Mortgage Advice
Not only do you need to consider which mortgage interest rate is right for you, you also need to think about the product that best suits your individual needs.
We understand how important getting your property is to you. We know that a mortgage is something you just want sorted and as cheaply as possible so that you can focus on getting the keys to your new home, paying a lower amount each month or adding to your property portfolio.
We will help you with your mortgage decisions and the application process every step of the way.
We are in a fortunate position to be able to offer you access to products from a panel of over 70 lenders including products that are only available from lenders to the public through mortgage brokers like ourselves.
We offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgage, but not deals that you can only obtain by going direct to a lender.
For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs. For example, a further advance from your existing lender or an unsecured loan (e.g. a personal loan). For those seeking a 'Retirement Interest Only Mortgage', a 'Lifetime Mortgage' may be available and more appropriate for your needs.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
How do I repay my Mortgage?
Mortgages should be straightforward - you borrow money to buy a house and pay interest on the loan. In a hugely competitive market, building societies and banks are continually updating and extending their range of mortgages.
The most important points to consider are how you pay back the capital you borrow and how you pay the interest on it.
You can either pay the capital a little at a time as you go (repayment mortgage) or pay it all off at the end (interest only mortgage).
Paying back the capital on your mortgage
You either pay a small amount of the capital back each month until this is all repaid at the end of the mortgage term (repayment mortgage) or you pay back the capital at the end of the mortgage term (interest-only mortgage), normally using an investment, of various types, to do so.
Repayment mortgages
Each monthly payment pays off a little of the underlying debt, as well as interest on the loan. At the end of the repayment term, providing all payments have been made in full and on time, the mortgage will be repaid in full.
Interest only mortgages
With this type of mortgage, you pay-off the interest on the loan but not the capital. At the end of the mortgage term, it is then your responsibility to repay the capital outstanding.
Interest Only Mortgages
Interest only mortgages are a type of mortgage where only the interest is repaid. The full capital amount remains outstanding during the mortgage term and is repaid in one lump sum at the end of the term.
Lenders require evidence that a customer will have in place a clear credible repayment strategy and that the repayment strategy has the potential to repay the capital borrowed.
Repayment strategies may include deposits or investment product(s), pension(s), periodic repayment of capital from irregular sources of income (i.e. bonuses), the sale of another property or other land or other acceptable methods which meet lending criteria.
This means that the mortgage payments each month will be lower than those of a repayment mortgage for a similar loan and term. Where the repayment of capital is an investment the investment runs alongside the mortgage but is separate from it; the costs should be taken into account when calculating the overall costs of the mortgage arrangement.
Every month you then pay this interest to the lender for the duration of the loan. The lender calculates your monthly repayments dependent upon how the rate you have chosen is set. The monthly interest payments vary dependent on whether the interest rate is fixed or variable. At the end of the loan period, the lender will expect the initial capital they lend you to be repaid in full by whatever means you have arranged.
The Financial Conduct Authority does not regulate most forms of buy to let mortgage.
