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.
We do not typically charge fees for advising upon and arranging a standard mortgage on your behalf, instead we are paid a commission from the lender, known as a procuration fee to cover our costs. If we do charge a fee, this will typically be £250.
Alternatively, you may pay a fee of £125, and and hourly fee of £75 we will refund any commission. A typical case takes 4 hours and therfore the fee would be £425.
We charge fees for advising upon and arranging Lifetime Mortgages / Home Reversion Plans also known as Equity Release Mortgages. All fees will be discussed and agreed at outset. Typically, this will either be a fee of £275, and we will receive commission, or a fee of £550 and we will refund any commission.
Your home may be repossessed if you do not keep up repayments on your mortgage.