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Mortgages

  • What is an offset mortgage?

    An offset mortgage is where the lender will offset any savings you have in place with them against your mortgage debt. You then only pay interest on the difference in the balance of your savings and your mortgage. This can potential save thousands of pounds and have your mortgage repaid quicker. Generally savings are not…

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  • What is a lifetime tracker?

    A Lifetime Tracker works the same as a regular tracker, however this is for the full term of the mortgage rather than an initial period. As this is a tracker product and tracking a rate specified by the lender, your mortgage payments may increase and decrease depending on the movement of the interest rate.

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  • What is a tracker mortgage?

    Tracker mortgages track a rate specified by the lender, typically the Bank of England base rate, at a set margin above or below it. This means your payment will change if there is any changes to the base rate

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  • What is a fixed rate mortgage?

    A fixed rate mortgage has a fixed interest rate for a set period of time, this is generally either 2,3,5,7 or 10 years. A fixed rate mortgage guarantees you know how much your monthly payments will be for the period you are fixed for.

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  • Whats an interest only mortgage?

    On an interest only mortgage your monthly payments will only include the interest amount due and no capital will be repaid. This will mean you will have lower monthly payments. However you will need to have a way of repaying the capital at the end of the mortgage term.

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  • Whats a repayment mortgage?

    On a repayment mortgage your monthly mortgage payment will include the interest for the month as well as a payment towards the initial capital borrowed. Typically as the amount owed decreases, the % of your monthly payment going towards interest will decrease whilst more will be used towards repaying the capital every month.

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  • What surveyor report do i require?

    There are a number of different types of survey. What you will need depends on the condition & age of the property, and how much your budget is. Typically there are 3 options a mortgage valuation, a homebuyers report or a full building survey. The Mortgage valuation; Used by mortgage lenders to asses what the…

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  • How much will stamp duty cost?

    Stamp duty rates are calculated on the property purchase price. Stamp duty rates are different for residential and commercial property. Current Stamp Duty Rates: Band Residential CommercialUnder £125k 0% 3%*£125k to £250k 2% 5%£250k to £925k 5% 8%£925k to £1.5m 10% 13%Over £1.5m 12% 15%* An additional property purchased for less than £40k will attract…

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  • How do I buy at auction?

    Buying at auction can be costly if you are not prepared. Once you have been successful with your bid you will need to pay a non-refundable 10% deposit and commit to completing on your purchase within 28 days. It is vital if you are thinking of buying at auction that you have your finance plans…

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  • What is Right to buy?

    Right to Buy allows most council tenants to buy their council home at a discount. You can apply to buy your home if you have lived there for more than 3 years, you are a council tenant (or where when it was sold to your current landlord) and the property is your main home.

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