Revisiting the Mortgage Process
Embarking on a new chapter of moving home? It's a process that, while similar to your initial foray into the property market, now comes with the advantage of experience. Expectations are clearer, especially when navigating the intricacies of a property chain. In this scenario, you're not just searching for a new mortgage to purchase a property; you're likely also aiming to sell your current home.
At Southern Mortgages, we prioritise creating a hassle-free mortgage environment for your move. Our goal is to ensure you can focus on discovering the perfect property and securing the right price for your current home. Trust us to guide you through the complexities, providing expert support tailored to your unique situation. Your home move, with Southern Mortgages, is an opportunity for a smoother, more informed experience.
Come in and discuss your new mortgage with an adviser, revise your monthly budgets and gain a Decision in Principle from your chosen lender.
Put your home on the market, find a new property that’s suited to you and we’ll help with finding a mortgage offer that meets your needs.
After your surveys take place and you get in touch with a solicitor, you’ll be feeling nostalgic and swapping keys over before you know it.
Exploring Mortgage Options: A Brief Guide
Choosing the right mortgage is a crucial step in your home-buying journey. Each type offers unique features, catering to different financial preferences and needs. Let's delve into the various types of mortgages to help you make an informed decision.
Repayment Mortgage
The most common type, where your monthly payments cover both the interest and the principal, ensuring the loan is fully repaid by the end of the term.
Variable Rate Mortgage
Linked to the lender's standard variable rate, this mortgage type can result in fluctuating monthly payments based on changes in interest rates.
Tracker Mortgage
Tracks a specified interest rate (usually the Bank of England base rate) and adjusts your mortgage interest accordingly.
Discounted Rate Mortgage
Offers a discount on the lender's standard variable rate for a specific period, resulting in lower initial monthly payments.
Interest-Only Mortgage
Here, you only pay the interest during the mortgage term, with the principal paid at the end. It can be suitable for certain financial strategies but requires a clear repayment plan.
Offset Mortgage
Allows you to offset your savings against your mortgage balance, reducing the interest payable. This can result in potential interest savings over time.
Capped Rate Mortgage
Sets a maximum interest rate, offering protection from interest rate increases but allowing you to benefit if rates fall.
Fixed Rate Mortgage
Offers a set interest rate for an agreed-upon term, providing stability and predictability in monthly payments.
Cashback Mortgage
Provides a lump sum cash incentive, often a percentage of the mortgage amount, upon completion.
Flexi Rate Mortgage
Provides flexibility in overpaying, underpaying, or taking payment holidays, giving you greater control over your mortgage.
