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Welcome to Hanson Wealth Independent Financial Services Our mortgage broker and advice process:

Step One - You request a mortgage quote.

Step Two - If you are happy with the quote we will swiftly liaise with the lender to obtain a decision in principle.

Step Three - We manage the mortgage application and any legal work through to completion for you.

Call Free on 0800 881 8085 or request online quote

Personal Mortgages

Mortgage AdviceFinding the right mortgage quote from over 8500 available is not easy. Hanson Wealth mortgage brokers use comprehensive research tools to sift through the maze and then use their knowledge and experience to make their final recommendations. All in all this will save you money and time.
Arrange your borrowing in advance and ensure that you are getting the best deal for your personal circumstances. House hunt with confidence!

Request a mortgage quotation or arrange your borrowing in advance.
Get a Online Personal Mortgage Quotation

Not a perfect credit history?

Don't worry as this is not as uncommon as you may think. Mortgage lenders are far more sympathetic than they used to be and you can borrow up to 95% even if you have had a few problems in the past. Most lenders are likely to offer lower loan to value lending dependent upon the level of previous problems. Just talking to someone about it can lift a weight from your shoulders. Call us on 0800 881 8085 or complete the enquiry form. We will see how we can help. Alternatively, you could use some of the following tools, to complete the research yourself to find a product to suit your requirements. Unlike many brokers we do not charge an additional broker fee for our services. We are paid commisssion by the lenders for our work. If you choose to pay us a fee instead (typically 0.5% of the loan) we will rebate the commissions to you.

Request a mortgage quotation or arrange your borrowing in advance.
Get a Online Personal Mortgage Quotation

We provide a mortgage quote and decision subject to valuation totally free of charge.

The services available here are provided by Network Data Ltd. Hanson Wealth Management are pleased to make these services available to you as part of our commitment to provide you with the best advice and information possible.

Mortgage Wizard
Quick Search
Quick Calculator
Rate Beater
Max Borrowing
Mortgage Tables
Top Mortgages
List of Lenders
Retrieve Application

Think carefully before securing other debts against your home. Your home may be repoSsessed if you do not keep up repayments on your mortgage.

For our mortgage advice, we can be paid by commission or a fee of typically £280
The FSA do not regulate some forms of mortgages.
Request a mortgage quotation or arrange your borrowing in advance.
Get a Online Personal Mortgage Quotation

Why use a Mortgage Broker?

Choosing a mortgage has never been easy, but in recent years the demand for mortgage products has increased. Gone are the days when the major decision you had to make was between a variable and a fixed rate. Now, every lender seems to have a number of different product, from offset mortgages that set your savings interest against your mortgage interest, to self-certification mortgages for the self-employed, cash backs, discounted rates, fixed rates, stepped fixed rates, etc. etc. etc.

Making sense of all the different options and working out which is best for you is where Hanson Wealth Management comes in.

A mortgage broker is basically a financial adviser with specialist knowledge of the mortgage market. They have access to special mortgage deals that won't be available directly from the lender and so should be able to get a better deal than a consumer doing their own mortgage research. They will also save you a great deal of time and energy.

We have a specialist department that takes enquiries by telephone or over the internet. An authorised adviser will then telephone to ask a number of questions (which takes about 15 minutes) to obtain more detailed information on your requirements and answer any questions that you may have. The research team will then search the whole of the market using our state of the art technology to find the most appropriate deals for you. If you are happy with the quotations provided then we can handle your mortgage from application through to completion. We can arrange face to face meetings with advisors or we can take care of everything using e-mail and telephone. The choice is yours.

You'll need to decide which is best for you. To do this, you can try our range of mortgage calculators and mortgage tools to see which deal will be best for you. Alternatively, you may wish to speak to an IFA (Independent Financial Adviser) who will be able utilise professional tools to search through the thousands of mortgage deals to find the best deal for you. You can contact our mortgage experts here.

Request a mortgage quotation or arrange your borrowing in advance.
Get a Online Personal Mortgage Quotation

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E@sy Guide to Mortgages

Contents

The Basics

What is a mortgage?
How mortgages work

Types of Mortgages

Repayment mortgages?
Interest Only Mortgages

How much can you borrow?

Lenders may take into account
Keep borrowing comfortable

How long does a mortgage last?

New to Mortgages?

Fees and Costs

Mortgage Costs
General moving costs

Remortgaging

Should you look around now?
What will it cost you?

Types of interest rate deals

Mortgage Features

Cashback mortgage
Flexible mortgage
Offset mortgage
Current Account mortgage

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The Basics

What is a mortgage?

A mortgage is like any other kind of loan – you borrow money, and you pay it back with interest over a period of time. But it has one key difference: it’s secured against your home. So if for any reason you can’t repay it, the bank or building society can sell your home to recover the loan

How mortgages work
  • You take out a loan based on how much you can afford and the value of the property, for a length of time agreed between you and the lender.
  • You are charged interest on the loan, usually based on the Bank of England base rate which is reviewed monthly.
  • You pay the mortgage back in one of two ways, repayment or interest-only– see the Types of Mortgages’ section.
  • You can choose different deals for your interest rate, such as fixed or discounted – see the
    ‘Types of interest deals’ section.

You can choose to pay your mortgage back in the following ways:

  • repayment
  • interest-only; or
  • a combination of the two.

You'll need to decide which is best for you.

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Types of Mortgages

Repayment mortgages

Every month, your payments to the lender go towards reducing the amount you owe as well as paying the interest they charge. So each month you're paying off a small part of your mortgage.

The pros
It's a simple, clear approach you can see your loan getting smaller.

The Cons
In the early years your payments will be mainly interest, so if you want to repay the mortgage or move house in the early years, you'll find that the amount you owe won't have gone down by very much.

Interest-only mortgages

As the name suggests, your monthly payment only pays the interest charges on your loan - you're not actually reducing the loan itself. This is why it's very important you arrange some other way to repay the loan at the end of the term; for example, through an investment or savings plan.

If you choose this option you will need to check that your investment or savings plan grows accordingly, so that at the end of the term you'll have enough money to pay off the loan. If it doesn't grow as planned, you will have a shortfall and you'll need to think about ways of making this up.

The pros
Because you're only paying off the interest, and not the loan itself, your monthly payments will be lower.

The cons
That debt is not going to go away. Throughout the life of the mortgage, you'll need to check your investment or savings plan is on track to repay your loan at the end of the term. If you can't repay it at the end of the term you could lose your home.

So, choosing a repayment or interest-only mortgage is one decision. The other will be to choose the interest-rate deal. In our ‘Types of interest rate deals’ section we explain the main types of deals available and in ‘Mortgage Features’ we highlight a few things to watch out for.

Download PDF Version of this Guide
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How much can you borrow?

Lenders should lend responsibly. This means that they should consider whether you can keep up the mortgage repayments now and throughout the term of the mortgage; for example after an initial discount period ends. They should base this on things like your income, expenditure and other circumstances.

Mortgage lenders have traditionally offered to lend up to three-and-a-half times your salary (before tax).

If you’re buying as a couple they would normally include the smaller earner’s salary, multiplied x 1.

Alternatively, many lenders have offered a couple’s total salary x 2.5.

Higher multiples dependant upon affordability have started to appear over the last few years but care should always be taken to ensure that a mortgage remains affordable.

Lenders may take into account
  • If you have other money coming in, such as bonuses, overtime or commission. However, since it isn’t guaranteed income, lenders may only take into account half of this money.
  • If you already have lots of expenses, such as other loan payments, they will offer you less.

Recently it has become more common for lenders to make an affordability assessment when calculating how much they are prepared to lend you. Each lender will have its own method, but generally they will all try to calculate your disposable income, taking account of:

  • your total income;
  • any credit commitment such as loans and credit cards; and
  • household bills and living expenses.

Whether you receive advice or not, the lender must still lend responsibly. However, it's always worth satisfying yourself that you can afford the monthly payments - use our Budget calculator to make check your affordability

Keep borrowing comfortable
  • Work out your budget using our Budget Calculator at the end of this guide to see how much money you’ve got coming in and going out and how much money you’ve got to spare.
  • Don’t overstate your income to get a bigger loan. If you lie about your income, you could end up with a loan you can’t afford and possibly lose your home. You’ll also be committing a fraud and could get a criminal record.

    In Summary

    1. Work out your budget first.
    2. Don't borrow more than you can afford to repay.
    3. Don't be tempted to overstate your income to get a bigger loan - it's fraud.
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How long does a mortgage last?

There is no right length (term) to a mortgage. The standard term is around 25 years, and most of us tend to have a mortgage throughout our working lifetime. With the large sums involved, this spreads the cost and makes your monthly payments more manageable.

However, you can choose a different term if it suits you and the lender agrees that you can afford it. If you can afford a shorter term you may have higher monthly payments but pay less in total (see table below). With a longer term, you may pay less each month but more in total.

Ask for ‘Key facts about this mortgage’ documents showing different mortgage terms and use Section 5 to compare the total cost of a mortgage over different terms. Try not to make financial commitments that go past the age you retire unless you're sure you'll be able to afford the payments.

Example of how the term alters the cost of a repayment mortgage if interest is 6% a year

Mortgage Term in Years
Monthly Payment for a £100,000 repayment loan
Total amount you'll repay, including the amount you borrowed
10
£1,110
£133,200
15
£843
£151,740
20
£716
£171,840
25
£644
£193,200
30
£600
£216,000
Interest Calculated Monthly


In Summary

  1. Remember that a mortgage should fit comfortably with your earnings and your commitments.
  2. Don't take out a mortgage that runs past your retirement, if you're not certain you will be able to afford it
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New to mortgages?

There are three important things to think about when you take out a mortgage:

  • find the mortgage that suits you and your circumstances;
  • borrow an amount you can comfortably afford; and
  • plan for changes – interest rates can go up, your income can fall, or you could lose your job.

There are lots of banks, building societies and specialist lenders offering mortgages. Many also offer special deals for first-time buyers. You can usually go to these lenders directly, although they will only tell you about their own products. Or you can go to a mortgage broker who will be able to look at a wider selection of products for you.

Generally, firms selling mortgages have to be regulated by the FSA, or be the agent of a regulated firm. There are some exceptions, for example sales of buy-to-let and second charge mortgages are not regulated by the FSA. Regulated firms and their agents are put on the FSA Register and have to meet certain standards. Always make sure that the firm you use is on the FSA Register and is allowed to sell or advise on mortgages before handing over your money. If they aren’t regulated by the FSA and things go wrong, you won't have access to complaints and compensation procedures.

The FSA require firms to give you some documents called Key Facts which set out important information for you. They are:
  • Key Facts about our mortgage services – which will tell you:
    • whose mortgages they offer;
    • whether they offer advice or just information; and
    • how much you’ll have to pay for the service.
  • Key Facts about this mortgage – which will be tailored for you based on how much you want to borrow and the type of mortgage. It will tell you:
    • the overall cost;
    • what you’ll pay each month;
    • what fees you need to pay;
    • if there are any special features of the mortgage; and
    • what happens if you don’t want it any more.

Do read them and ask questions if you don’t understand anything

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Fees and costs

While all the mortgage-related costs will be set out clearly in the Key Facts about this mortgage document that the lender or mortgage broker gives you, there'll be other costs you'll need to budget for. These include stamp duty, estate agency fees and lawyers' fees.

Often you can add certain fees charged by the broker or lender to the mortgage and pay them back over time with your monthly payments. But if you do this, remember that they will cost a lot more in the long run because of the interest.

Mortgage costs
Fee or Charge What's it for? How Much?
Mortgage Broker Fee (if you use one) For arranging the mortgage or giving you advice. This depends on the broker, but if they charge (some don't) they must tell you in the Key Facts about our mortgage services document.
Mortgage booking fee or arrangement fee Lenders usually make a charge to reserve your mortgage funds for you or to cover the administration costs of processing your mortgage. This varies, but £100-£500 is typical.
Valuation fee The fee a lender charges for a valuation of the property to assess whether it is appropriate security for the mortgage. This varies from lender to lender, and on the value of the property.
Higher lending charge If you're borrowing a high percentage of the value of the property, the lender may charge a fee to take out insurance cover. This protects them in case you can't pay back your loan and they have to sell your house at a loss. This will depend on how much you borrow, and how much you're contributing as a deposit.
Fee for making your own buildings insurance arrangements A fee charged by a lender for the administration costs of checking there is sufficient buildings insurance cover if you do not insure your property through the lender. Typically £25 but may be payable yearly or each time you change insurer.
Telegraphic transfer fee A possible charge from your lender if you need them to transfer the mortgage funds to your solicitor on the same day. Typically £40-£50.
Re-inspection fee Sometimes a lender will need to re-inspect the property after the original valuation, usually to check if you've made agreed repairs. Typically £50-£100.
Early repayment charge If you repay all or part of your mortgage earlier than the agreed term. This may not always apply, but section 10 of the Key Facts about this mortgage document will give an explanation of when it applies and cash examples. Check the terms and conditions of the mortgage for full details.
Fees to repay the mortgage A fee to your lender when you repay your mortgage, even if you are not repaying it early. Typically £75-£300 (plus any early repayment charge, if applicable).
General moving costs

These won't be listed in the Key Facts documents.

Fee or charge What's it for? How much?
Estate agency fee Marketing and selling your home. Typically 1-3% of the selling price; ask for a quote and shop around.
Stamp duty land tax (known simply as stamp duty) Tax payable to the government when you buy a home.Make sure this is in your budget if it applies to you - the cost can be high. It is the buyer who pays stamp duty, not the seller.

Up to £125,000 - 0%
£125,000 to £250,000 - 1%
£250,000 or over - 1%

Legal fees Paid to your solicitor to represent you, negotiate for you, and carry out the necessary searches, land registry and so on. This is also known as conveyancing. This will vary according to the firm. Budget for at least £400 and possibly more. Ask for quotes.
Survey fee Your lender will carry out a valuation visit (see above), but this is only a very basic inspection. You may want a Homebuyers report or a structural survey if you want a detailed report on the condition of the property. This will vary according to the surveyor, the size of property and the type of report you need. Ask for quotes.
Removal costs Moving all your belongings from your old home to your new one. Costs will vary, although you can save money by packing up everything yourself. Ask for quotes.

In Summary

  1. Look at your Key Facts about this mortgage document for fees you must pay.
  2. Use the checklist so you are aware of the costs involved.
  3. Shop around for quotes – you can often save money.
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Remortgaging – moving your mortgage, not your home

Once you've gone through the process of finding your mortgage, you probably won't be in a great hurry to do it all again!

However, a year or two on, it can be an expensive mistake not to look around the mortgage market to see what's on offer. Lenders work hard to attract new customers, but often aren't so good at making sure their current borrowers continue to get the best deal.

Should you look around now?
  • If you're already on a special deal, probably not. The penalties you'd have to pay to break the deal, and the other costs involved may mean there's no point.
  • But if you're paying your lender's standard variable rate and there are no penalties involved you should certainly look at what else is on offer.

Find your most recent mortgage statement - your lender sends you one at least once a year - which will tell you what you're paying now, and how much you still owe. It will also tell you where early repayment charges apply and the date they stop.

What will it cost you?
  • Even if there are no early repayment charges, your current lender might make an administration charge.
  • If you're switching to a new lender, they will insist on the same legal work your old lender did, to make sure the property offers proper security for them.
  • Lenders may also want an up-to-date valuation on your property. With some deals the lender may pay some of these as an incentive to get your custom. But bear in mind you may have to pay back their value if you pay off your mortgage early.

    In Summary

    1. Check your annual mortgage statement to see what you've paid and what's outstanding.
    2. Review your mortgage whenever a special deal ends.
    3. Don't assume that your current lender will keep you up-to-date with their best deals.
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Types of interest rate deals

Type of interest rate deals How does it work Early repayment charges What does it mean for you?
Standard variable rate Your payments move up or down with the lender's own mortgage rate, which is usually driven by the Bank of England's base rate. Not usually, but check and see.

Usually you can leave your lender without any penalties or problems.

You're in control. You can usually pay back extra amounts (and cut your interest costs) without a penalty.

It moves with interest rates. So if interest rates go up, so will your monthly payment.

It will almost certainly be expensive compared to other deals.

The lender may not reduce, or may delay reducing, their variable rate even if the Bank of England rate goes down.

Tracker rate A variable rate loan with an interest rate that's at a set amount above or below the Bank of England or some other base rate, set independently from the lender. It tracks (moves up or down with) that rate. Sometimes during any special deal period and maybe even after the period too.

It can pay to go for a tracker if you can afford to pay more when interest rates go up, in exchange for benefiting when they go down.

It's not a good choice if your budget won't stretch to higher monthly payments.

Discounted interest rate Your monthly payments can go up or down, but you get a discount on the lender's standard variable rate for a set period of time. At the end of the deal, you usually change over to the standard variable rate. During the special deal: yes, almost always. They can apply even after the end of the special deal period as well.

It gives you a gentler start to your mortgage, at a time when money may well be tight. But you must be confident you can afford the payments when the discount ends.

The discount period is limited, so don't get used to those early low repayments.

You may not be able to make overpayments and pay off the loan early without penalties

The lender may not reduce, or may delay reducing their variable rate even if the Bank of England rate goes down.
Fixed interest rate Your payments are set at a certain level for an agreed period. At the end of that period, they'll usually switch you to the standard variable rate. During the special deal period: yes, almost always. They can apply even after the special deal period, too.

Your payments will stay the same in that period, even if interest rates go up.

This gives you the security of knowing that you can afford your payments and will make it easier for you to budget.

If rates go down, you won't benefit. Your payments will stay at the higher rate.

You may not be able to make overpayments and pay off the loan early without penalties.
Capped rate Your payments are variable and often linked to a base rate, but fixed not to go above a set level (the 'ceiling' or 'cap') during the period of the deal. At the end of the period, you are usually charged the lender's standard variable rate. During the special deal: yes, almost always. They can apply even after the end of the special deal period as well.

You know the maximum you will pay for a set period of time.

Useful if you want the security of knowing that your payments can't rise above the set level, but still benefit if rates fall.

Collared rate May be used in conjunction with a capped rate and/or a tracker. Your payments are variable but will not fall below a set level (the 'collar'). Not usually, unless it is used in conjunction with a capped rate and/or a special deal tracker rate. But check and see. It may be part of another interest-rate deal which otherwise appears attractive. But note that if the rate payable is only just above the 'collar' and you think rates will fall, you may not get the full benefit of a reduced payment.

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Mortgage features

Mortgages can have different features. For example, you'll find:

  • Cashback mortgages;
  • Flexible mortgages;
  • Offset mortgages; and
  • Current account mortgages.

Look at Sections 4 and 12 of the Key Facts about this mortgage which will explain the features of the mortgage.

Cashback mortgage

This may be offered with an interest-rate deal. The lender pays you a substantial sum (for example 3-5% of the amount you borrow) shortly after you take up the loan. If you move to another lender in the early years you'll have to repay some or all of the cashback received.

Is it right for you?

Possibly yes, if you need a large cash sum - for example, to buy
furniture, or you expect the sum to more than compensate for any
interest-rate rises during the penalty period.

Possibly not, if you can manage without the cashback now and
can get a better overall deal elsewhere.

Flexible mortgage

A flexible mortgage gives you some scope to change your monthly payments to suit your ability to pay. It's also useful if you want to pay off your loan more quickly. Several flexible features are becoming common and they aren't limited to mortgages with 'flexible' in their name. Here are some flexible features:

  • Overpayments - you can pay more than your normal monthly mortgage payment or pay off a lump sum, or both.
  • Underpayments and payment holidays - you pay less than the normal monthly payment for a limited period (say six or twelve months). You may even be able to stop making payments altogether. This could be useful if, say, you lose your job or take time off to care for a child.
  • Borrow extra (loan drawdown) - you can borrow extra without further approval from your lender, provided the total loan does not go above an overall limit. Alternatively you may be able to 'borrow back' against earlier overpayments.

Is it right for you?

Possibly yes, if you are likely to use these features, for example if you're self-employed and have a variable income.

Possibly not, if you are unlikely to use these features. A less flexible mortgage may be cheaper or more suitable for you.

Offset mortgage

With an offset mortgage, your main current account or savings account (or both) are linked to your mortgage and are usually, but not always, held with the mortgage lender. Each month, the amount you owe on your mortgage is reduced by the amount in these accounts before working out the interest due on the loan.

So as your current account and savings balances go up, you pay less on your mortgage. As they go down, you pay more.

Current account mortgage

A current account mortgage is similar to an offset mortgage in that it offsets the balance of your savings against your mortgage. However, in this case, rather than your mortgage and current account being separate pots of money, they are usually combined into one account. This means that the account acts like one big overdraft.

Look at Section 4 of the Key Facts about this mortgage document to see whether it is a current account or offset mortgage and whether you have to take a current account offered by the lender as a condition of the mortgage.

Are these right for you?

Possibly, yes, - if you are a higher rate taxpayer, have substantial savings to offset and like the idea of built-in flexibility to make overpayments and underpayments.

Possibly not, if after paying your deposit you don't have much left in savings and if other mortgages have a lower interest rate or other features that are more important to you.

In Summary

  1. Read the Key facts document and use it to compare costs and features of other mortgages available.
  2. Look for the APR figure alongside the interest rate.
  3. Don't forget that discounts and special deals are temporary, and rates can go up when they end
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Hanson Wealth

Mortgage Advice

Hanson Wealth - Mortgage Advice

Hanson Wealth have offices in Boldon, Durham, Cleveland and Aberdeen. We have a community of independent financial advisers based throughout Scotland, England, Wales and Northern Ireland as well as a variety of services available over the telephone or via the internet. So even if you are not based near to one of our branches, we can still ensure that you will get quality independent financial advice from our IFA team.

Call free today on 0800 881 8085 9am - 5pm Monday to Friday or leave a message outside of these hours and we will call you back.

For more information, please click here to view our Easy Guide to Mortgages (Right click and select Save Taget As to save a copy to your computer).


Mortgage Terms

Advice
A recommendation about the most suitable mortgage for you made by an adviser who is regulated by the FSA.

Annual statement
A statement from your mortgage lender, sent every year, showing among other things what you've paid and what you still owe.

Approval in principle
A certificate which some lenders will give you that shows the amount they will probably be prepared to lend you. This is not a guarantee, but can be helpful when signing up with estate agents.

APR
Annual Percentage Rate. This shows the overall cost of a loan, taking into account the term, interest rate and other costs.

Authorised firm
A firm that has permission from the FSA to carry out regulated activities.

Capital
The amount you borrow to help buy your home.

Capped mortgage
A mortgage that has a maximum limit on the interest rate you'll have to pay during a special deal period.

Cashback mortgage
A mortgage that comes with a cash sum (often a percentage of the amount you're borrowing).

Compare products (mortgage tables)
Use our impartial tables to compare mortgages from a wide range of lenders.

Collared mortgage
A mortgage with a minimum interest rate you'll pay during a deal period.

Deposit
The amount of money that you're putting into buying a home (not including the mortgage money you're borrowing).

Discounted mortgage
This has a discounted variable rate of interest for a set period, after which the rate will increase.

Early repayment charge
A charge you may have to pay if you break off a mortgage deal - by paying it back early and/or moving to another lender.

Fixed rate
An interest rate that is fixed (ie it doesn't move up or down) for a set period of time.

FSA
The Financial Services Authority - the UK's financial watchdog.

Income multiples
The factor by which your earnings are multiplied to find out how much you can borrow.

Interest
The charge made by lenders when you borrow their money.

Interest rate
The figure that determines how much interest you pay. Usually linked to the Bank of England's rates and can move up or down.

Interest-only mortgage
A mortgage where you only pay the interest charges of the loan each month. This means you are not reducing the loan amount (or capital) itself, and this will need to be repaid in some other way.

Key Facts documents
Standard documents that all authorised lenders and brokers must give you to explain their services and details about the mortgage you're interested in.

Loan-to-value
The percentage of money you want to borrow compared to the cost of the property.

Mortgage
A loan which is secured against your property.

Mortgage broker
A mortgage broker helps you understand the various mortgage types and deals available to them. A mortgage broker may recommend a mortgage for you or they may provide you with information to enable you to make your own choice.

Offset Mortgages
Your main current account or savings account (or both) are linked to your mortgage. Each month, the amount you owe on your mortgage is reduced by the amount in your accounts before working out the interest due on the loan

Remortgaging
The process of changing your mortgage for a different one, without moving home.

Repayment mortgage
A mortgage that pays off both the home loan and the interest at the same time. Make all the payments and the mortgage will be fully repaid.

Stamp duty
A tax which home buyers must pay on properties above a government set figure.

Standard variable rate mortgage
A loan at the lender's normal mortgage rate - ie without any discounts or deals.

Secured
A mortgage is a secured loan on your home; this means that if you fail to repay it, your lender may be able to sell your home to get its money back.

Survey
A report on the condition of the property you are planning to buy.

Tracker mortgage
A mortgage with an interest rate that is usually linked to a particular rate that is set independently from the lender and moves up or down with it.

Term
The length of your mortgage.

Valuation
A brief inspection, for the benefit of your lender, of the home you hope to buy. This is to make sure they are not lending more than the property is worth and that the property is suitable security for the mortgage, but this will not tell you if it is a good or bad buy. For your own peace of mind, you may want your own survey.

 

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