Additional Mortgage Options

Even more products to choose from!

Flexible Mortgage

Flexible mortgages allow you to overpay or underpay as the need arises. It's always a good idea to overpay where possible not only because it will give you a cushion in case of hard times but also because, if you don't use the cushion, your mortgage will get paid off more quickly.

Offset & Current Account Mortgages

These allow you to effectively merge your savings and borrowings so that the former partially cancels out the latter. For example, if you combine your £100,000 mortgage and your £10,000 in savings, you'll only have to pay mortgage interest on £90,000. The difference between the two is that offset mortgages tend to keep the mortgage, savings and bank accounts separate although they are all still linked. With the current account mortgage, everything is merged so you effectively have one account with a huge overdraft!

Cashback Mortgage

This is where the lender gives you a cash rebate when you completed on your home. This is either a fixed lump sum or a percentage of what you've borrowed and it's obviously useful for paying off some of the other expenses of setting up home. However, your mortgage rate may be more expensive as a result and you could incur penalties if you repay the loan early ie: by switching mortgages.

Re-mortgaging

When you re-mortgage your home the process is much easier because the deeds of the property are already in your name. You might want to Remortgage because a deal you had with your current lender is finishing or to raise further money.

Debt Consolidation Mortgages

These mortgages are away to consolidate existing loans and credit cards into a single premium. The cost of increasing the term of the unsecured debts - you will often end up paying more in total, even though the monthly payments and interest rates are lower. Is securing the debt against your property the most appropriate option - given the extra risks created i.e. negative equity and repossession.

Stepped Rate Mortgages

A stepped rate mortgage is useful for some clients because the interest rate is varied in steps over the term of the mortgage. A client can have a step up mortgage or a step down mortgage. The step up mortgage interest rate begins at a low discount and is increased over the life of the term. This has an advantage of smaller payments at the beginning of the mortgage and then increasing over time. A step down mortgage interest rate begins higher and then declines in steps over the term of the mortgage.

Fee Free Mortgages

A fee-free mortgage means that the lender won't charge some or all of the fees during the application process. These fees can include application fees, valuations fees and legal fees. However, please note: a fee-free mortgage doesn't mean that there are no fees for the life of the mortgage. You may still need to pay a redemption fee or a fee for sealing your deeds.