Find out more about the type of mortgage you have with us:
Whilst we can provide you with information about our mortgages, we can't advise you or recommend which mortgage may be suitable.
It's a good idea to talk to an independent financial adviser (IFA) before committing to a new mortgage deal.
The interest you pay on your mortgage loan is charged at a fixed rate for an agreed period that could be two or five years. This means you'll know exactly what your outgoings will be during the fixed rate period and you can budget around that.
It's important to remember that interest rates may go up or down. If they go up, you have the peace of mind that your payments will still stay the same – but if they go down, you could find that you continue to pay a higher rate for your loan.
If your mortgage has flexible features, you may be able to reduce the interest charged by making overpayments. Check your original offer to see if this option is available to you. You may be able to drawdown this money again if required, or even take payment holidays. If you fully repay your mortgage, make lump sum repayments off your mortgage balance or transfer your mortgage to another mortgage type earlier than expected, an early repayment charge may apply.
If your mortgage does not have flexible features and you make a lump sum repayment or transfer it to another mortgage earlier than expected, an early repayment charge may apply.
A tracker mortgage is taken out for a set period of time and the interest rate you pay simply tracks (follows) the Bank of England base rate. Rates can still go up and down but will usually be closely in line with the base rate, so you'll know how your mortgage payments may change.
If your mortgage has flexible features, you may be able to reduce the interest charged by making overpayments. Check your original offer to see if this option is available to you. You may be able to drawdown this money again, if required, or even take payment holidays. If you fully repay your mortgage, make lump sum repayments off your mortgage balance, or transfer your mortgage to another mortgage type earlier than expected, an early repayment charge may apply.
If your mortgage does not have flexible features and you make a lump sum repayment or transfer it to another mortgage earlier than expected, an early repayment charge may apply.
Once a fixed or tracker rate period comes to an end, the rate of interest you pay on your loan usually changes to the lender's standard variable rate for that product.
The interest rate you pay on a variable rate mortgage will go up and down over the lifetime of your mortgage. Having a variable rate means you won't be tied into early repayment terms and conditions.
