Mortgages continued

At Money Plan-it we can provide you with an easy solution, let us find a mortgage for you..!! With access to a panel of lenders representative of the whole of the market, you can be sure that we will find you a suitable mortgage product, at the best rate available.

It is very easy to be drawn into headline rates at the moment. What is easy to dismiss are the application fee’s and total amount repayable over the entire mortgage term. Money Plan-it endeavor to find you the most cost effective mortgage for your needs over the whole mortgage term.

Mortgage Types

Repayment: Your monthly mortgage repayments include the capital and interest payments combined so that by the end of the mortgage term, you have paid off the original amount borrowed plus any interest that has been accrued. This type of mortgage is best for customers who wish to have the peace of mind that their mortgage debt will be repaid in full (including interest) by the end of the mortgage term.

Interest only: An interest only mortgage is arranged so that only the interest is paid back to the lender, instead of any capital.

The original loan amount remains the same for the entire term of the loan. A suitable repayment vehicle is usually set up to ensure that the mortgage debt is repaid in full by the end of the mortgage term.

Different Types of Rates

Fixed Rate: With a fixed rate the interest rate payable is fixed at an agreed rate for an agreed period, usually 2, 3, 5 or 10 years. This type of mortgage is ideal for customers who want the ability to budget accurately.

This type of mortgage usually incurs an early redemption penalty if repaid during the fixed term. This type of mortgage is usually ideal for those customers who may be quite cautious and worried about fluctuations in the base rate.

Tracker: With a Tracker Rate Mortgage it is linked directly to the Bank of England Base Rate (BBR), rather than the lender’s Standard Variable Rate and as such changes in line with the Bank of England Base Rate. This type of mortgage is usually suitable for those wishing to advantage of reductions in the base rate.

Whilst savings can be made if the base rate is low, interest rates can also increase in line with the base rate.

There are hundreds of products and rate types available on the market place today, please contact us today on 01224 594503 or email at info@moneyplan-it.co.uk to find out the latest mortgage products available.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We may charge a fee for mortgage advice. This shall depend on your
circumstances but will in any case not exceed £495.