Helping you to Afford Your Dream Home with Comprehensive Mortgage Advice
For most people, a mortgage is the most substantial financial responsibility they will ever commit to, which means that getting the right one for their circumstances is vital.
Selecting the right mortgage is often a complicated and tedious process. Our team consists of financial advisers who specialise in mortgage consultation, and we can work with anyone from first-time buyers to individuals who already own multiple properties.
How does it work?
Instructing a mortgage advisor to work with you to find the right mortgage product for you is important when trying to get onto the housing ladder, expand your portfolio, or remortgage your current home.
We do not charge for our initial meeting, as we treat this as a pre-advisory session to understand your needs and requirements. In this session, we’ll assess your current circumstances, offering you advice as to what is the best product for you.
Planning for your Mortgage:
Applying for a mortgage can be stressful if you don’t have the full know-how. The mortgage application process is generally two-fold.
Firstly, you’ll have an appointment with your mortgage broker who will take you through a series of questions to work out what type of mortgage you would suit you and your circumstances, and the duration of the mortgage.
The reason for this step is to provide lenders with an idea of your financial situation to gauge how much they may be prepared to lend you.
In the second stage, you’ll work with your mortgage advisor who will begin your full mortgage application, on your behalf. The lender or mortgage broker will begin a full discovery process to get a clearer picture of your overall finances. At this point, you may need to provide further details about your employment status and evidence of your income.
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Our independent mortgage advisers at Cotswold can talk to you about a variety of different mortgage products. Here’s an overview of the types of mortgage products we find for our clients:
This is when you borrow money secured against your home, provided it’s your main residence and you still own it. When circumstances change, e.g. you move into long term care or die, the home is sold and the money from the sale is used to pay off the loan, and the remaining money goes to your beneficiaries.
Fixed Rate Mortgages
The interest rate is set for a specific period of time (anywhere between one and 10 years). The benefit of this type of mortgage is that you can plan based on knowing that your mortgage rate is fixed and guaranteed.
Variable Rate Mortgages
The mortgage rate can and will move up and down roughly to follow the Bank of England’s base rate movements. These mortgages can vary hugely between lenders and so with our experience as independent mortgage advisers, we can find you the most suitable lender in the marketplace.
Capped Rate Mortgages
This is a capped deal with an upper limit and therefore the rate has a guaranteed ceiling it can’t exceed, no matter what the tracked rate rises to. These tend to be popular when people are most concerned about interest rates soaring.
This is a type of variable rate mortgage which tracks movements of another rate, usually the base rate (the Bank of England’s official borrowing rate), and moves in line with it.
These are also known as discounted variable rate mortgages and have an interest rate which is set at a certain amount below the lender’s standard variable (SVR). The interest on this mortgage goes up and down as the SVR moves and they tend to last for a relatively short period – typically two or three years, although they can last longer.
Our Consultants Provide Professional Mortgage Advice for:
Our mortgage experts will help you find the right product and guide you through the mortgage application process. We will also make sure you understand all the terms and conditions listed in your selected product so that you can feel secure in your mortgage choice.
Finding the right mortgage does not have to be stressful, frustrating or confusing. Contact us today to make things simple and straightforward.