Most people opt for a repayment mortgage. This means each monthly payment clears the interest and some of the capital borrowed. Over time, you pay less interest and more capital, reducing the amount remaining on loan.
This product offers a discount off the usual standard variable rate offered by that lender (you’ll need to compare deals and discounts from different lenders to get the best one)
This means you borrow at a fixed rate of interest for a specified period, i.e. two, three, or five years
The interest rate can go up or down at any time
This requires you to have your mortgage, savings, and current account all with the same provider; instead of receiving interest on credited amounts, this is offset against your loan interest rate
This rate is set a specified amount above the Bank of England base rate, so while it can go up or down, it will only do so via the tracked rate.
Consider which type of loan you would prefer. Would you like to have the safety of a fixed rate deal that fixes your repayment amount each month for several years? Variable rates are cheaper, but you lose the certainty of knowing what each repayment amount will be worth.
Click on the headings below to read more about each mortgage option.
Equity release is a means of retaining use of your home, while receiving a lump sum or a steady stream of income, using the value of the house. The income-provider must be repaid at a later stage, usually when the homeowner dies or upon sale. Equity Release is a specialised area and as such, we can provide expert individual advice on request.
Read more on Equity Release here
EQUITY RELEASE MAY INVOLVE A LIFETIME MORTGAGE OR HOME REVERSION PLAN, TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.
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Lakes Mortgages is directly authorised and regulated by the Financial Conduct Authority under reference 605694. Registered in England and Wales No: 8633133. Registered Office: Suite 3B, Holmere Hall, Dykes Lane, Yealand Conyers, Carnforth, Lancashire, LA5 9SN. Calls may be recorded for training and monitoring.