Jargon free mortgage advice

Buying your first home, moving, remortgaging or looking to purchase an investment property? Mortgages are time-consuming, complex and stressful but an important area of financial advice. Our mortgage advisers will guide you through every step of what will be one of your most significant purchases in life. Enquire about a mortgage

What is a mortgage?

A mortgage is a loan that helps you purchase a property. You will be required to put down a deposit for the property, the more deposit you contribute the lower the value of the loan and your monthly payments. You borrow the money from the lender for a number of years until either you sell the property and pay back the loan or the loan is repaid in full. Mortgages are often perceived as simple products that are easy to do yourself. Many people often choose the cheapest interest rate but the cheapest is not always the best option. There are other factors that should be considered such as your unique circumstances and overall financial objectives. On top of that, there are hundreds of lenders, each with their own options available. Instead of having to walk into local high street banks, Unividual’s financial advisers will be able to research the open market for you and bring together what you need.  Unividual’s mortgage advisers have access to the whole of the market for mortgages. Once you contact us, we start with a free first meeting. Ideally, this is done face to face at a location and time convenient to you. There are times when clients need to move quickly and we can also conduct this meeting at short-notice over video call.

Different types of mortgages

Whether you are buying a house or remortgaging, having a sizeable loan comes with risk. To start with you will need to look at whether you want a capital repayment mortgage, where you pay off the interest and a bit of the capital at the same time or an interest-only mortgage. Then we can look at the type of mortgage that would be most suitable for you. There is a fixed rate mortgage, where your mortgage rate is fixed for a set number of years and you know exactly how much you’ll be paying each month. Variable rate mortgages are fixed payments every month but interest rates affect how the payment amount is applied to the mortgage.  Tracker mortgages  move in line with a nominated interest rate which is usually the Bank of England base rate. When the base rate goes up the mortgage rate will go up by the same amount but it will also reduce when the base rate goes down. There are also discounted rate mortgages, capped rate, cashback, offset, flexible, first time buyer and buy-to-let mortgages for those renting out a property. It’s a bit of a minefield so make sure you get in touch so we can help you get what is right for you and your circumstances.

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How we charge for mortgage advice

Mortgage brokers earn commission from lenders after arranging a mortgage. This covers some of the costs of setting up and managing your mortgage. Most also charge a fee of some sort, which can vary and have different parameters. Unividual clearly outlines these costs upfront in the first meeting when we find out what kind of support you need and how we can help.  Due to our association with Quilter Financial Planning we are able to collectively pool our resources with other advisory firms too. This gives us access to the open market whilst obtaining mortgage rates, deals and service levels that are not available to the general public.

Should I pay off my mortgage early?

There are options to pay off your mortgage early but in some cases this might cost you. Unividual’s mortgage advisers are Chartered Financial Planners so can look at what options are available to you and how they will will impact on your financial objectives. If you don’t have the ability to pay off your mortgage early we will then look at whether we need to move you in to a different mortgage set up. There are lots of options and the important thing is to seek advice first.  Some clients start off utilising our financial planning service for a mortgage but they are safe in the knowledge that if they need to start using other areas of financial advice they have one of the most highly qualified financial advisers in the UK managing it all under one roof.

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