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Mortgages

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We can help with Adverse Mortgages

General Information

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Details

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Note

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All Other Mortgages

Types of mortgages

Wheter you are a first-time buyer, looking to sell up and move on, purchase a second home or even re-mortgage - no matter what your circumstances - Top House can help. And to make things even easier, we will not only liase with your chosen mortgage provider, but also with your solicitor and estate agent.

Our aim...to make your transaction as stress-free as possible. 

There are so many different types of  mortgages on the market it can be a minefield trying to determine which is best, so let us guide you through the various options out there.
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First Time Buyers

As a first time buyer it can be difficult to save enough money to qualify for a mortgage, so to help get on the property ladder the Government put schemes in place to help buy your first home. 

Find out about these schemes by clicking the button.
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Standard Variable Rate Mortgage (SVR)

Details

This varies from lender ton lender; each with their own standard variable rate (SVR) that can be set at whatever level they want and change by any amount at any given time - especially if there are rumours of the Bank Of England base rate increasing in the future.

In November 2020, the average interest rate on a 2 year fixed mortgage was 2.53%, while the average SVR was 4.44% - meaning repayments on a SVR mortgage could be far more expensive.

An SVR is higher than most mortgage deals currently on the market, so if you're currently on a SVR, it's definitley worth shopping around for a new mortgage.
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Fixed Rate Mortgage

Details

A fixed-rate mortgage means you pay the agreed interest rate – regardless of interest changes elsewhere - for a set period of time. You will know exactly how much you need repay each month.

There are usually far more fixed-rate mortgages available than any other type of deal, albeit this number of has fallen significantly since the start of the COVID-19 outbreak. 

The most common terms are two-and five-year deals. At the end of which you'll usually be moved on to your lender's standard variable rate (SVR).  
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Discount Mortgage

Details

A discount mortgage means you pay the lender's standard variable rate (a rate chosen by the lender, that rarely changes) with a fixed, discounted amount.

For example… If your lender's standard variable rate is 4% and your mortgage came with a 1.5% discount, you'd pay 2.5%.

Standard variable rate 4% - Discount 1.5% = 2.5%

Discounted deals can be ‘stepped’ – this means that if you take out a three-year deal but pay one rate for six months and then increase the rate for the remaining two-and-a-half years. 
Some variable rates have a 'collar' – a rate below which they can’t fall – or are capped at a rate that they can’t go above. 


Top House can help you with these features when choosing your deal. 
 
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Tracker Mortgage

Details

A tracker mortgage, ‘tracks’ the Bank of England base rate, which currently stands at 0.1%. 
For example, you might pay the base rate plus 3% 

Base rate 0.1% + 3% = 3.1%

In the current mortgage market, you'd typically take out a tracker mortgage with an introductory deal period, usually of 2 years.  After that period, you would be moved on to your lender's standard variable rate. 
However, there are a small number of 'lifetime' trackers where your mortgage rate will track the Bank of England base rate for the entire mortgage term.

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Retirement Interest Only (RIO)

Details

Retirement-interest only mortgages (RIOs) are a relatively new set of products designed to help older borrowers who may struggle to get a standard residential mortgage. They allow you to borrow against your property and only pay back the interest (and not the loan itself) each month. 
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Capped Rate Mortgage

Details

A capped rate mortgage moves in line with the lenders standard variable rate (SVR), but being capped means the rate wont increase above a certain level.
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Offset Mortgage

Details

An offset mortgage is where you have savings and a mortgage with the same lender and your cash savings are used to reduce – or 'offset' – the amount of mortgage interest you're charged. 
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Specialist Mortgages

Details

Everyone’s circumstances are different and for some it may mean that you need a specific type of mortgage.  


Bad credit mortgages: if you have black marks on your credit history, there may still be mortgages available to you - but not from every lender. 


Mortgages for self-employed buyers: it can sometimes be harder to secure a mortgage if you are self-employed. 


Guarantor mortgages: if you need help getting onto the property ladder, a parent or family member could guarantee your loan.
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Self Build Mortgages

Details

There are two main types of self-build mortgages - arrears stage payment and advance stage payment.


Arrears Stage Payment
Most commonly, funding will be released in stages after the construction of each section is completed. A valuer will normally visit the site before the payment is released. With an arrears stage-payment you may need a loan to cover the work before your mortgage is released, so you must factor this into your decision.


Advance Stage Payment 
Sometimes it’s possible to get a self-build mortgage where the lender releases the money before you pay each bill. This is not usually offered by mainstream lenders so you may be limited to specialist providers.
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Self-employed Mortgages

Details

Without an employer to vouch for your income, being self-employed means you’ll need to pass the lender’s affordability tests in the same way as any other borrower by providing additional evidence of your income than other borrowers.
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Bridging Loan

Details

A bridging loan is a short-term finance option for buying property. It 'bridges' the financial gap between the sale of your old house and the purchase of a new one. 

If you're struggling to find a buyer for your old house, a bridging loans could help you move into your next home before you've sold your current one.

This would mean that you'd own two properties for a short time, potentially leaving you with a large amount of secured debt if it takes a long time to sell your existing property, if the buyers withdraw completely, or you sell your home for less than you expect.
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Remortgaging

Details

Remortgaging is when you take out an additional or different mortgage on a property you already own. For example, you may remortgage when your current mortgage deal is about to come to an end to see if you can find a better rate or more suitable product, or you may remortgage to fund some improvements to your home.

Remortgaging is something we should all think of regularly to make sure we are still on the best mortgage deal.
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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or another debt secured on it.
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Top House Mortgage Solutions Ltd
Head Office: Victoria House Lowside, Outwell, Wisbech, Cambridgeshire, PE14 8RE
Company No 06584434
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