Our Mortgage Services

Please find below information about mortgage repayment and a brief introduction to many of the products available. Our highly experienced team of mortgage advisers would be happy to discuss your requirements so please do contact us for an informal discussion to see how we might be able to help you.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Repayment Methods for your Mortgage

Once their mortgage application has been accepted in principal, the borrower may have the option of deciding how he or she repays their loan: on a ‘capital and interest’ basis, or on an ‘interest only’ basis.

Capital and Interest Mortgages

An arrangement where part of the monthly repayment is used to pay the interest and the remainder is used to reduce the original amount of the loan. In the early years of the mortgage, most of the monthly repayment goes towards paying the interest; in later years, the interest charges diminish and more of the repayment is available to reduce the loan amount.

Interest-only Mortgages

Interest only mortgages are a type of mortgage where only the interest is repaid. The full capital amount remains outstanding during the mortgage term and is repaid in one lump sum at the end of the term.

Lenders require evidence that a customer will have in place a clear credible repayment strategy and that the repayment strategy has the potential to repay the capital borrowed.

Repayment strategies may include deposits or investment product(s), pension(s), periodic repayment of capital from irregular sources of income (i.e. bonuses), the sale of another property or other land or other acceptable methods which meet lending criteria.

This means that the mortgage payments each month will be lower than those of a repayment mortgage for a similar loan and term. Where the repayment of capital is an investment the investment runs alongside the mortgage but is separate from it; the cost should be taken into account when calculating the overall costs of the mortgage arrangement.

Every month, you then pay this interest to the lender for the duration of the loan. The lender calculates your monthly repayments depending upon how the rate you have chosen is set. The monthly interest payments may vary dependent on whether the interest rate is fixed or variable. At the end of the loan period, the lender will expect the initial capital they lend you to be repaid in full by whatever means you have arranged. 

Having decided on the loan repayment method, the borrower then needs to consider what kind of mortgage they want. The main options, some of which may or may not be available depending on the mortgage market and general economic conditions prevailing at the time, are described below.

First Time Buyer

The prospect of buying your first home could be both daunting and confusing. Our aim is to guide you through the transaction from start to finish so that you understand exactly what the purchase entails and how much it will cost. We can recommend the services of local solicitors to assist in this process. This maybe the largest financial transaction you are ever likely to make so it must be done with clarity.

Remortgaging

Remortgaging is the process of switching your existing mortgage to another mortgage lender, usually to lower the amount you're paying on your mortgage.

You are not obliged to stick with your original lender for the full mortgage term, and you can move to another lender at any time to get a lower interest rate - you don't have to be buying a new home. Remortgaging could save you hundreds or even thousands of pounds over the term of the mortgage. It is important to note that early repayment charges may be applied by the existing lender.

We will be pleased to help and advise you further on how to switch and save.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

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Buy-to-let Mortgages

Buy-to-let mortgages are specifically for individuals who wish to buy residential property which they intend renting to tenants. Although a buy-to-let mortgage is similar in a number of respects to a standard residential mortgage, there are some significant differences between the two.

MOST BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY

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Tracker Mortgages

The interest rate applied to the mortgage repayment is linked directly to the Bank of England’s base rate and will rise and fall in line with that rate.

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Mortgage Choices Hull , 15 Kilton Court, Howdale Road, Hull, E Yorks, HU8 9FE

Privacy Notice   How to Complain

Office address: Mortgage Choices Hull, 15 Kilton Court, Howdale Road, Hull, E Yorks, HU8 9FE.

Mortgage Choices Hull is a trading name of Ryan Gilbey who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of TenetLime Ltd. TenetLime Ltd is authorised and regulated by the Financial Conduct Authority.

TenetLime is entered on the Financial Services Register (https://register.fca.org.uk/s/) under reference 311266.

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

For our advice services, we will charge a fee of between £0 and £500 depending on the complexity of the case. For example, if we to undertake a mortgage for a Portfolio of Buy to Let properties or a mortgage involving adverse credit, the higher level of fee would be charged.