Capital and interest
This is the simplest type of mortgage. The payments you make to the lender every month pay off both the capital and the interest from the loan. Provided you keep up the payments, you are guaranteed to pay off the loan by the end of the term agreed (usually 25 years).
The lender calculates your monthly repayments depending on the amount borrowed, how long for, the interest rate & how the rate you have chosen is set.
For mortgages, you have a choice how we are paid.
No fee. We will be paid commission by the lender
A minimum fee of £200.00 payable at application stage or on completion of the mortgage; normally on completion. Typically the fee will be £200.00 but will depend on your circumstances. We will also be paid commission from the lender.
A fee of £150.00 per hour, payable at application stage or on completion of the mortgage; normally on completion. Typically the advice process will take 6 hours, which would be a fee of £900.00. The fee is subject to a minimum of £600.00. We will refund any commission from the lender.
You will receive a Key Facts illustration when considering a particular mortgage, which we will tell you about and any fees relating to it.
Your home may be repossessed if you do not keep up repayments on your mortgage.