Montpellier Expert Mortgage Advice

Expert Mortgage Advice

Mortgages come in different shapes and sizes which can seem confusing. That is why getting mortgage advice from a mortgage broker is the way to go.

The type of mortgage that will suit you best depends on your financial and individual circumstances. There are a wide variety of mortgages and mortgage features. You might need a first time buyer mortgage or buy to let mortgage or remortgage. Whether you would be best off with a repayment mortgage, interest only mortgage or offset mortgage you should start your mortgage deal search with having a chat with a mortgage broker.


Mortgages for specialist needs

If you are self-employed, have a history of credit problems or unpaid debt or are a homeowner the mortgage term and your age needs to be considered. You may struggle to get a mortgage on the high street. Your mortgage broker will be happy to help you understand what type of mortgage would suit you best.

As your mortgage adviser

A mortgage broker is fully qualified in the mortgage industry. Our Qualified mortgage advisers main responsibility is identifying your individual needs and objectives and then researching the market for the most suitable mortgage product for your individual circumstances.

Benefits of using a qualified mortgage adviser

  • Wide range of mortgage deals
  • Fully qualified and experienced in dealing with a wide range of scenarios
  • A mortgage broker saves you time and money by finding the most competitive mortgage interest rate
  • Our advisers could probably source exclusive products that you would not obtain from a high street lender.

Montpellier Finance can help not only first time buyers looking for a mortgage deal but also those who would like to remortgage or buy a property to let.

Get in touch with us to find out more about the different types of mortgages and features.

Types of Mortgages

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Fixed Rate

A fixed rate is when the rate of interest your mortgage borrowing is calculated on will not move for a period of time. Usually 2-5 years. Longer terms may be available. A fixed rate provides security knowing your mortgage payments will not increase for a specified period of time.

However the potential downside to a fixed rate is that if the base rate reduces during the fixed rate period you will not be able to benefit from reduced payments.

Tracker Rate
A tracker rate is when the rate of interest your mortgage borrowing is calculated on increases or decreases in line with a linked base rate. This will mean your payments could increase or decrease. Tracker rates provide more flexibility than fixed rates although borrowers must ensure they can afford their mortgages if the rate increases.
Capped Rate
A capped rate is similar to a tracker rate as the rate increases and decreases in the line with the Bank of England base rate or the lenders standard variable rate but will never exceed a specified top level – ‘the cap”.The product is a niche product and not always available.
Standard Variable Rate (SVR)
A SVR mortgage is a loan at the lender’s normal mortgage rate – ie without any discounts or deals. It moves up and down at the lender’s discretion. This means your payments could increase or decrease.
Discounted Rate
A discount mortgage gives you a lower rate for an agreed period usually 1-5 years after which the rate will increase. A discount mortgage normally gives you a discount from the lenders Standard Variable Rate. This will mean your payments could increase or decrease. Borrowers must ensure they can afford their mortgage if the lender increases their Standard Variable Rate.
Offset Mortgages
An offset mortgage allows your savings to work harder for you. It is a way to reduce the amount of interest calculated on your mortgage. For example if you have a mortgage of £100,000 and savings of £20,000, if you offset the savings you would only be charged mortgage interest on £80,000. This would either reduce your term or monthly payments. The £20,000 savings would generally still be accessible. The product to run alongside this type of mortgage would usually be a tracker rate although fixed rates are also available.