Real people. Real advice.
When choosing a mortgage, it is tempting for some people to just focus on interest rates and repayment amount.
There’s more to consider though than monthly payments and APR with mortgages.
We have access to the Whole of Market for lenders ranging from your well known high street providers to more niche banks and building societies.
First time buyers – we can really help in a number of situations but the most common are low deposits, higher salary multiples are needed or a Guarantor option is needed.
Staying with the same lender is not always the best option when other bank are vying for your business. We can help advise what the best option is based on your circumstances and we have saved our clients’ money on countless occasions.
BTL, Ltd Company BTL & Portfolio BTL
Over the past years we have seen some significant changes in this area and we have been advising investors and landlords on maximising yield from property purchases for BTL.
Low credit score, Defaults, CCJ
If your credit rating is suffering for one of these reasons it’s not the end of the world. This is one area where many more lenders are now available compared to previous years.
Self employed and Help to buy / New build mortgages
We can help you with these types of mortgages.
Here we answer the most common questions about mortgage financing. If you have other questions, please contact us.
What are the main types of mortgage?
Broadly speaking, there are two: fixed rate and variable mortgages.
Fixed rate deals give peace of mind as typically the interest rate (and your monthly repayment) are set in stone, so to speak, for usually between two and five years. Some have set up fees and this can reduce the interest rate. Others are free to start but often with a higher fixed rate. We are whole of market mortgage advisors and can help you decide which fixed rate deal is best for your circumstances.
Variable rate deals come in different forms. Typically, if the lender announces an interest rate rise or fall, your monthly repayments will change. You can be on Standard Variable Rate (SVR) with no tie-ins, a Discount, Tracker or Capped Rate variable mortgage.
Should I simply opt for a fixed rate mortgage?
There is no simple answer to this question as there are advantages and disadvantages to choosing a fixed rate mortgage. Fixed rate mortgages are usually more expensive than variable rate mortgages. On the other hand though you are protected from sudden rises in interest rates. You are locked in to the deal though for the set number of years and exit or switching charges can be punitive. Normally, too, you revert to a lender’s SVR after 2, 3 or 5 years so it’s a good idea to start looking for new deals two to three months before your current deal expires.
What is a discount mortgage?
These typically offer a set period of time for a discount on the lender’s SVR. If a lender’s SVR is 5% you may be offered a 2 year discount of 1%, meaning an interest rate of 4% for 24 months. We can advise you on discount mortgage rates and deals.
What is a tracker mortgage?
They are a form of variable rate mortgage but differ in that they track the Bank of England base rate, typically a percentage point above or below. This means your mortgage is not dependent on your lender’s SVR but that set nationally. You are not protected from interest rate rises, as with a fixed rate deal, but you can often take advantage of low interest rates and overpay.