The annual percentage rate (APR) is the total cost of a mortgage, including interest and fees. It assumes that you will have the mortgage for the entire term, so it may not be a useful way to compare deals.
If you go into arrears, it means you have ‘defaulted’ at least once, which means you have missed a month’s payment on your mortgage repayment. If you suspect you may be in arrears, contact your lender as soon as possible.
An adviser who can assist you in obtaining a mortgage. Be aware that some brokers will receive a higher commission for recommending specific deals than others; moreover, some of the best mortgage deals are only available if you apply directly.
Your lender will give you a lump sum of cash upon completion of this type of mortgage. To determine whether it’s a good deal, you should factor this into the total cost of your mortgage over the initial period.
If you have a collar on your mortgage, your interest rate will not fall below the specified amount. So, if interest rates fall to 3.75 percent and your deal is locked in at 4 percent, you’ll miss out on the savings that this lower rate would bring.
Your mortgage, credit card, and loan debts, as well as the balances of your current and savings accounts, are all combined into one account. Because your credit balances offset your debts, you only pay interest on the difference. These are typically more expensive than standard mortgages.
This is the amount you must contribute to the purchase price of the property. The minimum deposit required is usually 5%, but the best deals are available to those who can pay a deposit of at least 40%.
A discounted-rate mortgage is one in which the interest rate you pay is a fixed amount less than your mortgage lender’s standard variable rate (SVR). For instance, if the lender’s SVR is 5.5 percent and the discount is 1%, you will pay 4.5 percent.
An equity release scheme allows older homeowners to access the cash that is locked up in their home. Lifetime mortgages and home-reversion schemes are the two types. These plans should only be purchased after seeking independent financial advice.
Family members (usually parents) who want to assist first-time buyers in getting on the property ladder. Your savings are offset against your child’s (or family member’s) debt, lowering the amount they owe and pay in interest.
The mortgage interest rate remains constant for the duration of the loan, which can range from one to ten years. This means you’ll know exactly how much you’ll pay on your mortgage each month because your rate won’t fluctuate with the Bank of England’s base rate.
A flexible mortgage deal allows you to overpay, underpay, or even take a mortgage payment holiday. This can help you pay off your mortgage faster and save money on interest, but flexible mortgages are typically more expensive than conventional mortgages.
The government has developed a variety of Help to Buy schemes, including equity loans, mortgage guarantees, Isas, and Scotland and Wales-specific schemes. They are all designed to make home buying easier.
A tax-free savings account into which the government provides a cash bonus towards the purchase of a home for first-time buyers. The government will deposit a further £50 for every £200 saved, up to a maximum of £3,000.
You only pay the interest on your mortgage each month, with no repayment of the capital loan. The aim is to save enough money to pay off the mortgage using other methods at the conclusion of the term, such as through stock market investment, pension endowment, or the sale of another property.
You own the building but not the land it sits on, and only for a limited time (anything up to 999 years). If the lease on the property you wish to buy has less than 70 years left on it, you may have difficulty getting a mortgage.
Insurance that covers your mortgage payments for a set period of time, generally a year, if you are unable to work due to an accident, illness, or unemployment. It is also referred to as ASU insurance.
An offset mortgage connects your mortgage to your savings account and, in some cases, your current account. Your credit card balances are offset against your mortgage debt, so you just pay interest on the difference while simultaneously repaying the capital.
This is the method by which you expect to pay off your mortgage at the conclusion of the term, as required by lenders if you take out an interest-only mortgage – for example, another house or a stocks and shares portfolio.
Vince goes above and beyond to find the best solution for your needs. I could always trust him with his recommendations and felt in very good hands. Always a pleasure working with him.
A Google User
9. September, 2022.
I wish I could rate them higher than 5 stars. My life has been made so much more easier and the process so much more smoother. I would like to give a special thanks to Magda who is an angel sent from above, she has gone above and beyond for me, from the beginning right to the end. She is there no matter what questions or what help I need, I cannot thank her enough. I will always recommend to my friends and family. Thank you again Magda I could literally cry writing this because the vendors delayed my process so much, caused me endless stress and Magda was always there to chase them up and made sure we got to the end of the process with the fullest possible loan. An amazing outcome thanks to Magda.
11. August, 2022.
Gordon Blair are fantastic advisors/mortgage brokers! Very helpful with the steps regarding my concerns.
Thank you so much.
My remortgage has been completed! Without the help of Gordon Blair, this would have not been possible. Thank you so much to all your wonderful staff.
31. July, 2022.
We cannot recommend David Fairclough enough. We had a Teams call with David initially, he offered us mortgage solutions we hadnt even thought of! Once we agreed, David completed the paperwork for us and the whole process was incredibly efficient and completed in super quick time. If you need assistance with your mortgage I would recommend David 100% and we would not hesitate to use him again!
13. July, 2022.
Excellent mortgage broker. Not only in providing one with with the actual service but also for the professional manner in which it was delivered. David was pro active in his communications and advices which was appreciated and helpful in providing all the required in timely manner at a time where speed was required. A mortgage broker I will be using again very soon.
17. June, 2022.
This is an excellent office with high level of proficiency. I specially thank Magda and Kamal for being so helpful, kind and professional. RIADH And Nebras.
26. May, 2022.
Magda and kamal are both been brilliant dealing with house purchase. They are very professional, great at communication and understanding about your circumstances. They have been a huge support to me and will recommend them to anyone else I know. i would highly recommend them.
Fallen Angel's Halo
25. May, 2022.
25. May, 2022.
The best broker ever. Very professional and helpful. All mortgage process seems to be easier with Gordon Blair. Can't recommend enough.
18. May, 2022.
Yet another mortgage navigated with ease, speed and professionalism.
E-mails are responded quickly. I will continue to use this excellent Broker.
At Gordon Blair, we pride ourselves on the vast array of services we are able to provide through our team of dedicated, experienced financial experts and estate agents. We put you and your requirements at the centre of everything we do.
Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
We are a credit broker, not a lender. We are whole of market broker. We may receive commission from the lender and this amount varies between lenders. Gordon Blair Financial Services Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 806235. Registered in England No. 11221234. Registered office address Gordon Blair Financial Services Limited is 1458 London Road, London, SW16 4BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.
Gordon Blair Financial Services Ltd is registered in England and Wales no. 11221234. Registered office, 1458 London Road, SW16 4BU Authorised and regulated by the Financial Conduct Authority. Gordon Blair Financial Services Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 806235