Choosing The Right Mortgage

There are many types of mortgages available on the market and it can be confusing to know which one is right for you, so we have have outlined the basics below. To seek further advice from one of our qualified mortgage advisers, contact us today.

Repayment Mortgages

With this type of mortgage, you repay part of the amount borrowed together with the interest being charged each month.

In the earlier years of your mortgage, the majority of your monthly repayment is made up of interest.

However, towards the latter part of your mortgage term, the situation is reversed and the majority of your monthly payment will deduct from the amount borrowed.

Interest-Only Mortgages

With this type, you are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You will need to have credible arrangements to pay off the mortgage, you will need to obtain professional investment advice from a suitable qualified advier in respect of a suitable repayment vehicle. Please not that neither Progress FS Ltd nor First Complete Ltd is licensed to provide investment advice.

Exclusive Mortgage Deals

We have access to exclusive deals, some of which are not available drect from lenders on the hight street.. Our expert mortgage advisers will be able to let you know what the latest exclusive deals are and whether they fit with your personal circumstances.

Buy-To-Let

Apart from the purpose of the mortgage, the main difference with a buy-to-let mortgage is that the lender will use the rent you will receive for the property to assess affordability. Some may also take the landlord's personal income into account.

Different Types of Mortgage Rate:

Standard Variable Rates (SVR)

With this type of rate, your payments should rise and fall in line with the Bank of England bank rate changes, but not necessarily at the same time or by the same amount.

Fixed Rates

Fixed rates give you the security of knowing that your monthly interest payments will always be the same. With this type of mortgage, you pay a fixed rate of interest for a set period typically over two, three or five years.

(This type of mortgage may have an arrangement fee payable to the lender when setting up the mortgage, it might also be subject to Early Redemption charges if the mortgage is repaid with in the product term.)

Tracker Variable Rates

Tracker variable rates are usually linked to the Bank of England bank rate, which means they will change in line with this. They also tend to have arrangement fees and early redemption charges.

Discount Variable Rates

Allows you to 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.

(This type of mortgage may have an arrangement fee payable to the lender when setting up the mortgage, it might also be subject to Early Redemption charges if the mortgage is repaid with in the product term.)

Flexible Mortgages

You can vary the amount you pay each month and take payment holidays in some circumstances. It may help to reduce your mortgage with lump sum payments without incurring an early repayment charge.

(This type of mortgage may have an arrangement fee payable to the lender when setting up the mortgage, it might also be subject to Early Redemption charges if the mortgage is repaid with in the product term.)

Offset Mortgages - (A Type Of Flexible Mortgage)

Typically, a current account, savings account, or both, are linked to your mortgage and, each month, the amount in these accounts is then offset against your outstanding mortgage for the purpose of calculating how much interest you owe. You are unlikely to earn interest on your savings which are offset. Offset mortgages can be subject to early redemtion charges.

(This type of mortgage may have an arrangement fee payable to the lender when setting up the mortgage, it might also be subject to Early Redemption charges if the mortgage is repaid with in the product term.)

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

We will charge a fee of £399 for a residential mortgage & £599 for a buy to let mortgage on application. In addition we will also be paid a procuration fee from the lender.

Progress FS Ltd. t/a Progress, registered in England at 283 Church Street, Blackpool, FY1 3PG (number: 04217039). Progress FS Ltd. t/a Progress is an appointed representative of First Complete Limited (number: 05416236), which is authorised and regulated by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment insurance advice. The Financial Conduct Authority does not regulate conveyancing and surveying services, commercial mortgages, wills, trusts and some forms of Buy to Let mortgages.

We offer advice on residential and Buy to Let mortgages, Mortgage Protection and Home Insurance. *Should you have a need for advice on commercial mortgages, conveyancing and surveying services, wills, trusts and investment planning you will be referred to a third party provider. Neither Progress FS Ltd. t/a Progress nor First Complete Ltd. is responsible for any advice provided by a third party.