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A
Fixed Rate Mortage
offers you a mortgage with an interest rate that is set for a period
of time. The rate then reverts to the lender's basic mortgage interest
rate, commonly known as the Standard Variable Rate (SVR). Plus Points:
Knowing the interest instalments will not fluctuate during the fixed
period allows you to plan your finances. Points to Watch: These
mortgages sometimes have early cancellation penalties that can lock
you into staying with the lender for a time after the fixed period.
This could then tie you into an uncompetitive mortgage. There are
2 standard repayment methods for Fixed Rate Mortgages : Straight
Repayment & Interest Only
Simply complete the brief Mortgage
Quote Form and we will contact you within 24 hours with an agreement
in principle.
A Discount Mortgage offers you an interest rate set at an
amount (discounted) below the lender's standard variable rate. Normal
terms are between one and five years. Plus Points: Opportunity to
pay less than the standard rates while payments fall with interest
rates. Points to Watch: The longer the period of discount the smaller
the discount. These mortgages sometimes have early cancellation
penalties. There are 2 standard repayment methods for Discount Mortgages
: Straight Repayment & Interest Only Simply complete the brief Mortgage
Quote Form and we will contact you within 24 hours with an agreement
in principle.
A Variable Rate Mortgage offers you a mortgage at the lender's
basic mortgage interest rate, commonly known as the Standard Variable
Rate (SVR), which can fluctuate with interest rate changes made
by the Bank of England. Plus Points: Usually there are no penalties
for cancellation and for transferring to another mortgage product
or to another lender (known as redemption penalty and lock-in periods),
giving you the flexibility to change your mortgage type or move
to a different lender Points to Watch: Interest rates can go up
as well as down. When it rises sharply, your interest payment instalments
may increase substantially. There are 2 standard repayment methods
for Variable Rate Mortgages : Straight Repayment & Interest Only
Simply complete the brief Mortgage
Quote Form and we will contact you within 24 hours with an agreement
in principle.
A Cash Back Mortgage offers you cash back when the mortgage
is finalised. The amount of cash back is often a percentage of the
loan. This cash may be attractive to first time buyers who need
extra cash for home improvements or furniture. Plus Points: The
cash received back can be attractive to those who require the funds
to pay professional fees, make home improvements, buy furniture,
etc.. Points to Watch: Rates are usually set at the lender's standard
variable rate for a fixed term. More cash back can add to the term
and cost of the mortgage. Expect cancellation penalties to change
mortgage within the initial years. There are 2 standard repayment
methods for Cash Back Mortgages : Straight Repayment & Interest
Only Simply complete the brief Mortgage
Quote Form and we will contact you within 24 hours with an agreement
in principle.
A Tracker Rate Mortage offers you a Variable Rate Mortgage
with an interest rate that rises and falls in line with a specific
benchmark, usually the Bank of England Base Rate. The tracker rate
would be expressed as a certain percentage rate above the benchmark
rate. Plus Points: Usually there are no penalties for cancellation
and for transferring to another mortgage product or to another lender
(known as redemption penalty and lock-in periods), giving you the
flexibility to change your mortgage type or move to a different
lender. Points to Watch: Interest rates can go up as well as down.
When it rises sharply, your interest payment instalments may increase
substantially. There are 2 standard repayment methods for Tracker
Rate Mortgages : Straight Repayment & Interest Only Simply complete
the brief Mortgage
Quote Form and we will contact you within 24 hours with an agreement
in principle.
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