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We’re here to help.
Getting a mortgage can be scary, but it doesn’t have to be.
Here at The Mortgage Heroes, we understand that mortgages can be quite confusing. Thats why we’ve put together this handy page of frequently asked questions.
Whether you are choosing a mortgage for the first time or the last time, there are many factors that should be considered and every situation is different.
Mortgages are typically your largest financial commitment, so it is vital that you make the right decision on which type of mortgage is right for you. The Mortgage Heroes will research whole of market for mortgages to find the right mortgage for you!
Fixed rate mortgages are the most popular type of mortgage because this provides peace of mind that your mortgage rate is fixed for a set number of years. This is typically 2, 3 or 5 years but some lenders have been previously known to offer a 10 year fixed rate. You know exactly how much you’ll be paying each month for that length of time, regardless of whether the interest rates change.
Tracker mortgages vary with the interest rate set by the Bank of England base rate. The rate you will pay is a set interest rate which can be above or below the base rate set. When base rate goes up or down, your mortgage rate will change by the same amount. In essence, they move simultaneously
This mortgage type is similar to a tracker mortgage, but variable rate mortgages are not linked to the bank of England base rate. However, their variable rate will be influenced by the Bank of England base rate and a number of other factors. The individual lenders will decide what their variable rate is and this can differ from lender to lender.
The discount is a reduction on the lender’s standard variable rate (SVR). Therefore, if the lender’s variable rate is 4% and the discounted rate offers a 1% discount, the initial rate would be 3%. This rate can change at any point though as this is, in essence, a variable rate mortgage with an initial discount.
This is a variable rate mortgage that offers a cap on how high your interest rate can rise. This provides a certain element of security knowing that there is an upper limit in place for how high the interest rate can go.
Offset mortgages are linked with a savings account, combining both savings and mortgage.
On a monthly basis, the lender reviews how much you owe on the mortgage and deducts the amount you hold in savings. Your mortgage interest is calculated based on the difference between the total loan amount and your total savings.
Example: You have a mortgage of £200,000 and savings of £10,000, your interest is £190,000 for that month.
Flexible mortgages provide you with flexibility with regards to payments.
You can overpay more than your usual monthly payment on your mortgage (which you can also do on other mortgage types). However, unlike other mortgages, if you have already overpaid you can pay less for a limited time.
With an interest only mortgage, you simply just pay the bank interest each month with this type of arrangement you would need a repayment vehicle in place such as savings so that you could repay the debt at the end of the mortgage term. If you don’t have a suitable repayment vehicle in place at the end of the mortgage you may have to sell your property to repay the loan to the bank.
Most mortgage contracts are set up on a repayment basis, the way they work is each month you repay some of the interest you owe plus some of the capital you’ve borrowed. At the end of the period, often 25 – 30 years, you’ll have paid back everything you owe and you’ll own your home outright.
This is simply a mixture between capital repayment and interest only, this typically works by selecting the amounts you want on the interest only element using a percentage for example 50/50, so 50% is on interest only while the other 50% is on capital repayment.
Why The Mortgage Heroes?
The Mortgage Heroes are experts in helping find you the right mortgage.
The Mortgage Heroes have years of experience, and understand the importance of a hassle free, frictionless service, keeping you up-to-date throughout the process and following a no mortgage, no fee promise with our clients.
Simeon and the team really go out of their way to get the best mortgage for you. They provide a very professional service, and really care about getting the right product for you. They go above and beyond and really are heroes!
K. Pothecary
Can not recommend highly enough. When we were left high and dry by our current lender, Oliver left us reassured and with an offer within 24 hours of our first contact. Whole remortgage process was completed within 5 weeks. Amazing knowledge and service!
S. Sowden
We had the support of Simeon when buying our first property. He made the process of finding our perfect mortgage extremely easy and was very quick to respond to any questions we had. A huge thank you to The Mortgage Heroes!
J. Hatton
Oliver was amazing, professional and polite throughout the whole process. He explained everything to us in a clear and concise manner, ensuring we understood all our options before making a final decision. Thanks again Oliver!
S. Obeng
Simeon from the Mortgage Heroes has been excellent. From start to finish of the whole process we were able to remortgage our house within a month. No matter your circumstances, if you need help with your mortgage ask this company first.
N. Ellis
As foster carers, we found it difficult to obtain a mortgage and found The Mortgage Heroes after a Google search. It turned out to be the best decision we ever made. Simeon ensured he kept us fully informed and up to date with the whole process.
R. Lambert
I can not speak highly enough of Oliver, he has given us the best advice, and never once judged us for our financial circumstances. He has helped us to find an excellent mortgage which has allowed us to purchase our forever home.
J. Olner
A huge thank you to the team at The Mortgage Heroes! They persisted with my case when all others would not, enabling my family to move to a new home with a great mortgage deal. Their service was speedy, friendly and professional. Highly recommended.
J. Bird
We had Oliver as our mortgage advisor he was absolutely amazing. The information and background information he gathered was really good and helped him process a smooth transaction on a second mortgage for us. Well done Ollie, definitely an asset to the team!
H. Walstow
I would absolutely recommend The Mortgage Heroes. From the start of my application, Simeon took control of the process and provided really practical but expert advice throughout to make the end-to-end experience as pain free as possible. Many thanks for all your help!
J. Williamson
I am a foster carer and I was aware of the fact that not many banks or financial institutions would give me a mortgage. Simeon was brilliant and friendly, he felt my disappointment and did everything to reassure me that it was possible to find me a mortgage. It took Simeon less than a week to get me a formal offer for a mortgage.
A. Gregory
Simeon and the team at The Mortgage Heroes really did live up to their name. From start to finish they went above and beyond to find and secure the right mortgage for me. I would not hesitate in recommending The Mortgage Heroes to anyone looking for a mortgage - you really couldn't do any better.
G. Cooper
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