As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments
There are several terms used to describe the interest rates you pay on a mortgage, and the key terms are as follows:
The lender’s own default rate. With an SVR mortgage, you can normally switch lenders at any time without penalty. Once a fixed, tracker or discount deal’s initial period ends, the mortgage typically reverts to the lender’s SVR.
Locks in your interest rate for an agreed period, regardless of wider rate movements — your monthly repayments stay the same throughout that term.
Follows a specified index, commonly the Bank of England Base Rate, for a set period. You benefit if rates fall, but pay more if they rise.
A variation on SVR that applies a fixed discount off the lender’s standard rate for a set period. Because the underlying SVR can still move, your monthly payment may vary slightly month to month, even though the discount itself stays constant.
I’m doing my first ever re-mortgage and I have had a million questions and asked for several different options and he has walked me through everything with no jargon and helped me wrap my head round it.”
Charlie helped us so much to get our mortgage and even Michael was every time really helpful. For sure we’ll be back to them again in the future.
