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 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 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
  • Buy to Let mortgages are not 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.