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Mortgage & Finance

Purchasing a property is not merely just a case of buying bricks and mortar - it’s also a statement that you are ready to make a mature financial commitment towards your future and make a home for yourself or your family.

But how can you achieve this? Whether you are buying your first property or moving home, it can be both confusing and a veritable minefield, so it’s essential that you go into the process with as much information as possible.

It may be that your current mortgage rate is coming to an end and you are looking to remortgage onto a better deal or release extra funds.

To help you we have outlined some of the common terminology used below.

*As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments.

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Understanding the different types of mortgages

Interest Only

An interest only mortgage allows you to pay just the interest charged each month for the term of the loan. You don’t have to repay the amount you’ve borrowed until the end of the term.

Repayment

With a repayment mortgage you’ll make monthly repayments for an agreed period of time until you’ve paid back both the capital and the interest.


This means that your mortgage balance will get smaller every month and, as long as you keep up the repayments, your mortgage will be repaid at the end of the term (usually 25 years).

Flexible

A flexible mortgage is a type of mortgage that could allow you to make overpayments, underpayments and perhaps take payment holidays to suit your financial situation.


If you want a mortgage that works for you, and fits around your unique situation, a flexible mortgage may be a suitable option.


Many people take a flexible mortgage because they allow you to make additional payments to your mortgage and pay less in interest overall.

Buy-to-let

A buy-to-let mortgage is a loan secured against a buy-to-let property which is a type of property investment, in which the investor becomes a landlord and rents out the property for profit.

Offset

Offset mortgages are a type of product that let you link your mortgage to your savings.

The savings balance is used to reduce the amount of interest charged on your mortgage balance minus your savings balance. Your savings don’t actually repay any of your mortgage, they just sit alongside it and save you interest.

Understanding what interest rates are available

Fixed Rate

With a fixed-rate mortgage, your interest rate is guaranteed to stay the same for a set number of years. This can offer you peace of mind, as you’ll know exactly how much you’ll need to repay during this period.

Fixed rates differ from variable-rate mortgages where your monthly repayments can go up or down because of changes in the interest rate.

Standard Variable Rate

With a standard variable rate mortgage, the amount of interest you pay each month could change.

The standard variable rate (SVR) is set by your lender, which can raise or lower it by any amount and at any time.

Discounted Variable Rate

A discounted variable rate is a discount off the lender’s standard variable rate (SVR) and only applies for a certain length of time, typically two or three years.

Capped Rate

Capped rate mortgages are actually a type of variable rate mortgage, but with an important difference: they have an interest rate ceiling, or cap, beyond which your payments can’t rise.

A capped rate is normally only for an introductory period, which can typically be anything from two to three years.

CHN Financial Consultancy have always put our interests first by giving both of us sound, clear advice with no obligation to buy into services they recommend. All our questions are answered with clarity which is important in the financial world where attention to detail is vital. We would not hesitate to recommend them to anyone looking for sound financial advice.

Stasha & Peter

Lee has always put my interest first by giving sound and trustworthy advice. The service and support has always been exceptional and I would not hesitate in recommending him to anyone.

Nick Fozzard

Just want to say how grateful we are (to Daniel Lees) for the help and advice you’ve given us over the past few months and for helping us to get our mortgage application through and approved; it’s been a massive help to us as first-time buyers to have been able to rely on your knowledge and expertise and have been really pleased with the service we’ve received.

Michael & Sophie

REPAYMENT MORTGAGE CALCULATOR

This calculator is for illustrative purposes only and should not be relied upon. The actual rate you may be offered by a lender would depend on your individual circumstances and status.

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