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With many types of mortgages and interest rates on the market, it can be confusing to know which one is right for you, so we’ve outlined some of the basics below. You can always seek further advice from one of our advisers too.

What Mortgages are available?

Repayment

You repay part of the amount borrowed together with the interest being charge each month. In the earlier years of your mortgage, the majority of your monthly repayment is made up of interest. However, towards the latter part, the majority of your monthly payment will be for the amount borrowed.

Interest Only

You are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the term. You will need to have credible arrangements to pay off the mortgage and avoid the property having to be sold, such as an ISA.

Flexible

You can vary the amount you pay each month and take payment holidays in some circumstances. It may help to reduce your mortgage with lump sum payments without incurring an early repayment charge.

Offset

Typically, a current or savings account (or both) are linked to your mortgage and, each month, the amount in these accounts is then offset against your outstanding mortgage. You are unlikely to earn interest on your savings which are offset.

Buy-to-let

This is usually used for any property you own which has a primary purpose of generating income from letting out the property

What Interest Rates are available?

Standard Variable

Your payments should rise and fall in line with the Bank of England rate charges

Fixed

They give you the security of knowing that your monthly payments will always be the same. With this type of mortgage, you pay a fixed rate of interest for a set period, typically over 2, 3 or 5 years.

Capped

You will know the maximum you will pay for a set period of time. It offers you the option of knowing the maximum monthly repayments you would have to make during a set period of typically 2 or 3 years.

Discounted Variable

It allows you to benefit from a discount on the lender’s standard variable rate. If the lender’s rate increases or decreases, so does the discounted rate. Typically, the shorter the discounted period, the larger the discount.

Mortgage

Find out how much you can borrow

Mortgage

Your monthly payment

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Results are for your general information and use only and are not intended to address your particular requirements. Results should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate results and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of using this calculator. Thresholds, percentage rates and tax legislation may change in subsequent finance acts. Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested.

Find a Truly Independent Financial Adviser near you

Chris Rimmer

Prestwick, Ayrshire

Pension Investment Protection

Alex Douglas

Dunfermline, Fife

Pension Investment Protection

Martyn Clemie

Dumfries

Pension Investment Protection

John Martin

Glasgow

John Boyle

Glasgow

Pension Investment Protection

David Marchant

Uddingston

Adam Simcox

Sutton Coldfield, Birmingham

Pension Investment Protection Mortgages

Grant Livingstone

Monmouth

Pension Investment Protection

Gary Decker

Nuneaton, Warwickshire

Pension Investment Protection

Denis Turnbull

Penrith, Cumbria

Pension Investment Protection

Darren Hopkins

Abercynon, RCT

Pension Investment Protection

Maxine Scott

Thornhill, Dumfries

Pension Investment Protection Mortgages

Mark G. Ainsley

Pulborough, West Sussex

Pension Investment Protection

Mark Robertson

Glasgow

Pension Investment Protection

Lynne Bennett

Sheffield

Pension Investment Protection Mortgages

David Dean

Reading, Berkshire

Pension Investment Protection

David Illingworth

Glasgow

Pension Investment Protection

David Bartholomew

Carlisle, Cumbria

Pension Investment Protection

Comran Taher

Hull, East Yorkshire

Pension Investment Protection

Alan McJannett

Carlisle, Cumbria

Pension Investment Protection Mortgages

Andy Stocker

Beverley

Pension Investment Protection

Alan Simpson

Hamilton, Lanarkshire

Pension Investment Protection Mortgages

Andrew Johnson

Droitwich, Worcestershire

Pension Investment Protection

Alan Bradley

Edinburgh

Wendy Brown

Doncaster

Tracey Davies

Cardiff

Pension Investment Protection Mortgages

Stephen White

Sutton Coldfield, West Midlands

Pension Investment Protection Mortgages

Rob Ritchie

Alnwick, Northumberland

Pension Investment Protection

Paul Turner

Wyevale, Hereford

Pension Investment Protection

Neill Anderson

Clydebank, Glasgow

Pension Investment Protection Mortgages

Mike Craddock

Sutton Coldfield, West Midlands

Pension Investment Protection

Michael Finch

Monmouth

Pension Investment Protection

Clive Quinn

Shortlands, Bromley

Pension Investment Protection

Carl Weller

Leatherhead, Surrey

Pension Investment Protection Mortgages

Brian McNair

Glasgow

Anthony J. Buckle

Gateshead

Pension Investment Protection

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