Mortgage Advice
Parkview Mortgages arrange mortgages day in, day out, as a result we know the mortgage products inside out. Whether your situation is straight forward or not, we’ll find the mortgage that suits you best.
Mortgage advice: helping you every step of the way
Whether you’re looking to buy your first or next home, already have a mortgage and looking for a new deal, or are looking to move home; we’ll be with you every step of the way.
We make the whole process simple, liaising with your lender, estate agent, solicitor and surveyor managing the process to ensure everything runs as efficiently and smoothly as possible.
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).
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. Some mortgage lenders offer longer fixed rates over 10 years.
Tracker variable rates are usually linked to the Bank of England bank rate, which means they will change in line with this.
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.
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.