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.
Interest Rates
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.
Redemption Penalties / Early repayment charges
Most schemes will have some kind of redemption penalty. This fee is payable when you repay or reduce your mortgage within the penalty period. If your scheme is portable, you will be allowed to "port" your special terms to your new property and thus not incur a penalty. All lenders apply different criteria so you should check beforehand.
Penalty Period
This is the period of time during which redemption penalties will be payable. You should be aware that a penalty period can be longer than the special product period, e.g. a 2 year fixed rate could have a 3 year penalty period.
Fees Free/Switch & Save
These are generally available for customers who are not moving but wish to transfer their mortgage to a new lender on special terms. The new lender will generally pay, or waive, any application fees, valuation fees and legal fees up to set limits. They will not pay any redemption penalties incurred in the transfer. A useful way of transferring your mortgage on to a lower payment rate without any initial costs.
Lifetime Mortgages
This is a new term to describe Equity Release mortgages
and Home Reversion schemes.