The main types of mortgages are fixed rate and tracker/Variable.
Fixed rate mortgage – You’ll always pay the same amount each month as your interest rate is fixed for a certain period of time e.g. 2 years, 5 years etc.
Tracker/Variable mortgage – The amount of interest you pay can change so the amount you pay each month can also change too
You will need buildings insurance as a minimum. We recommend you take out the contents part of the insurance with that too).
There are other insurances that can protect you and your family from the unknown, such as life insurance, critical illness cover, income protection. Our advisers can talk through these different options so you can decide whether these might be right for you.
If you choose level or decreasing cover, your monthly payments are guaranteed to stay the same for the duration of your policy. For decreasing life insurance, premiums are set at the start of the policy to consider the decreasing amount of cover you’ll need during the policy term. Premiums for decreasing cover are often cheaper than other types of life insurance.
With level cover, if you choose to help protect your payments from the effects of inflation, so the lump sum won’t be worth less in the future, your monthly payments may rise. The maximum annual increase would be 15% to your premiums and 10% to your cover¹.
Transform Mortgages Ltd is an Appointed Representative of TMG Direct Ltd is authorised and regulated by the Financial Conduct Authority. Company Number 786245. Data Protection reference – ZA440284. Registered and Office Address: Atria, Spa Road, Bolton, BL1 4AG.
A fee payable is dependent on the complexity of the case and will be agreed at the outset. A fee of up to 12% of the loan amount is payable, for example on a £100,000 mortgage a 10% fee would equate to £10,000. A maximum fee is £4495. The fee is payable at the outset or on the issue of an offer of the mortgage.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
