Whether you’re looking at buying your first home or you’re a homeowner and your existing mortgage deal is coming to an end, we can help!
We have been operating in Weymouth for over 17 years and our advisers have over 50 years combined experience of helping people either buy or remortgage their home. We are specialists in arranging mortgages for First Time Buyers, people moving home, ‘Buy to Let’ mortgages and remortgages. Our mortgage service includes a full whole of market comparison of products via state of the art software. We can arrange all associated insurance for which we also search the whole of the market for the most suitable product. We also have an extensive panel of Solicitors to recommend.
There are many different types of mortgage available and the right one for you will be dependent on your circumstances and to an extent your attitude to movements of interest rates. We’ve detailed the types of mortgage below:
This is where the interest rate is fixed for a specified period of time (2, 3, 5, 10 years) and at the end of the fixed rate period, the mortgage will usually revert to the lenders standard variable rate. This type of mortgage offers a guarantee that your monthly payment will remain the same for the fixed rate period, so if there are any interest rises during that period, they will not affect the amount you pay. That is a real positive, but on the other hand, if interest rates drop, you won’t benefit from that drop.
This type of mortgage is where the interest rate moves up and down with the base rate (most lenders usually go by the Bank of England base rate). The main benefit of this type of mortgage is that falling interest rates will reflect on your monthly payment. The down side is that if interest rates rise, then so will your monthly payments.
This type of mortgage is where the interest rate is reduced by a set percentage for a specified period of time. The main advantage of a discounted rate is that if/when the lenders variable rate drops, this is reflected in the monthly payment as it will also drop. As you would expect, if rates rise, then so will monthly payments.
This type of mortgage works alongside your current account and any savings accounts that you have with the same lender as the mortgage. The interest is calculated on the balance after the assets (savings etc) are deducted from the mortgage amount.
Standard Variable Rate
The standard variable rate is the normal interest rate charged by each lender. It is usually the interest rate that mortgages will revert to once the initial deal has come to an end.
All of our advisers are qualified, highly skilled and experienced in dealing with residential, buy to let and difficult mortgages.