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Where a mortgage borrower also has savings, by giving up the interest on those savings he or she can reduce the amount of interest they pay on their mortgage debt.
The interest on the loan will neither rise nor fall for a pre-determined period of time. Although the monthly repayments will stay fixed, if interest rates fall, the borrower could potentially end up paying more than he or she would on another type of mortgage.
A mortgage that pays a lump sum cash rebate of a fixed amount of money, or a percentage of the actual loan, on completion of the mortgage or shortly after.
For those who want to build their own home, a conventional residential mortgage is not an option. Instead, the self-builder would need to apply for a self-build mortgage. Not every lender is active in the self build mortgage market and those that are, tend to charge a higher rate of interest for self build mortgages.
The interest rate applied to the mortgage repayment is linked directly to the Bank of England’s base rate and will rise and fall in line with that rate.
VR Mortgage Solutions Ltd, 45 Kilby Road, Stevenage, Hertfordshire, SG1 2LT
V R Mortgage Solutions Ltd registered address is: 45 Kilby Road, Stevenage, SG1 2LT. Registered in England and Wales under reference number 10383181.
V R Mortgage Solutions Ltd which is an appointed representative of H L Partnership Ltd which is authorised and regulated by the Financial Conduct Authority.
H L Partnership Ltd is entered on the Financial Services Register (https://register.fca.org.uk/s/) under reference number 5011722.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK
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