Mortgage Advice Bureau (Information)

For the best low rate mortgages – talk to the ‘Big Mortgages’ mortgage advice bureau

Big mortgages – The Nottingham mortgage advice bureau

There are approximately over 3000 mortgages available to you at one point, and trying to find one which will match your needs and offer you the best value will be a time consuming task – and one which you may not get right; trust a long established mortgage advice bureau.

We are able to match a mortgage to your needs by using our advanced computer systems to search through available lenders and products to select the most suitable mortgage for you and your personal circumstances.

We are then able to co-ordinate all the paperwork and processes with yourself, your solicitors, and the lender to ensure that there are no undue delays.  All to often delays are caused by poor communication, something we are here to eliminate.

Our personal touch means that you will always have the same advisor who you will deal with throughout.  You won’t simply be another customers dealt with by a different call handler each time… Our mortgage advice bureau makes client to business communication the most important discipline.

Different Types of Mortgages
Variable Base Rate

This is the traditional and most common type of mortgage. The rate of interest is not fixed but can vary as general interest rates vary. This is a standard mortgage and is not classed as a special low deal.

Fixed Rate

The rate of interest charged remains the same for a set period of time on this type of mortgage. At the end of the period it is normal to revert to the lenders variable rate or you may have the option to go onto another deal. This mortgage has the advantage of providing borrowers with a period of certainty.

Capped Rate

This is a form of variable rate but with a guarantee that the rate will not rise above a certain level. This type of deal has the advantage of benefiting from interest rate decreases but being secure not to rise above the capped level.

Discount Rate

This is a discount on the normal variable rate. It may be 1.5% or 2% lower than the lenders standard rate but it is still variable and can go up and down with the standard rate changes.

Flexible Mortgages – mortgage advice bureau popular

This relatively new type of mortgage is becoming very popular. The benefits as seen by many people are that it is possible to make extra payments to pay your mortgage loan back sooner, take mortgage payment holidays and in some cases connect your mortgage loan to your other finances such as your savings and your credit card. However you need to tread carefully because this type of mortgage may not suit many people and usually they do not provide the lowest interest rate deals. We can inform you of whether this type of loan would suit you. Presently this is the mortgage advice bureau (Big Mortgages) most popular type of mortgage

Mortgage Interest Rates
This is the most important element of your mortgage, and determines how much your repayments will cost you each month.

It it important to understand that the mortgage interest rates are not fixed, and can change quickly.  Depending on the type of your mortgage your exposure to the interest rate can be different… if you have a fixed rate mortgage then your repayments remain the same, but if you have standard variable rate mortgage then your payments change with the interest rate set by your lender.

In the past interest rates have changed rapidly, however they are currently reviewed monthly by the Bank of England, and most lenders follow the lead of the Bank of England in altering their own rates.

Mortgage interest rates are low at the moment, but this does not mean that they will stay that way.  When considering a mortgage you should look at what the repayments would be at different interest rates.  You can do this on our interest rate calculator.

Mortgage Insurance
You may need insurances with your mortgage.  They may be part of the deal on offer from a lender, or they may be additional insurance which are advisory.

Most people take out Life Insurance and Critical Illness Insurance to cover their mortgage.  Life Insurance will pay your mortgage off if you die, and Critical Illness Cover will cover your mortgage if you have a serious illness.

Mortgage insurance products can be confusing, and like mortgages, there may be thousands on offer; only some of which may suit you.  We are able to arrange the correct level of cover and a suitable product for you (and your mortgage).

When taking out a new mortgage it is often a good time to review your existing insurances and check you are getting the best value.

We can do this as part of your mortgage advice bureau application, or we can review this separately with you.

Repaying Your Mortgage Early
The mortgage advice bureau – important tips

It is important to understand that lenders may charge you to repay your mortgage early.  It is vital that you know how much these charges are and for how long they apply, they are part of the deal being offered.

Generally, the more attractive the deal which is being offered then the harsher the repayment terms.  This may not be a problem, because if the deal is attractive then you should not need to repay early.  It is quite common that early repayment charges apply for only the early years on the mortgage.

We make all early repayment charges obvious to our clients and point them out as part of the deal being offered by the lender.  They are an important part of the deal, especially if you may want to change lender in the future.

Statutory Mortgage Disclaimers

Domestic Client Mortgages

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments’

Equity Release Mortgages

Equity released from your home will be secured against it

Buy-to-Let Mortgages

A buy to let mortgage will be secured against your property

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority

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