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First Time Buyers
| Buying a property can be the most substantial single purchase you ever make and no matter what type of property you are buying, it's vital that you have the right mortgage. By making the right choices, you could literally save tens of thousands of pounds over the years. |
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| However, the choices you face are vast and confusing. There are mortgages for every type of situation and many different providers, from the banks and building societies to specialist lenders, all claiming to have the best products.
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| P.W. Bailey Mortgages can help you through this maze of options, giving you clear advice on every choice you face and helping you find the mortgage product that suits your needs most. |
Various Types of Mortgage
Variable Rate
| The simplest form of mortgage. The interest rate you pay will fluctuate roughly in line with the Bank of England Base Rate. |
Fixed Rate
| With a fixed rate mortgage, the interest rate is fixed at a specified level for a certain period of time. Any fluctuations in interest rates will have no effect during this period. Fixed rate mortgages give you the certainty of mortgage repayments being the same every month. |
Discounted Rate
| Mortgage lenders offer discounted rates to attract new customers. The product works in the same way as a variable rate, but the interest rate is discounted by a specified amount for a certain period of time. Interest rate fluctuations will still have an effect on these mortgages. |
Flexible & Offset
| Flexible mortgages allow you to make overpayments on your mortgage when you have additional capital and then allow you to 'borrow-back' this money if you need it in the future. These mortgages are very useful for people with fluctuating incomes. |
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| Offsetting facilities allow you to take the value of your bank account or savings account away from the amount of mortgage outstanding before calculating the interest due. This can potentially save a customer lots of money by reducing the amount of interest paid over the course of the loan. Interest rates on these mortgages work in the same way as the products above. |
| Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. |
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