SVR Repayment Mortgages

STANDARD VARIABLE RATE MORTGAGES

The SVR (Standard Variable Rate) is where most banks and building societies and lenders want everyone to end up - that is where they make their money!!

SVR Repayment mortgages South Coast

Never be on an SVR Repayment Mortgages straight away!

It is quite usual for all sorts of mortgages to have 'discounts' in their early years. That is a discount from the lender's SVR - so where you might get a rate of 1.5% (example only), the SVR might be 4.5%. At the end of your term - 'that' is the rate you will go on,and it will be quite a shock if you are not prepared for it.

Are SVR Repayment Mortgages always the same?

No - every single lender will have their own SVR rate - they won't be 'that' different though. The important thing is that you give yourself enough time to make sure you don't inadvertently end-up paying three times as much as you are used to paying.

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

How can you get out of an SVR Repayment Mortgages

If you do nothing - you will be sure to get a bit of a shock as your mortgage migrates to the SVR. But contact Bram Vis at least 3-4 months before the end of any discounted term - and see what is out there!

BRAM VIS
Frequently Asked Questions: 

What is the most popular 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.

What is a Higher Lender 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

Is there an easy was of calculating the deposit I need?

No. This will entirely depend on the amount that you are able to borrow and the value of the property that you want to buy. Depending on personal circumstances we can look at mortgages from 5% deposit for 1st time buyers, more end up around the 10 -15% mark and Buy-2-Let mortgages start at around the 25% deposit mark or higher. Generally the larger the deposit you can afford the cheaper the mortgage repayments.

Where can I find 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