Mortgages

The Lenders we recommend have been sourced from the whole of the market whose lending criteria will be tailored to match your needs and preferences. The different mortgage interest rate charging structures are as follows:

• Fixed interest rate means that the interest rate is guaranteed to remain unchanged for a specified period. At the end of the fixed interest rate period, the interest rate applicable to your mortgage will usually change to the variable rate prevailing at the time or, subject to the terms applied by the lender, to a new fixed rate.
• Discounted rate deal means the interest rate that is charged after the discount has been applied to the lender’s standard variable rate. The discounted rate will apply for a set term and may increase or decrease as the lender’s standard variable interest rate itself increases or decreases.
• Capped and collared interest rate means that the rate of interest payable on your mortgage will not rise above or fall below specified upper and lower limits for a set term. Whilst this will save you money if the lender’s standard rate rises above the ‘cap’ rate, it will equally prevent you from saving money if rates fall below the ‘collar’ rate. At the end of the set term the interest rate payable on your mortgage will be the lender’s standard variable rate.
• Capped interest rate means that the interest rate payable on your mortgage is guaranteed by the lender not to rise above a stated level for a set term. At the end of this term, the interest rate payable will be the lender’s standard variable rate. If this is higher than the capped rate then your monthly payments will increase.
• Variable rate means the standard interest rate charged by the lender is not fixed and may be varied from time to time at the lender’s discretion.
• Tracker rate means that the interest charged is not fixed but is guaranteed to track the Bank of England base rate and will not rise over a set percentage rate above the base rate.

Interest on the mortgage is charged on a daily basis. For mortgage advice we can be paid by a fee agreed with our client, or we can accept commission from the lender. In some cases a fee and a commission may be payable but the basis of our remuneration is always agreed with our clients at the outset and confirmed in writing before any work is undertaken.

residential mortgages

A lot of myth still surrounds mortgages and which is the best deal for an individual.

A lot of the deals reported on comparison websites or in the press are inaccurate leading to confusion. It is not unusual for us to be contacted by clients who started off knowing what they were looking for before becoming completely bamboozled on the internet.

In the current lending climate / lack of it then expert advice is needed to obtain the best whole of market deal whether it be an interest only, capital and interest, flexible or offset mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

buy to let

Quite simply, Buy-to-Let is buying a property with the intention of renting it out to individuals rather than living in the property yourself. Historically buying to let was considered by lenders to be a commercial undertaking.

Buy-to-let is a British phrase referring to the purchase of a property specifically to let out . A buy to let mortgage is a mortgage specifically designed for this purpose.

For many years landlords have invested in residential property to be let for profit, but arranging a mortgage loan to buy such property had always been hard as tenants were hard to evict and rent levels were relatively low. Since the introduction of the Assured Shorthold Tenancy in the mid-nineties however the rights of tenants and landlords have been more evenly balanced and mortgage lenders have been more willing to provide finance. This led to a rapid expansion in the amount of mortgage finance available with schemes specifically designed for amateur and professional landlords that became known as buy to let mortgages. The recent credit crunch, however, has caused most UK lenders to cease offering these kinds of mortgage.

Please note:

• Most buy to let mortgages are not regulated by the FCA. They will be regulated by the FCA from March 2016 onwards.
• Your home may be repossessed if you do not keep up repayments on your mortgage..