Glossary

• Variable Rate Mortgage
  
• Payments go up and down in line with interest rates
  
  
• Fixed Rate Mortgage
  
  • You will pay fixed payments for a guaranteed period. This will usually change to the lender's standard variable rate at the end of the period
  • There is usually a choice of terms available
  • There is likely to be an arrangement fee
  • If you change your mortgage product and/or lender during the period in which you are tied, early repayment charges may apply
    
    

• Discount Rate Mortgage
  • You will start with a discount off the lender's standard variable rate, for a limited period
  • After the discount period ends, the rate will usually change to the lender's standard variable rate
  • There is likely to be an arrangement fee
  • If you change your mortgage product and/or lender during the period in which you are tied, early repayment charges may apply
    
    
• Flexible Mortgage
  • With this you can vary payments
  • You can also take payment holidays, depending on certain conditions
  • You could pay your mortgage off early
  • You may still incur interest charges during a payment holiday period
    
    
• Buy To Let
  • This is if you want to buy a property and let it out
  • Variable and fixed rates are generally available
  • Any income you get from rent must be more than you have to pay for the mortgage payment
  • This is no guarantee that the rental income will be enough to pay the mortgage, or that it will be possible to arrange continous letting of the property
  • Not all Buy to Let mortgages are regulated by the Financial Services Authority

Your home may be repossessed if you do not keep up repayments on your mortgage.

Fees and charges : There may be a fee for our mortgage services. Our standard fee is £195.