With a vast range of mortgage products available, it might seem that you can almost pick and choose the rate you want to pay. One of the ways in which a mortgage adviser can help, is to sort through the best available products and find the right one for you.
Common mortgage products
- Floating/ standard/ variable market rate – These allow you to borrow at the lender’s normal rate of interest. This is the simplest mortgage option and there are usually no early repayment charges if you want to move. The rate will vary as the market changes.
- A ‘tracker’ – Changes in line with a specified rate and follows a named interest rate in a fixed way, e.g. bank base rate +1.99 per cent. There may be early repayment charges on moving, depending on the deal.
- Loyalty rate mortgages – Existing customers who meet the lender’s criteria may be offered a discount to the standard rate.
- Fixed interest rate – The rate is fixed at an agreed rate and for an agreed period of time. Your payments are not affected by either increases or decreases in the market interest rate during the agreed period. If you decide to break the agreement, expect to face an early repayment charge during the fixed period and possibly beyond it. Be sure you understand the charges before signing.
- Discounted interest rate –You get a discount on the standard variable rate for a given period – typically two to five years. If you decide to break the agreement, expect to face an early repayment charge during the discount period and possibly beyond it. Be sure you understand the charges before signing.
- Capped rates – These are mortgages that place an upper limit on your mortgage rate while still allowing you to benefit from reductions in interest rates.
- Offset mortgages – These are mortgages where the lender offsets any interest on your deposits against the interest due on your mortgage.
Why choose us?
- We offer free no obligation initial consultation.
- We have access to deals from a comprehensive range of lenders
- Our advisers offer truly impartial advice
- We will manage your application from start to finish, saving you time and hassle.