Taking out a mortgage is a big financial commitment so it's important to know what you're doing and how mortgages work. JMS Financial will be able to guide you through all the information of the relevant mortgages and provide a transparent explanation of what you will be signing up to.
Whatever your needs and wherever you are on the property ladder, JMS Financial can help. Whether you are a First Time Buyer looking to buy your first home, an existing homeowner wanting to purchase and new home or Re-mortgage your current residence JMS Financial will work with you to obtain the most suitable and appropriate product for your circumstances.
By having access to products from a wide range of lenders, we can offer advice and guide you through the full process. We deal with all the paperwork - from application through to completion, saving you time and giving you peace of mind.
A brief guide to the different mortgage types are listed below.
Fixed Rates - 'stay secure' Fix your mortgage rate for a specific period. With a fixed rate mortgage, the interest rate remains the same until a specific date. This gives you the security of knowing that your monthly payments will stay the same during this time.
Discounted Rates - 'low start repayments' Initially, enjoy lower payments with a discount off the standard variable rate. With a discounted rate mortgage, you pay a lower interest rate for a set period of time at the beginning of your mortgage term. The rate is discounted from the Standard Variable Rate (SVR). Your rate will therefore go up or down in line with changes to the SVR set by the lender.
Tracker Rates - Stay flexible with a variable mortgage rate. With tracker rates, the rate of interest you pay is a set percentage above or below the Bank of England base rate for either a set period of time or for the term of the mortgage. Your repayments
will therefore go up or down in line with changes to the base rate set by the Bank of England.
Standard Variable Rate - Another flexible rate set by the bank your mortgage is with. IT can increase and decrease when the lenders decides to change it.