Purchasing your first home is an exciting time, but can also be very confusing with the wealth of mortgage products and schemes on the market. Here at Prestige we pride ourselves on guiding the first time buyer through the whole process.
We understand that there is so much to consider when buying your first house that it is difficult to know where to start, deposit, estate agent, viewings, solicitors? It also may be your first (very large) joint purchase as a couple which brings more considerations and possible worries. Also which rate will be best for your circumstances? Fixed, discount, tracker, cash-back, to add fees or not to add fees? We want to make sure that we are taking care of as much as possible for you, and answering as many of your questions as possible, so you can concentrate on other things, like the paint for the bedroom!
There are a range of mortgage types on the market which our mortgage advisers will be able to help you with, such as…
FIXED RATE
The interest rate on Fixed Rate Mortgage are agreed at the outset and continues unchanged for a prescribed length of time, this is usually between one and five years. Our Mortgage Adviser can discuss Fixed Rate Mortgages with you, answering any questions you may have.
FLEXIBLE
A flexible mortgage is just a normal mortgage with some extra flexible features bolted on. The features and how they work will differ between providers so it’s important when you’re searching for a mortgage to find one that has the facilities you need. Our Mortgage Adviser can discuss Flexible Rate Mortgages with you.
STANDARD VARIABLE
Standard Variable Rate Mortgages or (SVR) – The interest rate on this mortgage is set by the lender and will usually fluctuate to follow general market conditions. Our Mortgage Adviser can discuss Standard Variable Rate Mortgages with you.
CAPPED
Capped Mortgages can give you the best of both Fixed and Variable Rate Mortgages. Whilst your payments will go up and down in line with interest rates, the maximum rate you will pay is restricted to an upper limit or ‘cap’ with some lenders also imposing a the lower limit or ‘collar’ to prevent the interest rate dropping below a specified level. These upper and lower limits are usually specified at the outset and agreed for a certain amount of time.
OFFSET
By linking your mortgage with savings and / or current accounts Offset Mortgages allow your savings to effectively reduce your debt and ultimately the amount of interest you pay on your mortgage.
Our Mortgage Adviser can discuss Offset Mortgages with you.
TRACKER
Tracker Mortgages work in the same way as standard variable rate mortgages, although, they track Bank of England base rate rather than the rate being determined by the lender. Therefore, if the base rate changes, your payments will go up or down directly in line with it. Our Mortgage Adviser can discuss Tracker Mortgages with you.
For more details on First Time Buyer Mortgages, or for more information / enquiries on Mortgage Advice, please contact Prestige Financial Solutions