Repayment Options:

Repayment Mortgage

With each payment you pay back the interest on the loan and some of the money you borrowed. The amount you owe falls until you have paid off the loan including interest.

Investment Backed Mortgage

Your payments pay the interest on the loan and also go into a financial investment (eg an Equity ISA, endowment or pension plan). The investment plan should hopefully grow to pay off the mortgage although there would normally be no such guarantee.

Interest Options:

Fixed Rate

With a fixed rate mortgage your payments will not be affected if interest rates change during the fixed rate period. At the end of the period your mortgage rate reverts to the standard variable rate.

Variable Rate

The Standard Variable Rate mortgage is charged at the Lender's base rate. Your payments will rise and fall with any interest rate changes. A range of discounts off the Standard Variable Rate may be available.

A Base Rate Tracker mortgage linked to the Bank of England base rate may also be available.

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Protection for You and your family:

Life Assurance

If you can't work, fall ill or even die, the mortgage still has to be repaid. For peace of mind, you should consider arranging cover for your mortgage debt.

With a mortgage endowment plan, life cover is included automatically, but with other types of mortgage, you'll need to take out a separate plan.

Mortgage Payments - Insurance

You can protect your mortgage payments should you be unable to work due to an accident, sickness or redundancy. You can also extend this to cover other regular monthly outgoings.

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