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Types of mortgages
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a mortgage product that is fixed for a period of anything between 2 and 10 years.
a mortgage product that again is fixed for a set period, however this one normally starts at the lower end of the market say 3.85% but over the course of say three years, will increase year on year, until it matches the banks standard variable rate
a mortgage product that tracks the Bank of England’s base rate. This is normally plus a % say .49% therefore if the Bank of England’s base rate is as it is now the product would equal 4.5% + 0.49% giving you an interest rate of 4.49%, this product mirrors the base rate throughout the term of the product again this can be from 2 years to term if you wish.
this is a product that usually mirrors the standard variable rate of the bank (not to be confused with the Bank of England base rate) the standard variable rate is an interest rate set by the bank themselves, and is usually set higher than that of the Bank of England and the discount is then applied to this amount, for example 6.5% - 2.5, this would give you an interest rate of 4% again this would increase and decrease in line with the Bank of England, even though it is set higher.
The rate of interest is variable but will not rise above an agreed level for a specified period then a variable rate (your lenders current variable rate) applies thereafter
this is
where that lovely rate came in and you
thought you had bagged yourself a bargain
only to discover that after your fixed period
ends you are not free to go and in fact are
stuck with the standard variable rate for
another set period or you will incur
redemption penalties,
NB: This is definitely not a product that we
at Mortgages Made Simple will lead you
into.
there are flexible products on the market, if this is an option you require talk to one of our advisors.
when your mortgage is linked with either your savings account or your current account, you are charged interest for all that is outstanding but also have the ability to use the account as usual, overpay and underpay, providing your mortgage is up to date.
capital and interest, your monthly repayments will reduce the amount of capital and interest you have borrowed, reducing the debt over time, until it is clear.
payments of this type of mortgage require a repayment vehicle to be in place in the form of endowment, ISA, savings, as the monthly repayments reflect only the interest element of the debt and not the debt itself, so the capital part will remain unchanged throughout the term of the loan.
property that is invested in, for the return of rent, this is an investment purchase.
your own residential property is used as an investment (rented out property) with the view to buying a new residential property for you and your family.
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Telephone:01424 851183 uk only
Office hours 9:00am - 6:00pm Mon - Fri
Sat - Sun closed
Bank Holidays closed
Mortgages Made Simple is an appointed representative of Genesis Home Loans plc, which is authorised and regulated by the Financial Services Authority for the conduct of non-investment insurance and mortgage business. Second charges, commerial loans and buy-to-let mortgages (where the resident is not related to the borrower) are not subject to Financial Services Authority regulations.