Residential Mortgages

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Residential Mortgages

Taylor Rose Financial excel in sourcing and arranging mortgages for our clients. Utilising one of the largest mortgage networks in the country. We are so confident in our ability to get you a mortgage, we do not charge any fee's until we secure you a mortgage offer!

The scale and scope of this mortgage network means we can bring you some of the best mortgage products available, with some exclusive to our network. 

Taylor Rose Financial understand that, especially for first time buyers,  the purchasing process can be daunting, stressful and at times you may feel a little in the dark. This is why as well as being experts in mortgages, we are also well versed in conveyancing so that we can keep you informed and are able to answer any questions you may have.  We have even put together a quick mortgage guide for you below.

 

Finding the best deal for you!

Everyone's circumstance is different and finding the most appropriate mortgage to suit your needs can be a difficult. We will speak to you about your situation and discuss what types of options would be most suitable to you. Some of the key items we will discuss are the type of mortgage, repayment stratergy, deal length, term, mortgage fees and interest rates, all of which are explained further below;

Mortgage Types

Fixed rate mortgages - This mortgage offers a fixed rate which can be fixed for a certain period of time, usually 2, 3, 5 or 10 years. The benefit of this is that your mortgage payments will stay exactly the same for the fixed period so you don't need worry about rates changing and possibly making your payments more expensive. However if interest rates were to drop, you would still be on your original fixed and not benefit. You can always remortgage at a different rate however if you decide to leave the deal before the fixed term is up you will most likely be charged.

Standard Variable Rate (SVR) - This is a rate set by the lender which adjusts periodically, usually influenced by the Bank of England base rate but not always. Lenders have full control over what they set this rate at and the difference between lenders can at times be significant. This mortgage type means that your repayment amounts could vary from month to month, however a drop in the SVR would mean your payments also drop. 

Other mortgage types - there are a number of less common options that may be available, such as tracker rates, capped or collar rates and discount rates. These are all variable type rates with some other unique features. If you would like to hear more about these than we would be more than happy to discuss them with you

 

Repayment Methods

Repayment - This means that throughout the term of your mortgage you will be paying off the lenders interest as well as the loan amount so that when you come to the end of your term, everything you owe will be paid back. 

Interest only - With this repayment type you are only paying off the interest on the mortgage and not the original loan. This means your monthly repayments are substantially lower but when you come to the end of the mortgage term you still have the full original loan to pay back.

Deal Length

When you pick a particular mortgage type, unless it is the SVR, then you are tied into that deal for a set period of time. To pay off or redeem your mortgage before this deal expires would most likely result in some hefty early repayment charges (ERC). Because of these charges its important that we discuss you what an appropriate amount of time would be for a mortgage deal. 
If you decided to move home, then it is likely that you can transfer (port) your mortgage to the new property without incurring a ERC however the mortgage may not be like for like.

Mortgage Term

The term of the mortgage is how long you want the loan to be for. Usually people chose between 25 and 30 years. if you opt for a longer term then your monthly payments will be lower but you will be paying back more overall. Also if your term takes you over retirement age, the lender will require some further evidence that you will be able to afford it. 

Mortgage Fees

Most mortgage products carry fees with them which is usually for the set up and and arrangement of the mortgages. These costs are separate to our broker fee which is for the advice we give you and securing an offer. Sometimes a lower interest rate product will cost a higher fee but it may still save you money in the long run depending on your loan. By speaking with us we can provide multiple options and explain the full benefit and cost of each one.

Interest Rate

This is the amount the lender charges you, usually on a monthly basis, for the loan and is expressed as a percentage of the total loan. Interest rates vary and are dependent on a number of factors such as lender, the size of the loan compared to the value of the property and your personal credit history.

Let us get it right for you!

All of the above, and other factors, make it important that you chose the right mortgage product to suit your circumstance, by working with Taylor Rose Financial we can ensure that you have the most suitable product for you.