INTRODUCTION INTO MORTGAGES
With so many different lenders and high street banks not always offering the best deals, it can be a very daunting or sometimes frustrating process getting the right mortgage for you.
Although I’m an experienced mortgage adviser, I focus on providing advice in the area of protecting you and your family but work very closely with a trusted whole of market mortgage adviser, so whether you’re a first time buyer, remortgaging your home, borrowing for home improvements or a land lord with a buy to let portfolio, you can be certain the advice is impartial, whole of market and suited to your needs.
VERIFIED Mortgages Reviews
What were the circumstances that caused you to look for an adviser?
Required re-mortgage and new life cover.
How did Stephen Elvin help you?
Stephen was extremely helpful to find the best and most suitable package for our needs. He was very knowledgable and honest giving us all the relevant information to make an informed decision.
What is your current situation? Have you seen the outcome you were hoping for?
Yes, our mortgage deal was exceptionally good and our life cover a significant improvement.
What were the circumstances that caused you to look for an adviser?
First time property buyer.
How did Stephen Elvin help you?
Steven helped us gain a mortgage that we were previously refused due to poor credit. He also sorted out our life insurance and critical illness cover and was available on the phone any time. We did not feel like a customer of Steve's but a friend and nothing was too much.
What is your current situation? Have you seen the outcome you were hoping for?
100% and more. Steven made our dreams a reality when previously we were told it was not possible.
What could they have done better?
In all honesty I believe Steve gave us his full attention, everything went as it should and Steve was always there to answer any questions. I can't think of a single thing Steve could have done better!
Fixed Rate Mortgages
A fixed rate mortgage is simply a means of guaranteeing your mortgage payment over a set time frame.Fixed rates are for an initial period, typically anything from a year to 10 years.
After the fixed rate period ends, your mortgage will go onto a variable rate – normally a tracker rate or your lender's Standard Variable Rate - which won't give you the same kind of guarantee.
Tracker Rate Mortgages
Tracker mortgages are basically a type of variable rate mortgage. What makes them different from other variable rate mortgages is that they follow – track – movements of another rate. Most commonly, the rate that is tracked is the Bank of England Base Rate.
Tracker rates do not match the rates they track, but are at a 'margin' above that rate. These are more flexible mortgages when overpaying but need careful consideration longer term.
Variable Rate Mortgages
A Standard Variable Rate is a type of mortgage interest rate that you are most likely to go onto after finishing an introductory fixed, tracker or discounted deal. This means your payments can go up or down according to changes in interest rates.
The rate you pay on an SVR mortgage will be determined by your mortgage lender. This is usually much higher than The Bank of England Base Rate and can cost you much more over the longer term.
Buy To Let Mortgages
Buy to let mortgages are for landlords who want to buy property to rent it out. The rules around buy-to-let mortgages are similar to those around regular mortgages, but there are some key differences.
Most BTL mortgages are interest-only. This means you don’t pay any of the loan back each month, but at the end of the mortgage term, you repay the original loan in full. BTL mortgages are also available on a repayment basis.
Considering your next move
We all know borrowing money can be daunting, it all starts with a conversation and working out what you need for your next move.
By filling in the enquiry form, this could be a simple straight forward conversation that costs nothing but means you understand where you are with your plans.
Alternatively, it may mean we need to sit down together for a more in depth consultation, this is to consider your circumstances and what you can borrow.
This is at no cost obligation to you, giving you the opportunity to evaluate your options and the service I can provide.
I aim to respond to all enquiries within a 24 hour period, if your query happens to be urgent for whatever reason, please state this within your enquiry.
Alternatively I can be reached on 01278 555 113 or touch the Messenger icon on the screen.
Your personal data will remain confidential and will not be passed to any company outside our firm without your permission being obtained, unless the information is required by law. For further details on how we handle your personal information, please refer to our Privacy Policy.
