Mortgages
Looking to understand how repayment mortgage works? Call Go 2 Mortgages today for reliable assistance.
Understanding mortgage types
A mortgage has two parts. The original amount you borrow, to buy your home (known as capital), and the additional amount the lender charges for lending you this money (known as interest). You can choose from a repayment mortgage, or an interest only mortgage or a combination of the two
Repayment mortgage
A repayment mortgage is when your monthly payment is made up of the capital and the interest charged. Providing, you keep up-to-date with your monthly payments your mortgage will be repaid in full by the end of the mortgage term.
Interest only
Your monthly payment is made up of just the interest you pay to lenders. You will owe the capital at the end of the mortgage term and you will need to make sure you have a way of doing so.
Different types of mortgages
Fixed rate – Gives you the stability and peace of mind of knowing exactly what you will be paying each month as your interest rate is fixed for a set period and your payments within that time period will not change.
Tracker rate- A tracker rate tracks the Bank of England base rate or the Lender’s base rate for an initial time period, so your monthly payments will only change if the Bank of England, or your chosen Lender’s base rate changes.
Lifetime tracker rate – Tracks above the Bank of England base rate for the life of the mortgage
About us
Mortgages
Buy-to-let
First time buyer
Being a first time buyer can be a very daunting stage. It’s hard enough finding the perfect house and then there are the different types of mortgage to consider, the protection you put in place and how to find a solicitor. This is where we come in and take all the stress off your shoulders, so you can concentrate on the exciting part of finding the right house and leave the right mortgage and the process to us. Our expert advisers will break down the process and make it as simple as possible so that you understand the difference between all the different types of mortgages and what suits you and your circumstances. We make this hassle free and straightforward. Your mortgage adviser will be in direct contact with you throughout the house buying process to give you confidence and support, ensuring everything goes through smoothly. If you are a first-time buyer and are considering buying a house contact us today for some friendly guidance so that we are able to access your affordability and give you some figures to help you with the type of house you would like to buy. We will need information about your income and expenditure as well as the level of deposit you have. Don’t forget you can buy a home with as little as a 5% deposit, in some cases.
Home mover
If you would like to move home, whether to a bigger or smaller property, somewhere closer to the kids’ school or due to a transfer at work, let us help. When moving, you will need to consider the sale of your old home and the purchase of your new house, meaning timing is always of the essence.
You will need to consider:
- What is the balance of your outstanding mortgage?
- How much can you sell your home for?
- When does your existing product come to an end?
- Do you have any early repayment charges?
- Are you able to port your mortgage to a new house (transfer the mortgage
across with you)?
Our advisers will help to work out your affordability so that you are aware of how
much you can borrow and the monthly cost of your new venture. We will find the best deals for you and help make this process as simple and straightforward as possible. You can make use of our services in London and nationally.
Remortgage
Remortgaging allows you to review your circumstances and review the market to see if you are still on the best deal once your product has expired – for example, if your fixed rate has come to an end you generally revert to a SVR- standard variable rate which is the lender’s variable rate and reviewed on a monthly basis. This can also be a very expensive interest rate. Therefore, we would always encourage customers to get in touch and review their existing deals, to see if we can help save you money by moving to a better interest rate and again to the best deal available.
At this stage we can also have a look at releasing some equity from your home if you need any additional funds for home improvements etc. This is dependent on your property value and the remaining balance on your mortgage, as well as your income.
Very Professional Service
“Tina from Go 2 Mortgagees was recommended to us by a friend, she was very helpful and throughout the whole process of buying our first family home. Tina was so professional at explaining rules and recommending the right product according to our suitability, applying for application and getting the offer approved. She was in touch with the lender for the any documents they needed and she delivered the service she promised. She has exceeded my expectations. She explained how my personal details are secure with her and all my data was encrypted on her system, which is very important to me being an IT professional. She kept me informed and were so friendly during the entire process. She has in depth knowledge of lending criteria for different lenders and very confident at what she is doing. She also managed to get me the best deal on my Building and content Insurance as well as life insurance. I will highly recommend her to anyone who is looking to get best mortgage deal.”
– JayS-129
For details about repayment mortgages, call Go 2 Mortgages in the london on
YOUR PROPERTY MAY BE REPOSSESSED BY THE LENDER IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT
FOR MORTGAGES WE ARE PAID BY COMMISSION AND A FEE OF UP TO £995.
Go 2 Mortgages is an appointed representative of Envelope Finance which is a trading style of Brompton Asset Finance Ltd