Looking to learn more about mortgages? We can help.
There are lots of mortgages to choose from, which can make the decision rather difficult. Whether you already have a mortgage or are applying for one for the first time, the topic of mortgages is overwhelming. Fixed-rate, variable rate and base rate are all terms you’ll come up against – but what does it all mean?
Our agents work with the best mortgage advisors in the South East to ensure you make the right decision. Here are all the options available to you in the UK:
What are the different types of mortgages?
Lets you use your savings against the amount owed on your mortgage, which reduces how much interest you pay. Your savings are deducted from the outstanding mortgage, so you’ll pay interest on what’s left. Offset mortgages work very well if you pay more in mortgage interest than the amount you earn in your savings account.
Standard Variable Rate
Come with an interest rate set by your mortgage lender, and is also usually a few percentage points above the BoE’s base rate. If you are on an SVR mortgage, you have a high chance of paying more than you need to. Switching to a fixed-rate or tracker-rate deal will save you money and you shouldn’t have to pay an early repayment charge.