Clear cut mortgage advice from the uk's fee free mortgage broker
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Clear cut mortgage advice from the uk's fee free mortgage broker |
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| Arrange it free "fee free" mortgage broker service - typical questions and answers. | ||||||||||||||
| Q: How can you provide a fee free mortgage broker service when other mortgage brokers charge 1% which could cost over £1,000 on a £100,000+ mortgage? | ||||||||||||||
| A; Old fashioned mortgage brokers operate with much heavier costs and need to charge a fee to stay afloat. We operate a modern mortgage broker business recognising our mortgage clients would rather speak to us direct at times to suit them rather than have face to face meetings. Because we are so efficient we don't have to charge a fee for our fee free mortgage broker service, we can exist on the relatively small admin. Fees mortgage lenders pay all brokers. | ||||||||||||||
| Q: What kind of service can you provide when you offer a fee free mortgage broker service. | ||||||||||||||
| A: Our fee free mortgage broker service is based on providing excellent service, a high proportion of our clients kindly write to us thanking us for our attention and service. We do not use voice mail and unless he/she is out of the office the mortgage broker who is dealing with your mortgage case will pick up the phone. Because our mortgage brokers are in the office all day dealing with mortgage clients direct they are more available to you than a traditional mortgage broker who might be out seeing clients. | ||||||||||||||
| Q: How can I be sure of getting the cheapest mortgage rate through your fee free mortgage broker service. | ||||||||||||||
| A: Our fee free mortgage broker service is designed to save our clients money not only through not charging a fee but also because we provide the greatest choice of mortgage lenders that we can. | ||||||||||||||
| By having a larger range of mortgage lenders we naturally have access to a greater range of cheap mortgage deals and this can only help in our quest to find you the cheapest mortgage deals we can given your individual circumstances. | ||||||||||||||
| Popular Mortgage Deals (available in the UK) | ||||||||||||||
| When you take out a mortgage, the lender will expect you to repay them the full amount of the loan, plus the interest at the end of the mortgage term. There are several options, and each will have its advantages and disadvantages. You will need to think about these before you decide which option to take. | ||||||||||||||
| Repayment Mortgage | ||||||||||||||
| A Repayment Mortgage is also known as a Capital and
Interest Mortgage. The simplest of all mortgages and the only type where
you are guaranteed to have repaid everything you owe at the end of the
term. Repayment mortgages work in a similar way to bank loans in that
your monthly payments go towards paying both a percentage of capital and
a percentage of interest. When you take out your mortgage the monthly payments are set at a level which will pay off the loan at the end of the term. At the beginning a high proportion of your monthly payments go towards paying the interest and a small amount pays off the capital. As you make more payments the capital is reduced, so the proportion of your payments going towards paying the capital increases and the amount of interest decreases. If you move house and cancel your mortgage during the early years you may not have repaid a significant amount of the loan as a large portion of your payments will have gone towards paying interest. |
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| Interest Only Mortgage | ||||||||||||||
| With an Interest Only Mortgage the amount you owe
stays the same throughout the loan period. You can only reduce the amount owing if you pay off part or all of it in a lump sum. The capital amount is repaid by an investment, usually a PEP / ISA/ Endowment or Pension, calculated to grow to the same level as your mortgage by the end of the loan period. The performance of the investment is not guaranteed - therefore repayment of the mortgage is not guaranteed either. |
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| Discount Mortgage | ||||||||||||||
| There are a variety of offers which promise a discount from the prevailing variable interest rate . The interest rate on offer is set at a margin below the standard variable rate. This 'discount' may be for a number of years, but in some cases lenders have offered big discounts for short periods of time. i.e. 5% off your home loan rate for six months. These offers invariably involve the borrower agreeing to stay with the lender for a period of time or face 'withdrawal penalties'. | ||||||||||||||
| Tracker Mortgage | ||||||||||||||
| In recent years lenders have offered mortgages with
rates attached to the Bank of England rate of interest (base rate).
These deals tend to have rates at a stated margin above the base rate,
although there are some deals with rates below base rate. The base rate is set each month by the Bank of England’s Monetary Policy Committee and if increased or reduced the interest rate on a tracker mortgage rises or falls by the same amount. Some lenders have lower and upper limits on the pay rate. Most lenders offer trackers for a short period before rates revert to the SVR. There are deals available that track the base rate for the whole mortgage term. |
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| Fixed Interest Rate Mortgage | ||||||||||||||
| A fixed interest rate mortgage offers borrowers a
guarantee of what their mortgage payments will be for a set period of
time. You run the risk that mortgage rates generally will fall below the
level at which you've agreed on your fixed rate deal, but equally you'll
be insulated from any significant upward swing in mortgage rates. These deals have been popular in the U.K. since the early 1990's after consumers experienced very high home loan rates in the preceding years. Fixed rate deals often involve the borrower agreeing to a penalty charge - often up to six months interest - if they decide to cash in the mortgage early. In the UK most fixed mortgage rates are fixed for a period of 1 - 10 years. |
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| Mortgage Advice | ||||||||||||||
| We are always available to advise you on your Mortgage requirements and a personal illustration of your new mortgage or re-mortgage is always given. | ||||||||||||||
© Arrangeitfree.co.uk Website design and promotion by Web Productions Fee Free Mortgages UK Web design and ecommerce development Mortgage Rate : Mortgage rate is the rate of interest that the mortgage lender charges for outstanding principal balance. This site gives the best mortgage rate for your mortgage. |
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