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Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from competent and qualified advisers. Whether you are a first time buyer, looking to remortgage, purchase a second home or even looking to release equity to provide income in retirement. This is where our advisers excel.
There are many different types of mortgage but the following list are the most common forms of mortgage.
Fixed Rate
The initial interest rate is fixed for a specific period, making payments fixed for that same period also.
Standard Variable Rate
Your initial interest rate can expire and when it does it switches to the lenders’ standard variable rate (SVR). These rates vary between lenders and they also have potential to increase or decrease and at anytime.
Tracker Rate
Tracker rates follow the Bank of England Base Rate (BBR) they only change if the BBR changes.
Discounted Rate
These mortgages are discounted from the mortgage lenders’ Standard Variable Rate for a specified period, but they also have the potential to increase or decrease at any point also.
Your mortgage broker will be able to answer any questions you may have on any of the mortgages mentioned above or any other queries you may have. Please always ensure that you ready the Key Facts Illustration (KFI) for any mortgage before proceeding.
*Please note that this list is not exhaustive, but is to give an idea of the most common. Mortgage lenders can also change their own criteria and rates at any point and sometimes without warning.
Be reassured that our style at Best Mortgages Direct is to guarantee reliable mortgage advice appropriate to any individual that makes contact with us.
