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Finding the Best Mortgage for You

So, which door on the High Street are you going to go through and spend your precious Saturday morning or well earned weekday lunch hour in? Why not let us do the work for you.

We do not normally levy any broker fees for our service

A mortgage is likely to be the single largest financial undertaking that you are ever likely to make.

Do you want a repayment mortgage or an interest-only mortgage, do you want a fixed rate, tracker rate, discounted rate or capped rate, what are the fees - set up and redemption, how much will it all cost, how long should my mortgage term be? These are just some of the very important questions that need addressing before making the final decision.

Our 'Jargon Buster' below will help to explain some of the terms used.

At Shaun Start Financial Planning we would definitely recommend you seek advice for your residential mortgage loan. Whether you are looking to purchase or re-mortgage with powerful software we can source from the hundreds of products available saving you time, money and shoe leather!

Contact us now to enquire further.

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

Shaun Start Financial Planning does not accept enquiries for any Buy to Let Mortgages or Second Charge Lending.

Mortgages - Jargon Buster

A recommendation about the most suitable mortgage for you made by an adviser who is regulated by the FSA.

Annual statement
A statement from your mortgage lender, sent every year, showing among other things what you've paid and what you still owe.

Approval in principle
A certificate which some lenders will give you that shows the amount they will probably be prepared to lend you. This is not a guarantee, but can be helpful when signing up with estate agents.

Annual Percentage Rate. This shows the overall cost of a loan, taking into account the term, interest rate and other costs.

Authorised firm
A firm that has permission from the FSA to carry out regulated activities.

Buy-to-let mortgage
A loan you take out to buy a property which you intend to rent to tenants.

The amount you borrow to help buy your home.

Capped mortgage
A mortgage that has a maximum limit on the interest rate you'll have to pay during a special deal period.

Cashback mortgage
A mortgage that comes with a cash sum (often a percentage of the amount you're borrowing).

Collared mortgage
A mortgage with a minimum interest rate you'll pay during a deal period.

The amount of money that you're putting into buying a home (not including the mortgage money you're borrowing).

Discounted mortgage
This has a discounted variable rate of interest for a set period, after which the rate will increase.

Early repayment charge
A charge you may have to pay if you break off a mortgage deal - by paying it back early and/or moving to another lender.

Fixed rate
An interest rate that is fixed (ie it doesn't move up or down) for a set period of time.

The Financial Conduct Authority - the UK's financial services regulator.

Income multiples
The factor by which your earnings are multiplied to find out how much you can borrow.

The charge made by lenders when you borrow their money.

Interest rate
The figure that determines how much interest you pay. Usually linked to the Bank of England's rates and can move up or down.

Interest-only mortgage
A mortgage where you only pay the interest charges of the loan each month. This means you are not reducing the loan amount (or capital) itself, and this will need to be repaid in some other way.

Keyfacts documents
Standard documents that all authorised lenders and brokers must give you to explain their services and details about the mortgage you're interested in.

The percentage of money you want to borrow compared to the cost of the property.

A loan which is secured against your property.

Mortgage broker
A mortgage broker helps you understand the various mortgage types and deals available to them. A mortgage broker may recommend a mortgage for you or they may provide you with information to enable you to make your own choice.

The process of changing your mortgage for a different one, without moving home.

Repayment mortgage
A mortgage that pays off both the home loan and the interest at the same time. Make all the payments and the mortgage will be fully repaid.

Stamp duty
A tax which home buyers must pay on properties above a government set figure.

Standard variable rate mortgage
A loan at the lender's normal mortgage rate - ie without any discounts or deals.

A mortgage is a secured loan on your home; this means that if you fail to repay it, your lender may be able to sell your home to get its money back.

A report on the condition of the property you are planning to buy.

Tracker mortgage
A mortgage with an interest rate that is usually linked to a particular rate that is set independently from the lender and moves up or down with it.

The length of your mortgage.

A brief inspection, for the benefit of your lender, of the home you hope to buy. This is to make sure they are not lending more than the property is worth and that the property is suitable security for the mortgage, but this will not tell you if it is a good or bad buy. For your own peace of mind, you may want your own survey.



Shaun Start Financial Planning is authorised and regulated by the Financial Conduct Authority. Principal: Shaun Start.

Shaun Start Financial Planning is entered on the FCA register (http://fca.org.uk/register/) under reference 228614.


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The guidance and / or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK.