Looking for impartial mortgage advice without obligation?
Finding mortgages is often a stressful business.
Our Qualified Mortgage Advisor can help you make sense of the many different home loans available today. He can also guide you as to whether an interest only or repayment mortgage is best for you, a fixed or variable rate, a discounted or current account mortgage. He can guide you through the mortgage protection and associated mortgage products required whilst guiding you through all the other mortgage decisions that need to be made.
With the number of mortgage choices available - more than 10,000 different deals from more than 100 lenders - He can give you personalised, impartial mortgage advice for your specific needs, without obligation.
We have access to the latest mortgages (including many that aren't available through high street lenders) and can provide invaluable mortgage advice, pointing you toward the most appropriate deals and highlighting any early redemption charges and added charges.
Re-mortgages
There are many reasons to look at remortgaging your property.
It may well be to simply gain a better rate of interest rather than stay on your existing Lenders standard variable rate. Or you may wish to capital raise funds out of your existing property for many purposes including home improvements, debt consolidation, raising deposit for a second home or buy to let investment, school funds or a business venture but to name a few possibilities. It is estimated that more than half of all borrowers are continuing to pay over the odds for their mortgage each month. Usually these people are paying the lender's standard variable mortgage rate. There will be lower rates available from other providers. We can guide you through the remortgage process to find the deal that is right for you paying particular attention to such details as free valuations or legal fees to make the remortgage itself as cheap as possible.
First Time Buyers
As a first time buyer, you may have lots of questions about how to get a mortgage and which type suits you best. For example, should you choose a fixed rate, a discount, capped or tracker mortgage? We can help you understand the difference between the various offers, and help you secure a mortgage that fits your circumstances.
Types of Mortgages
There are many different types of mortgage deal, each has features that will appeal to certain borrowers.
Once we have discussed your current circumstances and your future plans, we will advise on the most appropriate mortgage for you.
Below are the main types we advise on regularly:
Fixed Rate
A fixed rate mortgage is a mortgage loan where the interest rate remains the same throughout the term of the loan, as opposed to loans where the interest rate may move up or down. The term of the fixed rate can vary from 1 year to 25 years, and the term will also affect the rate that you pay, generally, the shorter the term ,the lower the rate.
Fixed rate mortgages are of particular interest to borrowers who are paying towards the upper end of what they can afford and for people whose income is unlikely to change in the near future.
Tracker Mortgage
A variable rate loan with an interest rate that's at a set amount above or below the Bank of England or some other base rate, set independently from the lender. It tracks (moves up or down with) that rate
There are often penalties, sometimes during any special deal period, and maybe even after the period too.
It can pay to go for a tracker if you can afford to pay more when interest rates go up, in exchange for benefiting when they go down. It's not a good choice if your budget won't stretch to higher monthly payments.
Capped rate
Your payments are variable and often linked to a base rate, but fixed not to go above a set level (the 'ceiling' or 'cap') during the period of the deal. At the end of the period, you are usually charged the lender's standard variable rate. There are often penalties, sometimes during any special deal period, and maybe even after the period too
You know the maximum you will pay for a set period of time. Useful if you want the security of knowing that your payments can't rise above the set level, but still benefit if rates fall.
Discount
Your monthly payments can go up or down, but you get a discount on the lender's standard variable rate for a set period of time. At the end of the deal, you usually change over to the standard variable rate. There are almost always penalties during the special deal period. They can apply even after the end of the special deal period as well. It gives you a gentler start to your mortgage, at a time when money may well be tight. But you must be confident you can afford the payments when the discount ends. The discount period is limited, so don't get used to those early low repayments. You may not be able to make overpayments and pay off the loan early without penalties.The lender may not reduce, or may delay reducing their variable rate even if the Bank of England rate goes down
Standard Variable Rate
Your payments move up or down with the lender's own mortgage rate, which is usually driven by the Bank of England's base rate. Usually you can leave your lender without any penalties or problems. You're in control. You can usually pay back extra amounts (and cut your interest costs) without a penalty. It moves with interest rates. So if interest rates go up, so will your monthly payment. It will almost certainly be expensive compared to other deals.
The lender may not reduce, or may delay reducing, their variable rate even if the Bank of England rate goes down