Mortgages
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There are mortgages to suit every need in today’s market. Whether you are a first-time buyer with a 10% deposit or a property investor wanting to purchase multiple properties, JP Financial can assist you through the complete process to help ensure a smooth journey from start to finish.
Why not try our online calculator to get an idea of how much you could potentially borrow.
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We’ll recommend the right mortgage for you.
Matching your requirements to the correct mortgage is a complex business. At JP Financial, we have access to a comprehensive range of lenders and through our extensive research, we will be able to present the best mortgage for you.
To make things a little easier, we've broken down the most common mortgage types below.
Fixed rate mortgages:A fixed rate gives you the security that your interest rate will remain the same for an agreed number of years. You can usually choose between different fixed periods, but the most popular is a two year fixed rate. Longer terms such as three, five and ten years are available and these usually have slightly higher rates. In today’s uncertain market, fixed rates are proving to be a popular choice. Allowing you to know how much your monthly repayments will be and avoid any unexpecting costs.
Tracker mortgages:Tracker mortgages usually last for a chosen number of years. In this time, it will track an index such as the bank of England base rate by a set percentage. If the base rate increases so will your mortgage rate, which in turn will increase your monthly payment. However, it can also decrease too and reduce your payments.
Offset Mortgage:These mortgages are linked to your savings. Each month, the lender looks at how much you owe on the mortgage and then deducts the amount you have in savings.
The interest charged is based on the difference between the two. For example, if you have a mortgage of £150,000 and savings of £50,000, your mortgage interest is calculated on £100,000 for that month. This is a great way to save money but the rate is usually higher than normal.
The above mortgages can usually be taken out on one of the two bases below, or sometimes a combination of both.
Repayment:A repayment mortgage is the best way to ensure that the money you borrow is repaid in full at the end of the term. Traditionally, a repayment mortgage is over a 25 – 35 years, the longer the term, the smaller your monthly payments will be; a shorter term will mean higher repayments with less interest paid overall.
Your monthly mortgage payment will comprise of the interest due and the capital you’re paying off your mortgage
Interest Only:With interest only mortgages, you will only pay back the interest which has been charged on the money you have borrowed. As a result, this is much cheaper per month but is completely different to a repayment mortgage because at the end of the term you will still have the full amount of the mortgage outstanding to repay. Careful consideration needs to be taken before this option is chosen and you would need to make separate arrangements to repay the outstanding debt
If you would like to know more or arrange an appointment with one of our advisors please select our contact form.