Residential Mortgages
At Abstract Finance we are extremely friendly and sympathetic to all your circumstances. We will ensure that the whole mortgage process, from application to payout, is kept very simple and hassle free.
Choosing a residential mortgage in today's market can seem like a daunting task. Each lender tries to assure the borrower that their product is the best residential mortgage that they can get. However, you should remember that when you go direct to a lender they can only offer you their products. Abstract Finance are an independent whole of market company of mortgage advisers, therefore we can offer you products from across the whole market.
Terms for residential mortgages can vary widely between lending institutions. There is also often latitude in interest rates for residential mortgages, depending again upon the lending institution and what terms the borrower is looking for.
You will also need to evaluate what type of residential mortgage you want. Our brokers will listen to your needs and priorities and make a recommendation based on your personal circumstances.
With a fixed-rate residential mortgage, your interest rate will not change for a fixed period i.e. 5 years. The benefit of this is that you will know exactly how much your payment will be for the whole fixed period.
A variable-rate residential mortgage (including Trackers and Discounted mortgages) will result in your rate being set in relation to the Bank of England Base Rate or the lenders variable rate. The interest rate may vary from month to month and therefore your monthly payment could increase or decrease.
The term of a residential mortgage is the length of the current mortgage agreement. A residential mortgage typically has a term of 25 years, although there are now products available with terms of up to 40 years. It is usually the case that a client should choose the shortest term that they can comfortably afford. The shorter the term, the less interest you pay in total.
Residential mortgages are available through traditional high street banks and specialist mortgage companies. Mortgage rates can vary widely and therefore it is vital that you choose the right residential mortgage. Our advisers will ensure that you obtain a suitable mortgage product that meets your needs.
Your initial consultation is obligation free. We charge a fee for mortgage advice and will retain the commission from the mortgage lender. The precise amount will depend upon your circumstances but we estimate it will be 1% of the loan amount. Alternatively you can choose the fee only option with the commission from the lender being forwarded to you, the typical fee is 1.5% of the amount borrowed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE