Mortgage Broker

Mortgages

Your mortgage and house purchase is likely to be the biggest financial transaction and commitment you are likely to undertake. It is imperative that clients take independent advice to ensure that you secure the most suitable deal available from the whole of the market.

We have access to 99% of the mortgage market rates, also benefiting from a number of exclusives only available to brokers like ourselves.

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There is a bewildering amount of terminology used in the mortgage market, here is few with straight forward explanations:

Early Redemption Penalties – generally when you take a mortgage you get a ‘deal’ for a set time (your choice) and you will have to pay an early repayment charge if you pay off all or some of the mortgage within the ‘deal’ period. It is normally worth avoiding deals with ‘extended tie-ins’ as these result in an early repayment charge once the deal has finished.

Higher Lending Fees or Mortgage Indemnity Guarantees – above a designated loan to value (from 75%) some, but not all mortgage companies will require you to pay a higher lending charge which can run into thousands. The lender may use some or all of this charge to purchase an insurance policy which protects them only in the event that they have to repossess your property and sell for less than they have lent to you. You will be liable for any amount they are short. Clearly this is something to avoid if at all possible.

Fixed rates – you decide on a rate which is fixed for a specific time period and you know that your mortgage cost will be fixed during this time period.

Variable, Tracker & Discount rates – all of these will vary with the interest rates. Some will vary with the lenders variable rate; others will vary with the Bank of England base rate. If interest rates go down you will pay less, if they go up you pay more.

Reversionary rate – this is a more expensive rate that you will go to once the ‘deal’ period has finished. If you have no extended tie-ins then it is possible to switch to another ‘deal’.

We are also able to advise on Buy to Lets, Equity Release, Lifetime Mortgages and Home Reversion Schemes.

The FSA does not regulate all forms of mortgages.

For mortgages we can be paid via commission, or a fee of usually 0.5%, which is your choice

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

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