Mortgages lenders over the last few years have changed the way in which they lend. One lender may decline you while another one will consider you the least risk. Lenders change their criteria as and when business volumes dictate which all leads to confusion, confusion for the industry and confusion for the borrower. At FOSTERS we dont like confusion, we dont like to confuse people and we like to keep everything plain and simple. Thats what makes us different
Each mortgage is different, different terms and conditions. The lowest rate isnt always the cheapest or most suitable. We could write a book on all the differences between lenders and products but that would just cause even more confusion.
Dealing with mortgages every day we understand the differences and are able to explain in simple terms how any conditions may affect you and if the mortgage is suitable at all
The biggest debate at the moment is should I fix my mortgage or take a tracker rate or stay on my lenders standard rate? Well the answer for one person maybe different to the answer for another and only once we sit down and understand your requirements would we be able to make an informed recommendation
We wont be able to tell you what is going to happen to interest rates but we can certainly explain how any changes would affect you and your mortgage.
Fosters Mortgage Services is a trading name of FOSTERS (UK) Limted, which is authorised and regulated by the Financial Conduct Authority under 628833.
The Financial Conduct Authority does not regulate Will writing, trusts and some forms of Buy To Let mortgages and tax planning.
The Information contained with this website is subject the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
FOSTERS (UK) Limited, 20 Fairleigh Road, Clevedon, North Somerset, BS21 7XA
Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on your mortgage.
Home & evening visits available - 01275 541 548
Tracker mortgages tend to start attractively low and follow the bank of Englands interest rate. Periods from 1 year to the entire term (known as lifetime trackers) of the mortgage!
Great when rates are falling and low but will increase with interest rate rises
Harder to budget with but can give you a lower monthly payment than a fixed rate when rates are dropping
Fixed mortgage rates are a great way of being able to budget monthly as your repayments are set at a certain amount for a certain period
This can be anything from 1 year to 10 years and will give you peace of mind and protection from any increases in interest rate rises
Good when rates are rising but will look less attractive if rates start to drop
Variable rate mortgages work in the same way as a tracker in that they can either go up or down. However they are not tied to the Bank Of England so the lender can put up these rates even when everyone elses are going down.
Can be more difficult to budget as your monthly repayment is liable to change as and when the lender decides to change the rates
Offset mortgages offer flexibility in your borrowing. They work by having a separate savings or current account that runs alongside the mortgage.
Although you wont receive any interest on your savings you wont then be charged interest on that balance of your mortgage.
These can be really useful if you are looking to overpay your mortgage and also want to reduce the term but without saddling yourself to a high monthly minimum payment every month
Low arrangement fee mortgages
and many many more....