Fixed-rate mortgages are ideal for people who like to know how much they are spending each month. The rate is usually fixed for between two and five years – but then will switch to another rate, at which point changing your mortgage can become a very sensible option.
Discounted mortgages offer a reduction off the standard variable rate for a set period. If rates fall further, the rate that you will pay will also go down – but when rates rise, so will your mortgage payments.
Capped-rate mortgages set a limit to the rate you pay. If rates rise, your payments will not go above that level – but if rates fall below the cap so will your repayments.
Flexible mortgages allow you to overpay and underpay when you choose and without penalty.
Offset mortgages allow you to offset your savings and current account balances against your mortgage debt. If you have say a mortgage debt of £120,000 and savings of £30,000 – you will pay interest on the balance of the loan, i.e. £90,000.
It will depend on your current and projected income and expenditure, long term goals and attitude to risk. The best way is to take independent advice which is where we come in.
Subject to your circumstances, absolutely. Give us a call to discuss your options.
Subject to the terms and length of your contract many people can switch mortgages mid term, often saving money in the process. We are happy to look at the terms of your existing mortgage and let you know if this is an option.
We have offices in Wimborne and because of that we regularly help people with their mortgages in Poole, Bournemouth, Wimborne and surrounding areas. However, we are happy to work with anyone seeking a mortgage in the UK.
Your home will be repossessed if you do not keep up repayments on your mortgage.