When you apply for a mortgage we help you make an informed decision about which type of loan is most suitable for your circumstances.
We explain the options to choose from below:
Fixed Rate Mortgages
- Monthly repayments stay the same each month giving you security and certainty.
- Can be flexible to allow you to repay more quickly over time.
- Two year fixed rates most popular in UK.
- Generally more expensive than tracker options but are less risky and more predictable.
- Mortgage repayment will vary according to changes in the Bank of England base rate.
- Flexible and can be arranged without early repayment charges.
- Generally cheaper than fixed rate mortgages but are less predictable.
- Linked to lender’s standard variable rate (SVR) which moves up and down at the lenders discretion.
- Not linked to changes in Bank of England base rate but changes in lenders variable rate.
- Lenders will not always pass on any savings made but will often pass on increased rates.
Standard Variable Rate (SVR)
- Default lender rate for when mortgage term expires.
- Rates are rarely competitive and do not offer value for money compared with market rates.
- The lender is not obligated to pass on cost savings if rate goes down.
Discuss your mortgage pricing options with one of our experienced team members today by giving us a call or arranging a callback.