Munrolock and Mortgage options

At Mortgage Options we pride ourselves on providing a top service and we research the marketplace to find the most competitive product solutions based on your personal circumstances. The UK financial services market is vast and the array of possible options can be baffling - even for financially experienced people!

We are completely independent of any mortgage provider, which means you benefit from much more choice than if you went direct to an insurance or loan company selling only their own mortgage products. Mortgage Options works for you and we will provide you with totally unbiased information and suitable advice. Hassle free financial services from Mortgage Options!

Contact one of our mortgage advisors on 020 8662 6785.

 

Choosing a mortgage

Choosing a mortgage is not as simple as finding the lowest rate. Even if it was, the variety of deals in the market place would surprise you and could leave you feeling confused and dazed. However most of the really good deals are only available from independent mortgage advisers. The role of our mortgage advisers is to maintain independence and focus on getting the best and most appropriate deal for you.

 

Mortgage products

Fixed Rates
With a fixed rate mortgage the rate and therefore the amount you pay each month will not change for a set period of time. After this time you will revert to the lender’s standard variable rate.

Standard Variable Rates
This is the lender’s standard product and is usually around 1.5% to 2% above the Bank of England’s Base Rate. The rate usually moves in line with the Bank of England’s base rate.

Discounted Rates
This rate gives a discount on the lender’s standard variable rate for a set period. As interest rates rise and fall your payments will change accordingly but they will still be in line with the discount from the standard variable rate.

Base Rate Trackers
This is also known simply as a ‘Tracker’. The rate tracks or follows the Bank of England base rate by a set percentage i.e. 0.25% above or even below. When the base rate changes the amount you pay changes too.

Capped Rates
A capped rate mortgage guarantees that your monthly payment will never go above a set figure within a certain time period. During this time period your payments will move up and down usually in line with the lender’s SVR but will never go above the set figure.

 

Types of Mortgages

Repayment
This is the most common and safest way of repaying your mortgage. Each month part of your payment covers the outstanding interest and part goes towards repaying the original loan amount. So long as all payments are made in full and on time, your mortgage is guaranteed to be repaid by the end of the term.

Interest Only
Using this method only the monthly interest is repaid and there is no payment made towards repaying the original loan. This type of mortgage is often favoured by landlords. The advantage is that because no money is being put towards repaying the original loan amount then the monthly payment is lower, improving cash flow. With nothing going towards repaying the original loan amount the amount of mortgage outstanding does not decrease.

 

Mortgages

Remortgages
The remortgage process is far simpler than many people believe. With Mortgage Options we take care of everything for you and can even take care of the solicitors for you. Remortgaging involves changing your mortgage from one lender to another in order to obtain a better deal. While remortgaging, some people may look to change the terms of their mortgage including taking additional money.

Buy to Let mortgages
Specifically designed to allow applicants to have multiple mortgages on multiple properties allowing a portfolio of investment properties to be constructed. The buy to let mortgage is for use when a property is to be let out. Normal income calculations do not apply and emphasis is placed on the rental income generated by the actual property.

 

Contact one of our mortgage advisors on 020 8662 6785.