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We'll contact you and ask some questions about your circumstances. We'll give you all the advice and help you need and then recommend the best mortgage for you.
Different types of mortgage
There are several different types of mortgage. Here's a brief outline of each one:
Standard variable rate
Your repayments go up and down in line with the lender`s mortgage rate changes. There are not normally any
Fixed rate
Your mortgage payments will be fixed for a set period of time from the start of your mortgage. Any changes to the lender's standard variable rate or the Bank of England's base rate will not affect your payment during the fixed rate term. A fixed rate allows you to budget with certainty.
Discounted rate
Your rate will be discounted by an agreed percentage for a set period of time from the start of your mortgage. Your repayments still go up and down in line with the lender's changes to their standard variable rate, but the discount is always applied.
Capped rate
Your interest rate will not go above a certain level for a set period of time from the start of your mortgage. This means you can benefit from rate reductions, but won't have to worry about your payments going above a set maximum.
Bank of England base rate
This can go up or down from time to time and any changes are announced by the Bank of England Monetary Policy Committee. It is also known as the Bank of England 'repo rate'.
Tracker
When it comes to mortgages, we'll recommend the pick of the bunch.
The rate you pay will track either the Bank of England's base rate or the lender's standard variable rate. It is usually a set amount above or below the base rate for a set period from the start of your mortgage. If the base rate changes, your rate (and payment) will usually change too.
Cashback
You get a cash lump sum once your mortgage has completed.
Flexible mortgage
A flexible mortgage usually allows you to make overpayments, underpayments and take payment holidays. Some of the mortgages mentioned here could have have flexible features.
Portable mortgage
If you move home, you can keep the same mortgage product with the same lender without paying an early repayment charge.