Mortgage Process
Whether you are a first-time buyer, moving home, re mortgaging or looking to buy an investment property at Simply Mortgages and Protection Ltd we will research the market to find the best deal suitable for your needs.
We often have access to many exclusive products via our network PRIMIS.
We will regularly review your mortgage to ensure you are always benefiting from the most suitable product.
Mortgage Products and Repayments explained…..
Repayment Mortgages
With a repayment mortgage your monthly payment is made up of both capital and interest payments. In the earlier years of your mortgage the majority of your payments are interest but in the latter years this will be reversed and the majority will be repaying the capital you initially borrowed. If you keep your mortgage payments up to date at the end of the term there will be nothing left to pay.
Interest Only Mortgages
With an interest, only mortgage you will only pay the interest on the amount you borrow. So, although your monthly payments will be lower you will not be repaying the capital you have borrowed. You will therefore need a suitable repayment vehicle in place to repay the amount owed at the end of the term.
Fixed Rate Mortgages
With a fixed rate mortgage, you will fix the rate payable on your mortgage for a set period of years, typically 2, 3 or 5 years. A fixed rate mortgage provides you with stability that your monthly payments will not change for your fixed rate period.
Tracker Mortgages
With a tracker rate mortgage the rate tracks the bank of England for a set period of time. Therefore, your payments can change in line with increases or decreases of the Bank of England base rate.
Variable Rate Mortgages
With a variable rate mortgages your payments can change in line with the lenders own variable rate.
Discount Rate Mortgages
With a discount rate mortgage, you will benefit from a discount on the lenders variable rate, so your payments can change in line with changes made to the variable rate.
Capped Rate Mortgages
With a capped rate mortgage your rate will be capped for a set period of time, giving you stability of a maximum rate you could pay for the product period.
Offset Mortgages
With an offset mortgage there is usually a current account or savings account that are linked to your mortgage, so you may not earn interest on the account balances as this is offset on the interest payable on the mortgage.
At Simply Mortgages and Protection Ltd our advisers will explain all the above products in full and provide illustrations to allow you to see the different products available.
Your home may be repossessed if you do not keep up repayments on your mortgage
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £399.
Whether you are a first-time buyer, moving home, re mortgaging or looking to buy an investment property at Simply Mortgages and Protection Ltd we will research the market to find the best deal suitable for your needs.
We often have access to many exclusive products via our network PRIMIS.
We will regularly review your mortgage to ensure you are always benefiting from the most suitable product.
Mortgage Products and Repayments explained…..
Repayment Mortgages
With a repayment mortgage your monthly payment is made up of both capital and interest payments. In the earlier years of your mortgage the majority of your payments are interest but in the latter years this will be reversed and the majority will be repaying the capital you initially borrowed. If you keep your mortgage payments up to date at the end of the term there will be nothing left to pay.
Interest Only Mortgages
With an interest, only mortgage you will only pay the interest on the amount you borrow. So, although your monthly payments will be lower you will not be repaying the capital you have borrowed. You will therefore need a suitable repayment vehicle in place to repay the amount owed at the end of the term.
Fixed Rate Mortgages
With a fixed rate mortgage, you will fix the rate payable on your mortgage for a set period of years, typically 2, 3 or 5 years. A fixed rate mortgage provides you with stability that your monthly payments will not change for your fixed rate period.
Tracker Mortgages
With a tracker rate mortgage the rate tracks the bank of England for a set period of time. Therefore, your payments can change in line with increases or decreases of the Bank of England base rate.
Variable Rate Mortgages
With a variable rate mortgages your payments can change in line with the lenders own variable rate.
Discount Rate Mortgages
With a discount rate mortgage, you will benefit from a discount on the lenders variable rate, so your payments can change in line with changes made to the variable rate.
Capped Rate Mortgages
With a capped rate mortgage your rate will be capped for a set period of time, giving you stability of a maximum rate you could pay for the product period.
Offset Mortgages
With an offset mortgage there is usually a current account or savings account that are linked to your mortgage, so you may not earn interest on the account balances as this is offset on the interest payable on the mortgage.
At Simply Mortgages and Protection Ltd our advisers will explain all the above products in full and provide illustrations to allow you to see the different products available.
Your home may be repossessed if you do not keep up repayments on your mortgage
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £399.
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