The different types of mortgage interest rates are listed above. Most borrowers prefer to fix the interest rate for a period of time, so they know what their outgoings will be. The period of time chosen will depend on how you see your personal circumstances. For...
Read morea) Variable rate – your monthly repayments will vary as & when your lender’s standard variable rate (SVR) changes. b) Fixed rate – your monthly repayments will be fixed for as long as the interest rate is fixed. c) Discounted rate – your monthly repayments...
Read moreWe can usually still help even if you have an adverse credit history. Impaired credit could be a result of many factors and consequently lenders tend to make their judgment based on the specific details for each case.
Read moreYour credit report will list credit history details about you over the previous 6 years, such as mortgages, unsecured debt – credit cards, loans, car finance, overdrafts, mobile phone contracts and utility contracts, such as gas & electricity. In addition, your...
Read moreThe lender needs to ensure that your estimate of the value of the house is correct because their lending is secured on your home. You will normally have to pay for this valuation to be conducted. There are three types: a) A mortgage valuation This is a very simple...
Read moreA fee of £495 is payable upon completion of your mortgage; we will also be paid commission by the lender. If you prefer a fee only option, we charge 7% of the loan amount, payable on completion of the mortgage; any commission paid by the lender will be forwarded to...
Read moreMany lenders will allow you to add some or all of the re/mortgage costs to the amount borrowed, including application fees, broker fees and sometimes legal and valuation costs. This is often a very useful feature if you want to keep the up-front costs as low as...
Read moreSome mortgages are portable – this means that if you move house, you can take your current mortgage to your new home (called ‘Porting’), often for little or no cost. The lender may require additional proof of income or credit status at the time of porting your...
Read moreIf you repay your mortgage before the end of the term, there may be a charge payable to the lender, called an ‘early repayment charge’. The highest charges are usually in the early years of the mortgage, typically tied in to the same period as the initial ‘special’...
Read moreMost mortgage allow the facility to make overpayments of up to 10% of the capital during each calendar year. If it is your intention to sell your property within a couple of years, please bear in mind any early repayment charges (see – What happens if I want to...
Read moreWith every payment you make on a repayment mortgage (also called a ‘capital and interest’ mortgage) you will pay both interest on the mortgage and also pay off some of the capital. Provided you maintain all of your payments over the term of the mortgage, this type of...
Read moreYou should consider whether you will have sufficient income (from pension income, for example) to continue to pay your mortgage. If not, you will need to consider reducing the mortgage term (see above) to match your intended retirement. If you cannot meet your...
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