Affordability with Carrington Mortgages

It can be exciting buying a new home, yet also complex. We’re one of the UK’s leading mortgage brokers, so we can guide you throughout the buying process. We’ll also do most of the complex work for you. At Carrington, we take the hassle out of home buying.

Types of Loans

With so many different types of mortgages available, it can be confusing to know which one is right for you. Below, we’ve compiled a list of the most common mortgages. Read through to find the one that seems most suitable to you, then contact one of our qualified mortgage advisers for more information. We’re here to help!

Repayment Mortgages

This mortgage allows you to repay part of the amount you borrowed, along with the monthly interest charge. Your mortgage payment is mostly interest in the beginning, but as your mortgage term progresses, you increasingly pay off the amount you borrowed.

Interest-Only Mortgages

Your payments with this mortgage will be lower, however, your payment will only cover the interest on your loan, which means you’ll still owe what you borrowed at the end of your mortgage term. You’ll need credible arrangements to pay off the mortgage, such as an Individual Savings Account (ISA), to avoid having to sell the property when the mortgage term ends.

Exclusive Mortgage Deals

At Carrington, we’re often party to exclusive deals for our customers that aren’t available everywhere. Our expert mortgage advisers have further information that can help you find the right mortgage to suit your needs.

Standard Variable Rates (SVR)

Your payments under a Standard Variable Rate mortgage should rise and fall along with the Bank of England bank rate changes, however, they may not change at the same time, or by the same amount.

Fixed Rates

With this mortgage, you can count on your payments staying the same throughout a set period of time – usually a two, three or five-year term.

Tracker Variable Rates

These are usually linked to the Bank of England, which means they will change along with the bank rate.

Capped Rates

This type of mortgage allows you to know the maximum you will pay for a set period of time. You’ll have the option of knowing the maximum monthly repayments you would make during a set period, which is usually two or three years.

Discount Variable Rates

Here, you’ll benefit from a discount on the lender’s standard variable rate. If the lender’s standard variable rate (SVR) increases or decreases, so does the discounted rate. Typically, the shorter the discounted period, the larger the discount.

Offset Mortgages

Your mortgage tends to be linked to a current account or savings account. With this mortgage, the amount in these accounts is then offset against your outstanding mortgage. However, you’re unlikely to earn interest on your savings, which are offset.

Flexible Mortgages

Flexible mortgages allow you to vary your monthly payments, and in some cases, take payment holidays. This can help you reduce your mortgage with lump sum payments without incurring an early repayment charge.

MORTGAGE CALCULATOR IS COMING SOON

If you have any questions or would like more information please contact us on 01592 773 772 or email us at  ukenquiries@carringtonuk.com

There will be a fee for mortgage advice.  The actual amount you pay will depend upon your circumstances.  The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Carrington Mortgage UK Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.  Carrington Mortgage UK Limited. Registered Office: 1 George Square, Castle Brae, Dunfermline, Fife, KY11 8QF. Registered in Scotland Number: SC312023

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Straight talking mortgage advice