Print this pagePrint this page

Mortgages

Buying a home maybe one of the biggest commitments you will ever make but at Orchard Property Services we can help you through the process, making it as simple as possible.

As we are part of First Complete network we can offer you mortgage products from whole of the market. Our main aim is to find the most suitable mortgage deal available to you, tailored to your individual circumstances because knowing what type of mortgage to choose from can leave you dumbfounded!

Whats available? 

  • Fixed rate mortgage

This type of mortgage is when you fix the interest rate for a certain period usually 2-5 years, after which the interest rate will revert to the lenders Standard Variable Rate (SVR). With a fixed rate mortgage you will know exactly what you are paying out a month for the duration of the specified term, safeguarding you against interest rate fluctuations. An Early Redemption Charge will usually apply during the fixed period.

  • Variable rate mortgage

Each lender will have their own Standard Variable Rate. The Standard Variable Rate is based on the Bank of England's base lending rate, which is decided at the monthly meeting of the banks Monetary Policy Commttee (MPC). When the MPC increase or decrease the Bank of England base rate, mortgage lenders will normally increase or decrease their standard variable rate. Many lenders will set their standard variable rate about 2% above the Bank of England base lending rate. Lenders offer a cheaper option with fixed and discounted rates.

  • Discounted mortgages

Most lenders will offer their clients a discounted mortgage which means they offer a discount on their standard variable rate for a set period. This discounted rate will increase or decrease with the Standard Variable Rate but after the set period, again usually 2-5 years, the interest rate will revert back to the lenders Standard Variable Rate. An Early Redemption Charge will usually apply during the discounted period.

  • Base rate tracker mortgages

A base rate tracker is a mortgage with an interest rate that tracks the Bank of England's base lending rate meaning mortgage repayments can increase and decrease accordingly. Like the discounted mortgage this rate will revert to the lenders standard variable rate after a set period but normally these products represent the lowest initial rate available on the market. An Early Redemption Charge will usually apply during the discounted period.

  • Capped / Capped & Collared Mortgages

This type of mortgage is in effect a tracker mortgage but the lender will set a minimum and maximum rate that cannot exceed, again for a certain period of usually 2-5 years. It allows you to have both the advantage that if interest rates decrease so will your payments to a certain level but if rates rise you will have a maximum threshold your lender will not go above. Again after your capped deal term the rate will revert to the lenders Standard Variable Rate. An Early Redemption Charge will usually apply during the discounted period.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A BROKER FEE OF £500 IS PAYABLE ON COMPLETION OF A FULL MORTGAGE APPLICATION.


Previous page: About Us
Next page: First Time Buyer