Our Services
UNDERSTANDING YOUR OPTIONS
Types of Mortgages
Fixed Rate
The interest rate you pay will stay the same throughout the initial product term, no matter what happens to interest rates in the market. This means that you have certainty of knowing what you will pay each month. The downside is that, if interest rates fall, you may be paying more than you would have done had you not fixed your rate. When the product term ends, the rate will then move onto a Standard Variable Rate (SVR).
Your home may be repossessed if you do not keep up with your repayments on
your mortgage.
Tracker Rate
The interest rate you pay will be directly linked to the Bank of England Base Rate throughout the initial product term. Tracker rate mortgage payments will increase or decrease if rates go up or down. This means that you will not have the certainty of knowing what you will pay each month. You may initially be paying less than if you had fixed your interest rate, but the downside is that if interest rates rise, you may be paying more than you would have done, had you fixed your rate.
Your home may be repossessed if you do not keep up with your repayments onyour mortgage.
Discounted Rate
The interest rate you pay will be less than the standard offered by your mortgage provider throughout the initial product term. Discounted rate mortgage payments will increase or decrease if rates go up or down. This means that you will not have the certainty of knowing what you will pay each month. You may initially be paying less than if you had fixed your interest rate, but the downside is that, if interest rates rise, you may be paying more than you would have done, had you fixed your rate. When the product term ends, the discount will be removed, and you will move onto a standard variable rate (SVR).
Your home may be repossessed if you do not keep up with your repayments onyour mortgage.
Repayment
With a repayment mortgage you pay the interest charged on your loan plus an amount of capital towards the debt.
So each monthly payment includes part interest and part capital repayment. The capital element is calculated in a way that makes sure by the end of the mortgage term the debt is fully repaid (if you keep up your repayments in full).
Your home may be repossessed if you do not keep up with your repayments onyour mortgage.
Interest Only
With an Interest Only mortgage you only pay the interest charged on your loan. You are not paying any of the debt itself, so it does not reduce. For example, if you borrow £100,000 over 10 years you will still owe £100,000 at the end of the 10-year term. For an Interest Only mortgage you must have a plan in place to repay your loan at the end of the term. This is called a repayment strategy, and the strategy must be plausible to the mortgage provider for them to accept it.
Your property may be repossessed if you do not keep up repayments on your mortgage.
TRANSPARENCY
Costs Involved
Legal Fees
Solicitor fees for conveyancing, legal registrations, local search fees, and Land Registry fees.
Valuation Fee
The cost for your lender to assess the value of the property you're purchasing.
Arrangement Fee
Costs your lender charges for arranging your mortgage. Some lenders allow the fee to be added to the mortgage.
Early Repayment Charge
Lenders may charge an ERC if you overpay, repay early, or remortgage during the early repayment period.
Deeds Release Fee
Lenders may charge a fee to release the deeds of a mortgaged property to you or a new lender.
Our Advice Fee
Before we get started, we will clearly explain how we will be paid for arranging your mortgage.
Stamp Duty
When buying a property, you may be required to pay stamp duty to HMRC.
PROTECT WHAT MATTERS
Insurance Services
Life Insurance
If you die unexpectedly, a life insurance policy will pay out a cash sum to your family. Mortgage protection is a type of term assurance where the amount of cover decreases over the term of the policy, tying in with the outstanding amount on your repayment mortgage.
Critical Illness Cover
This type of insurance policy pays out a lump sum if you're unfortunate enough to be diagnosed with a specified critical illness such as cancer, stroke or heart attack.
Income Protection
This can replace part of your income if you're unable to work for a long period of time as a result of illness or disability. It will pay out until you return to work, the policy ends or in the event of your death.
Home Insurance
Home insurance protects the structure of your property against risks such as fire, flood, storm damage, or accidental damage. It ensures that repair or rebuilding costs are covered.