There are a wide choice of mortgages available and the right choice is dependent on your personal circumstances.
At Taylor Engall we can recommend a selection of independent mortgage advisors, banks and building societies for help and guidance. Typical mortgages include...
Fixed rate mortgage
With a fixed rate mortgage the interest rate remains the same throughout the period of the deal – typically ranging from one to five years. Occassionally it's possible tto get ten year fixed rates. If you opt for a fixed-rate, you’ll have the security of knowing exactly how much your mortgage will cost you for a set period of time.
The interest rate on a tracker mortgage is linked to the Bank of England base rate. So if the base rate changes, your mortgage rate will also change.
Trackers are also available over different terms: most commonly two or five years. With these deals, you’ll be charged a penalty if you want to get out of the mortgage during the term.
It is also possible to get lifetime, or term, trackers which are often completely penalty free. So, they are very flexible and can be a good option if you don’t want to be tied into your mortgage.
Similar to trackers, with discount mortgages the interest rate isn’t linked to the Bank of England base rate. Instead, it’s linked to the lender’s standard variable rate (SVR) which could make a difference as lenders can change their SVR even if there has been no change in the base rate.
Discount mortgages are also available over different terms – typically one to five years – as with trackers and fixed rate deals you will probably be charged a penalty if you want to get out of the deal during the term.
Please remember a mortgage is a loan and is often secured against the property. It is important to remember that your home may be repossessed if you do not keep up repayments on your mortgage.
If you would like advice about the range of mortgages available why not give us a call on 01284 725800 or complete the form on our contact us page and one of our representatives will be happy to help.