• Mortgage Advice

    Guiding you through the mortgage maze

Mortgage rate types

The long and winding road that leads to your dream home becomes even more complex here. In a Spaghetti Junction of options we can help provide the SatNav.

Standard variable rate

  • Rate is the commercial ‘default’ rate set by the lender.
  • Generally no arrangement fee payable.
  • Generally no early repayment charge.
  • Rate is set by lender and can move up or down.

Discounted variable rate

  • An incentivised rate to provide lower payments in the early years.
  • Linked to lender’s standard variable rate.
  • Discount for set period, eg two, three or five years.
  • May be an arrangement fee.
  • May be early repayment charges.
  • Rate is variable and so can move up or down.

Tracker rate

  • Generally linked to the Bank of England base rate.
  • May track for a set period eg two, three or five years or for whole mortgage term.
  • May be an arrangement fee.
  • May be early repayment charges.
  • Rate is variable so can move up or down.

Capped rate

  • Generally a tracker rate with an upper limit.
  • Product generally for a set period, typically two, three or five years.
  • Generally an arrangement fee payable.
  • Generally early repayment charges.
  • Although rate is variable, so may move up or down, the cap provides a degree of stability.

Fixed rate

  • Rate is fixed for set period typically two, three or five years.
  • Payment stability during fixed rate period.
  • Generally an arrangement fee payable.
  • Generally early repayment charges.
  • No benefit from drop in interest rates.

If you’d like advice on mortgages and protection contact Phil Moore or Sara Reed on 01983 535740 or email phil.moore@rouseltd.co.uk or sara.reed@rouseltd.co.uk.

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

The Financial Conduct Authority does not regulate some forms of Buy to Let Mortgages.

To understand the features and risks of a lifetime mortgage you should ask for a personalised illustration.

The choice of mortgage deals available can be bewildering. Although we don’t have a crystal ball to foresee what is going to happen in the future, we can explain each of the options clearly and guide to the one that best suits you

Sara Reed CeMAP

Mortgage Calculator

Use this calculator to work out the monthly payments on a repayment or interest-only mortgage and a guide to the stamp duty land tax payable. The calculator is for illustrative purposes only, and the actual mortgage sum, interest rate and term applicable can be higher or lower than the values shown.

 
 

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Stamp Duty

Stamp Duty Land Tax is a fee that must be paid when you purchase a property above a certain value.

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