Mortgages - what suits you?

Hover over the mortgage types below for further details.
To speak to advisers about rates available, contact us today on 0845 071 4414 .

100% 100% 100% mortgages are ideal for customers who wish to borrow the full amount of the property cost or the valuation amount. In particular they appeal to First Time Buyers and people with little or no deposit. Some lenders will even add fees to the amount required to reflect a tight budget when buying a house. Adverse Credit Adverse Mortgage Adverse mortgages are designed for customers who have previously experienced some sort of financial problems and are finding it difficult to obtain a mortgage from the traditional lenders. Buy to Let Buy To Let This type of mortgage allows the borrower to purchase a property to let it out in order to receive a rental income. Credit assessments are based on rental income and/or net worth of the customer rather than on traditional affordability or income multiplier calculations. You should be aware that Buy to Let mortgages are not regulated mortgage contracts and so are not regulated by the Financial Services Authority.
Capped Capped Rates This type of mortgage combines the benefits of both a fixed and variable rate product. A maximum rate (the cap) is set for a specified period of time and provided interest rates do not exceed the capped rate, the lender’s variable rate applies. If the rates exceed the capped rate, the borrower will only pay the capped rate. Cash Back Cash Back This is where a lump sum is paid to the borrower on completion of the mortgage. The cash sum may be repayable if the mortgage is repaid early. This type of mortgage can be advantageous to the borrower at a time of heavy expenditure. Discount Discount These are variable rates with a specified percentage reduction below the lender’s standard variable rate. The ‘Discount’ will typically apply for the first few months or years of the loan and then revert to a variable rate.
Fixed Fixed Rates This is a mortgage where the interest rate is fixed for a specified period of time. The advantage to the borrower is the ability to budget for this initial period. Flexible Flexible This type of mortgage allows you to make regular payments into the account without penalty. Where overpayments have been made, there is a future flexibility to underpay and take payment holidays. The initial advance can be taken in one lump sum or in a series of drawdowns. Offset Mortgage Offset Mortgage This is where credit balances in a savings or current account are deducted from the mortgage balance before interest is calculated. There is, therefore, no tax to pay on the credit balances. You can still keep your accounts separate.
Remortgages Remortgages This is the process of moving your mortgage loan from one lender to another without moving home. Many lenders will fast track applications to enable the change of lender to happen quickly. Often a product can be found with free legal services and on ocassions free valuations. Self Certification Self Certification This type of mortgage is used when no proof of income is available, for example multiple sources, cash based or irregular incomes. We will help you determine affordability by discussing your overall financial circumstances whilst recognising it can sometimes be difficult to prove the income. Tracker Tracker The lender sets a rate linked to a standard rate - either the lender's variable rate or Bank of England base rate. The initerest rate reverts to the standrad rate at the end of the tracker period." Tracker rates can be for a limited period of years or for the lifetime of the mortgage.

All contents copyright © 2007 Mortgages By Phone Limited. All rights reserved.
Registered in England, Registration number: 5969141. Registered Office: Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN
Your home may be repossessed if you do not keep up repayments on your mortgage.
Calls are recorded for training and monitoring purposes.

Mortgages By Phone Limited is an appointed representative of Connells Limited
who are authorised by the Financial Services Authority for the advising and
recommending of regulated mortgage and general insurance contracts.

UK CMS System Web Design Agency UK