Compare Mortgage Types

DIFFERENT MORTGAGES FOR DIFFERENT PEOPLE

They all lead to the same thing - getting you your house - but there are many ways of getting there.

Compare Mortgages South Coast

How many kinds of mortgages are there?

There are all sorts of different types of mortgage. Repayment Mortgages are the most common, followed by Interest Only Mortgages (although many lenders don't offer them anymore) – and a whole host of other varieties like Offset Mortgages, Cap and Collar Mortgages and they can all be fixed for a number of years as well – typically 2-5 years.

How do I work out the best mortgage for me?

There is just no ‘best' mortgage for anyone – it depends on what you earn, how long you have earned it for, how old you are – and some people want to make significant payments every month to pay off their mortgage as quickly as possible, and other people want to pay the least amount every month over the longest possible term.

Does my age affect what kind of mortgage I can get?

In terms of the amount of the mortgage – it doesn't. In terms of the Term of the mortgage (the length of the mortgage), it is an essential factor. The younger you are – the more options you have with all lenders. The older you are, the shorter the term. Many lenders are offering mortgages for older people in the last two years or so – whereas terms used to finish at 60 and then 65 and then only recently 70 and now often at Age 75 or even 80 and as much as 85 years old.

Some of our best current mortgage deals for Isle of Wight*

How can a mortgage broker help me get the best mortgage?

You have to get a specialist broker that searches the whole of the market to ensure that you get independent advice for the best terms as well as the best rate as well as the best type as well as……High Street lenders will typically lack the underwriting experience to be able to look at the big picture as they are ‘tied' agents and can only recommend products from one lender – themselves!

BRAM VIS
Frequently Asked Questions: 

What kind of mortgage is best for me?

This is the 'million-dollar' question. Easy to answer when we have all the facts. Impossible until then. Possible factors might include tax rates, income streams, professional status, alternative non-standard assets, mortgage guarantees. the list is endless and entirely aside from the standard status questions on income(s), deposit, age, length and type of mortgage that might suit you from a surprising range of other factors.

What is a Higher Lending Charge?

The higher lending charge, formerly known as a mortgage indemnity guarantee (MIG), is a fee charged by a mortgage lender where the amount borrowed exceeds a given percentage of the value of the property. This fee may be used by the lender to purchase an insurance policy designed to protect them against any loss, in the event of you defaulting and ceasing to repay your mortgage

What is the most common type of mortgage in the UK?

A fixed rate mortgage. It has varied over the years, but there is no doubt that the fixed rate mortgage is the most popular now. Why? Because of nervousness about the future of interest rates and the prospect of them rising - the opportunity is there to fix your payments to effectively hedge against a future rate rise.

Where can I get more information?

Please visit our FAQ page here or contact Bram directly and/or get a confidential & professional call back from Bram here.

Call Bram Vis now...

London West End office:

020 7504 1090

Isle of Wight office:

01983 642 643