this time. If the Base Rate changes then your mortgage payment should reflect this automatically in the next month’s mortgage payment and thereon.
This is a rate that is discounted from the lender’s Standard Variable Rate for a period of time and an Early Redemption Charge would normally apply during the initial period. This rate is not linked to the Bank of England Base Rate and therefore means that the lender can alter their variable rate at any time, resulting in your payment also altering in line—even if the Base Bate has not.
Standard Variable Rate
This is the rate your mortgage would normally revert to once your term on any of the above deals has expired. Such a rate is usually not liable for Early Repayment Charges. Some lenders offer this rate initially, which is great if you do not want to be tied into the lender.
We can advise you on the best mortgage to suit your needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.