Mortgage Options

Your home may be repossessed if you do not keep up repayments on your mortgage.

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With a seemingly endless supply of different mortgage rates and various products, many clients feel unsure where to start their journey.

At LPR Mortgage Services we will work alongside you, searching the mortgage market, including market leading rates and exclusive products not available directly from the lender, to find the most suitable mortgage for you.

Most important of all, we will listen to what you want. We will listen to what you don't want. The client is the most important person in our business, and your views and opinions matter.

With so many options out there let's keep it simple, starting with the two main types of mortgage available: Repayment and Interest Only.

Repayment Mortgage

Simply make a payment every month to the lender and watch your mortgage reduce in size. Monthly payments are made up of capital and interest (mainly interest to begin with). The term of the mortgage plays a vital part in determining your monthly payments. To find out how LPR Mortgage Services can help you, call us on 01788 521544.

Interest Only Mortgage

Monthly payments to the lender are less than a repayment mortgage because all you are paying is interest. Lower payments are always a good thing, but you must have the necessary funds elsewhere to pay off your mortgage. Many people will arrange a separate "repayment vehicle" to fund this. Interest only mortgages can be useful if you are expecting a lump sum payment at the end of the mortgage term, like an inheritance. To find out how LPR Mortgage Services can help you save money, email us on info@lprmortgages.co.uk.

Which Interest Rate Is Best For Me?

A question asked by every single client, and the answer is always different. As your personal circumstances are unique to you, the best rate for you will be specifically tailored to your individual situation. There are many rates to choose from:

• Standard Variable Rate
• Fixed Rate
• Capped Rate
• Discount Rate
• Tracker Rate

So once again, lets keep this simple:

Standard Variable Rate

This is the lender's basic lending rate, which follows the conditions of the market. It can go up, and it can go down. This is usually the most expensive of the lenders' rates.

Fixed Rate

It does what it says on the tin. The rate is fixed for a specific period of time allowing you to be able to plan and budget ahead as your payments will not change during the fixed rate.

Discount Rate

Just like the variable rate, only lower. Your rate will be discounted below the standard variable rate for a set period. Therefore when rates are low you could initially benefit from extremely competitive rates. Remember that rates can go up as well as down.

Capped Rate

Similar to a fixed rate in that your rate will not rise above a certain agreed level, but with the added advantage that the rate can fall. Often these rates are set higher than lenders' comparable fixed rates.

Tracker Rate

These mirror the Bank Of England rate. Excellent news when the rate is falling as you will benefit from lower monthly payments, but as Bank Of England rates increase, so does yours.

Allow LPR Mortgage Services to help you decide upon the best rate for you. Contact us now for an appointment on 01788 521544 or email us on info@lprmortgages.co.uk.

How Long Do I Have To Take My Mortgage Out For?

A great question and one that is not asked enough. So many clients will automatically take out a mortgage for what they consider to be the standard term of 25 years. That's a quarter of a century!!!

To determine how long is the right term for you, you must consider the affordability of the mortgage. LPR Mortgage Services provides a constant review service where the ongoing term of your mortgage is analysed, helping you to potentially reduce the term of your mortgage and save money.