Mortgage Tips - The answers to the most common questions

What is APR?

  • The annual percentage rate (APR) provide customers with true reflections on the cost of a mortgage.

What is a redemption fee?

  • A redemption penalty (redemption fee) can be charged if one pays off, or switches their mortgage within a certain time period. Always read the small print and ask the mortgage adviser on details of any redemption fees.

How long should the mortgage process take?

  • The mortgage adviser should give you an idea of the timescales involved, from the first meeting where they gather information on your financial needs right the way through to an accepted application.

Do I have to pay any arrangement fees?

  • Most mortgage lenders are so keen to get peoples mortgage business, that they have constructed special mortgage deals which do not incur these fees.

What is a standard variable rate (SVR)?

  • As the name suggests; The rates varies over time. Comparing today's SVR (standard variable rate) with other lenders (SVR) in the market place, can give you some idea of how competitive your new lender is or will be.

What interest rates are available in todays Mortgage Market?

  • Interest rates vary greatly with each product and with each mortgage provider.

How much better could my new mortgage rate be?

  • All mortgage brokers should source the best and most competitive mortgage deal for your needs. Therefore illustrating an potential savings.

How much will or could my monthly mortgage payments be?

  • The mortgage advisor will be able to give you an illustration, telling you exactly what your monthly payments will be at the interest rate quoted.

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