At Grange Mortgage and Protection Services we will endeavour to source the most appropriate mortgage product to suit your individual circumstances. In addition to looking at deals available on the high street, we also have access to us many exclusive deals which are provided through our association with Pink Home Loans (subsidiary company of the LSL Group). These are a very nice addition to our standard channels and could potentially lead to more attractive terms being achieved. You can therefore be certain that you will be given a very comprehensive choice of not only the mortgage products but also the lender.
We offer a specialised service for mortgages in the new build market and finance for low cost affordable housing e.g. Help To Buy Schemes and shared ownership properties. Please see our ‘New Build’ page and our ‘Help To Buy’ page for further details.
Dedicated Administration Unit
We have a team of experienced administrators who are there for you right from application up until you move in to your house or your insurance plan has commenced. They will also proactively chase your lender and solicitor before updating you with the progress of the application, thus taking the stress away from the transaction.
Automated Re-Mortgage Review
Once your mortgage is in place we will regularly review your terms and conditions with the aim of finding you another competitive rate (generally done when early repayment charges have finished) and thus saving you money, whilst keeping the most suitable product for you.
Mortgage Types and Products Explained
With this type of mortgage, you repay part of the amount borrowed together with the interest being charged each month. In the earlier years of your mortgage, the majority of your monthly repayment is made up of interest. However, towards the latter part of your mortgage term, the situation is reversed and the majority of your monthly payment will deduct from the amount borrowed.
With this type, you are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You will need to have credible arrangements to pay off the mortgage to avoid the property having to be sold, such as an Individual Savings Account (ISA).
Standard Variable Rates (SVR)
With this type of rate, your payments should rise and fall in line with the Bank of England bank rate changes, but not necessarily at the same time or by the same amount.
Fixed rates give you the security of knowing that your monthly payments will always be the same. With this type of mortgage, you pay a fixed rate of interest for a set period typically over two, three or five years.
Tracker Variable Rates
Tracker variable rates are usually linked to the Bank of England bank rate, which means they will change in line with this.
With a capped rate mortgage, you will know the maximum you will pay for a set period of time. This type of mortgage offers you the option of knowing the maximum monthly repayments you would have to make during a set period of, typically, two or three years.
Discount Variable Rates
Allows you to benefit from a discount on the lender’s standard variable rate. If the lender’s standard variable rate (SVR) increases or decreases, so does the discounted rate. Typically the shorter the discounted period the larger the discount.
Typically, a current account, savings account, or both, are linked to your mortgage and, each month, the amount in these accounts is then offset against your outstanding mortgage. You are unlikely to earn interest on your savings which are offset.
You can vary the amount you pay each month and take payment holidays in some circumstances. It may help to reduce your mortgage with lump sum payments without incurring an early repayment charge.
Contact one of our specialists to discuss your requirements on 01604 877999
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.