We just need a few details about you to get started.
Your mortgage can have a long or short fixed rate period.
If you're looking for a variable rate, we don't offer these at the moment.
With a fixed rate, what you pay each month stays the same for a set amount of time.
A fixed rate is good for budgeting your money. And you won’t be affected if the Bank of England changes the base rate.
There are other types of rates you may know about, such as a variable rate. This is where your monthly payment could go up or down. That’s because bank rates can change with the economy. For example, when the Bank of England base rate goes up or down.
We don't offer variable rates right now.
With a shorter fixed rate, your mortgage payments will stay the same for up to 5 years.
After that, you can look at moving to a new deal.
With a longer fixed rate, you can relax knowing that your payments will stay the same for up to 10 years. And although you can't switch deals during this time, your mortgage payments won't change if interest rates go up or down.
With a shorter fixed rate, your mortgage payments will stay the same for a set amount of time.
When that ends, you can move your mortgage to a new deal. Otherwise it will go on to our variable rate.
With a longer fixed rate, you can relax knowing that your payments will stay the same for up to 10 years.
And although you can't switch deals during this time, your mortgage payments won't change if interest rates go up or down.
With higher monthly payments, you will pay off your mortgage sooner.
With lower monthly payments, you will pay off your mortgage for longer and pay more interest.
Let's get our heads around this.
By keeping your payments low, you spread the cost of your mortgage over a longer period of time. And although you pay more interest overall, you will be spending less each month.
By paying off your mortgage sooner, it usually works out cheaper overall. But you need to make sure you're happy with higher monthly payments.
Great, so you want to pay it off sooner
Now we need to get an idea of what your new payment could be. We can agree the right amount later when we chat.
- your current mortgage payment
- your budget
- the things you do as part of your lifestyle
You might want to make extra payments on top of what you pay each month. It means you’ll pay off your mortgage faster and pay less interest.
Okay, so you want your payments to be lower
You can pay any extra amount off your mortgage. But anything over 10% each year has an early repayment charge.
We have mortgages with and without a fee.
Those with a fee may have a lower rate of interest and could save you money over the mortgage term.
We can discuss this with you and decide which is best.
Thanks for letting us know
Paying a fee isn't the obvious choice, but it could save you money in the long run.
We'll check this again with you later, just to be sure.
There are 3 ways you can do this.
Repayment – the most common choice, where you pay off both the loan and the interest.
Interest only – where you pay off the interest but not any of the amount you borrowed.
Both – where you can pay some as a repayment and some as interest only.
With an interest only mortgage, your payments will stay low. But you need pay back the original amount you borrowed when your mortgage ends.
Yes, one more thing. You’ll need to show us how you plan to pay back your mortgage when it ends.
We want to help find a deal that's right for you now and in the years ahead.
These next questions will give us an idea of what to focus on in your appointment.
Okay, now let's think about money coming in
Maybe you're expecting a job promotion or a large pay rise.
Now what about less money coming in
This could be working fewer hours or a planned break from your job.
Now let's think about money going out
This could be paying off a loan or credit card, or having a child move out of home
How about spending more
This could be taking out a new loan, having a child, or starting to pay school fees.
We’re always looking to make the way you apply for a mortgage easier.
To help with this, please tell us what you thought of the questions you've just answered.
Need any extra support in your appointment? Something specific you want to talk about?