Mortgages

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9 mortgage types to choose from

Repayment mortgages

You repay part of the amount borrowed together with the interest being charged each month. In the earlier years, the majority of your monthly repayment is made up of interest, however, towards the latter part of your mortgage term the situation is reversed, with the majority of your monthly payment reducing the amount borrowed (also known as capital and interest mortgages).

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Interest-only mortgages

You are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You’ll need to make alternative arrangements to pay off the mortgage to avoid the property having to be sold, such as taking out an investment vehicle.

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Standard variable rates

Take the rough with the smooth. With this type of rate your payments should rise and fall in line with the Bank of England base rate changes, but not necessarily at the same time or by the same amount. You will almost certainly be paying a higher interest rate than the Bank of England base rate. Most borrowers are transferred to their lender’s standard variable rate once their initial incentive rate period comes to an end.

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Fixed rates

You have the security of knowing that your monthly payments are the same, you pay a fixed rate of interest for a set period, typically over 2, 3 or 5 years, so you know exactly what you’ll be paying each month even if interest rates change.

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Tracker variable rates

Your payments change when interest rates fall or rise. Tracker variable rates are usually linked to the Bank of England Bank Rate, which means they’ll change in line with changes to the base rate. Tracker variable rates usually offer an initial incentive, typically 2 or 3 years – for example, the interest rate payable may be set a small percentage above the rate being tracked for an incentive period. At the end of the incentive period the rate payable will continue to track the rate to which it is linked, but usually at a larger percentage above the rate being tracked.

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Capped rates

You know the maximum monthly repayments you would have to make during a set period, typically 2 or 3 years. Capped rates work in a similar way to variable rates, but also offer similar security to fixed rates. The initial interest rate will be set but will vary in line with interest rates. The rate will not exceed a specific upper limit (the cap) for the set period.

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Discount variable rates

You benefit from a discount on the lender’s standard variable rate (SVR). If the lender’s SVR increases or decreases, so does the discounted rate. For example, if the lender’s SVR is 3.5% and they offer a discount of 1.5% for 2 years, you will start off by paying 2.0%. If the lender’s SVR increases to 4.0% after 6 months, you will pay 2.5%. Typically, the shorter the discounted period the larger the discount.

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Offset mortgages

Your savings will be offset against your outstanding mortgage. Your main current account, savings account or both are linked to your mortgage. Each month, the amount in these accounts is offset against your outstanding mortgage before working out the interest you owe. You are unlikely to earn interest on your savings which are offset against your mortgage.

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Flexible mortgages

Great if you have a variable income. You can vary the amount you pay each month and take payment holidays in some circumstances. It may help to reduce your mortgage with lump sum payments without incurring an early repayment charge.

Let’s get moving! Contact us today to help.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

We make it easy for you to switch your rate to save money, keep your mortgage tailored to your needs or even borrow more to improve your home.
9 mortgage types to choose from

Repayment mortgages

You repay part of the amount borrowed together with the interest being charged each month. In the earlier years, the majority of your monthly repayment is made up of interest, however, towards the latter part of your mortgage term the situation is reversed, with the majority of your monthly payment reducing the amount borrowed (also known as capital and interest mortgages).

---

Interest-only mortgages

You are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You’ll need to make alternative arrangements to pay off the mortgage to avoid the property having to be sold, such as taking out an investment vehicle.

---

Standard variable rates

Take the rough with the smooth. With this type of rate your payments should rise and fall in line with the Bank of England base rate changes, but not necessarily at the same time or by the same amount. You will almost certainly be paying a higher interest rate than the Bank of England base rate. Most borrowers are transferred to their lender’s standard variable rate once their initial incentive rate period comes to an end.

---

Fixed rates

You have the security of knowing that your monthly payments are the same, you pay a fixed rate of interest for a set period, typically over 2, 3 or 5 years, so you know exactly what you’ll be paying each month even if interest rates change.

---

Tracker variable rates

Your payments change when interest rates fall or rise. Tracker variable rates are usually linked to the Bank of England Bank Rate, which means they’ll change in line with changes to the base rate. Tracker variable rates usually offer an initial incentive, typically 2 or 3 years – for example, the interest rate payable may be set a small percentage above the rate being tracked for an incentive period. At the end of the incentive period the rate payable will continue to track the rate to which it is linked, but usually at a larger percentage above the rate being tracked.

---

Capped rates

You know the maximum monthly repayments you would have to make during a set period, typically 2 or 3 years. Capped rates work in a similar way to variable rates, but also offer similar security to fixed rates. The initial interest rate will be set but will vary in line with interest rates. The rate will not exceed a specific upper limit (the cap) for the set period.

---

Discount variable rates

You benefit from a discount on the lender’s standard variable rate (SVR). If the lender’s SVR increases or decreases, so does the discounted rate. For example, if the lender’s SVR is 3.5% and they offer a discount of 1.5% for 2 years, you will start off by paying 2.0%. If the lender’s SVR increases to 4.0% after 6 months, you will pay 2.5%. Typically, the shorter the discounted period the larger the discount.

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Offset mortgages

Your savings will be offset against your outstanding mortgage. Your main current account, savings account or both are linked to your mortgage. Each month, the amount in these accounts is offset against your outstanding mortgage before working out the interest you owe. You are unlikely to earn interest on your savings which are offset against your mortgage.

---

Flexible mortgages

Great if you have a variable income. You can vary the amount you pay each month and take payment holidays in some circumstances. It may help to reduce your mortgage with lump sum payments without incurring an early repayment charge.

We endeavour to find the most suitable option for your needs. Contact us now for help.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

First-time landlord or experienced property investor, we have the knowledge you need.
8 mortgage types to choose from

Repayment mortgages

You repay part of the amount borrowed together with the interest being charged each month. In the earlier years, the majority of your monthly repayment is made up of interest, however, towards the latter part of your mortgage term the situation is reversed, with the majority of your monthly payment reducing the amount borrowed (also known as capital and interest mortgages).

---

Interest-only mortgages

You are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You’ll need to make alternative arrangements to pay off the mortgage to avoid the property having to be sold, such as taking out an investment vehicle.

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Buy to let mortgages

Apart from the purpose of the mortgage, the main difference with a buy to let mortgage is that the lender takes into account the rent you will earn from the property as the primary source of income. Some may also take the landlord’s personal income into account. Typically lenders will want prospective rental income, verified by independent sources, to meet at least 125% of the monthly interest payment on the loan. This will either be based on the pay rate or a notional rate determined by the product selected.

Lenders will generally only lend to those with larger deposits, with most asking for a least 20%. The best deals are at the lowest loan to values of 60% or below.

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Standard variable rates

Take the rough with the smooth. With this type of rate your payments should rise and fall in line with the Bank of England base rate changes, but not necessarily at the same time or by the same amount. You will almost certainly be paying a higher interest rate than the Bank of England base rate. Most borrowers are transferred to their lender’s standard variable rate once their initial incentive rate period comes to an end.

---

Fixed rates

You have the security of knowing that your monthly payments are the same, you pay a fixed rate of interest for a set period, typically over 2, 3 or 5 years, so you know exactly what you’ll be paying each month even if interest rates change.

---

Tracker variable rates

Your payments change when interest rates fall or rise. Tracker variable rates are usually linked to the Bank of England Bank Rate, which means they’ll change in line with changes to the base rate. Tracker variable rates usually offer an initial incentive, typically two or three years – for example, the interest rate payable may be set a small percentage above the rate being tracked for an incentive period. At the end of the incentive period the rate payable will continue to track the rate to which it is linked, but usually at a larger percentage above the rate being tracked.

---

Capped rates

You know the maximum monthly repayments you would have to make during a set period, typically 2 or 3 years. Capped rates work in a similar way to variable rates, but also offer similar security to fixed rates. The initial interest rate will be set but will vary in line with interest rates. The rate will not exceed a specific upper limit (the cap) for the set period.

---

Discount variable rates

You benefit from a discount on the lender’s standard variable rate (SVR). If the lender’s SVR increases or decreases, so does the discounted rate. For example, if the lender’s SVR is 3.5% and they offer a discount of 1.5% for 2 years, you will start off by paying 2.0%. If the lender’s SVR increases to 4.0% after 6 months, you will pay 2.5%. Typically, the shorter the discounted period the larger the discount.

Some forms of Buy to Let Mortgages are not regulated by the Financial Conduct Authority.

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Allows those aged at least 55 to use equity in their home to provide a lump sum, income or a combination of both.
3 plans to choose from

Lump sum

A tax-free lump sum is taken from the value of your property and may be used for any legal purpose. This may either involve the payment of interest or interest being rolled up.

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Drawdown

This involves an initial advance plus a pre-agreed cash reserve from which you can draw on in the future. No interest is payable on the reserve until you draw down the funds i.e. you only pay interest on the funds you have accessed.

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Enhanced

Loan to values are set by your age and providers base this on your expected lifespan. With enhanced products the provider underwrites you individually to establish your life expectancy. Higher loan to values will be available to those who have lower than average life expectancy i.e. certain life limiting conditions.

This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.