Independent Insurance Advisors for the West Country
Mortgage Advice Grenville Westinsure
We can provide qualified advice when dealing with many aspects of financial issues involved with mortgages - from equity release to switch and save. If you have an enquiry that requires personal attention - just give us a call to arrange an appointment.
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Contact an Advisor
Our advisors can now be contacted via their own mail box. Simply click through to the our Team Page and you will be able to find the member of staff that you are used to dealing with on a day to day basis. We look forward to hearing from you.
Please Note
We are building a library of helpful FAQ sheets. They should help you to understand your own specific needs before we start dealing with all your life, personal and commercial insurance policies. The library will also include information about a number of investment issues.
Mortgages - contd.
Capped Rates
This is a style of fixed rate but with the advantage that you could benefit from further interest reductions. Initially the rate charged is capped at a certain level for a set period of time. This means that if interest rates rise your payment will increase but only as far as the capped level. However, if rates fall below the capped rate, your payments will reduce. Capped rates are generally more expensive than fixed rates over the same period of time.
Cashback
This type of deal will give you back a percentage of your loan as a cash sum. Because you have received such a large benefit initially, the interest rate charged on your mortgage will generally be the SVR or an even higher rate. There will certainly be a redemption period with this type of loan.
Re-mortgages
A re-mortgage simply involves moving or transferring a current mortgage to a new lender. This can also include raising extra capital by increasing the loan size. Most lenders offer attractive terms to secure this business from their competitors and large savings can be made.
Flexible Mortgages
These are a fairly new type of mortgage but more lenders are adopting it as an option. The rules and features will vary from lender to lender as the account is quite complex. Generally lenders will allow overpayments, underpayments, payment holidays and the ability to have access to previous overpayments. Some lenders attach current and savings accounts to the loan or even credit cards and personal loans. As the debt is secured on your property, the interest rates charged should normally be lower than on other unsecured options.