Mortgage Deals

There are a number of different mortgage deals available.  Typically these range from:-

• Fixed Rate – a rate which is fixed for a specified period, ie. 2, 3 or 5 years. This rate is guaranteed and will not go up or down no matter what is happening in the financial sector.
• Tracker Rate – this rate is usually linked to the Bank of England Base Rate and can move both up and down according to the movements of the Bank of England Base Rate. Rates are usually adjusted within 28 days of a change in the Bank of England Base Rate.
• Standard Variable Rate – a rate which each individual mortgage lender sets as their Standard Variable Rate. This rate differs from lender to lender and is the rate that a fixed or tracker rate usually defers to at the end of a fixed term
• Capped Rate – a rate which is variable but has a maximum limit which means the rate can go up and down but guarantees not to go higher than a preset limit.
• Discounted – usually a variable rate, that runs at a discount to the individual banks Standard Variable Rate.
• Flexible – a flexible mortgage which usually allows the borrower to overpay the mortgage without penalty, allows the borrower to drawdown extra funds (up to an agreed limit) and may also allow the borrower to take payment breaks – all subject to certain conditions.
• Offset – a mortgage which is linked to a savings account. The savings are offset against the mortgage for the purpose of interest and can be a great way to save on interest.

In addition to the different types of interest rates there are also different Mortgage Types.

At Suitable Financial Advice we are Independent Mortgage Advisers which means we can search the market for the best Mortgage deals available.

Whatever your circumstances, make sure you use our experience to provide you with the best mortgage advice for you. Contact us now for an initial discussion.