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Choose the mortgage scheme that is right for you.
Fixed Rates
Advantages
Easy to budget
No worrying about rate increase while in fixed rate period
Disadvantages
Has penalties for redeeming mortgage in fixed rate period
No benefit from rate decreases while in fixed rate period
Variable Rates
Advantages
Pay the lenders standard variable rate with no hidden charges
Benefit from rate reductions
Often have no redemption penalties
Sometimes available with cashback schemes
Disadvantages
Its difficult to budget.
Monthly cost can increase without notice when rates increase
Some schemes have penalties
Discounted Rates
Advantages
A true saving from the lenders standard variable rate charges
Benefit from rate reductions
Disadvantages
Its difficult to budget.
Monthly cost can increase without notice when rates increase
Most schemes have penalties
Often revert to the standard variable rate after a discounted period.
Tracker Rates
Advantages
Benefit from rate reductions
Rate charged will be a certain percentage above or below the bank of England base rate for a period of time.
Unlike the standard variable rate the lender doesn’t have the ability to raise/lower its margins.
Disadvantages
Its difficult to budget.
Can have an arrangement fee
Some schemes have penalties
Immediately follows base rate changes
Capped Rates
Advantages
Benefit from rate reductions
Security of knowing that if rates go up your monthly payments have a cap and will not go above a certain level
Disadvantages
Tend to have penalties for redemption of mortgage while in capped rate period
Mortgages Solved
Read about the different kinds of mortgages available.
Request a call back from a qualified consultant who will assess which scheme is most suitable for your needs.
Off Set Mortgages
Do you have money in savings earning very little return?
Do you have money in a current account during the month?
Do you want access to the equity in your problem at short notice?
Learn how off set mortgages could be the solution you are looking for.