Frequently Asked Questions
All of the products available to you will be included in your rate switch letter.
These are selected based on your current loan-to-value (LTV).
Our products have limited availability and may be withdrawn at any time. If any of the products in your letter are no longer available, please call us on 01633 844351 to find out about live products or to request an up-to-date letter.
There is no admin fee for switching to a different mortgage product at the end of your deal.
However, some of our mortgage products have fees for taking them out - this is called a product fee.
When you look at the list of mortgage products you are eligible for, any product fees will be clearly stated.
If you choose a new mortgage that has a product fee, then you will have to pay this fee when you switch.
If you'd like to make other changes to your mortgage - for example, borrowing more or transferring equity - you will need to discuss these changes with a Mortgage Adviser.
To speak to a Mortgage Adviser you can call 01633 844351 or arrange a call back here.
There are two main types of mortgage borrowing:
1. Repayment mortgages, also known as capital and interest mortgages
These days, most mortgages are taken out on a repayment basis.
If you have a repayment mortgage, each month you will pay off some of the loan you borrowed to purchase your property (the capital), plus interest.
By the end of the mortgage term, you will have fully paid off your original loan and the interest, provided that you have maintained all required payments.
2. Interest-only mortgages
With an interest-only mortgage, monthly payments to your lender only cover the interest on the amount borrowed – they don’t pay back the capital loan used to purchase the property.
This means that you will have to repay the outstanding capital by the end of the mortgage term.
To make sure you can pay back your mortgage, you will need a suitable repayment strategy that will cover the outstanding loan amount.
You can also combine the two borrowing types – as an example, if you were borrowing £100,000, you could borrow £80,000 on a repayment basis and £20,000 on an interest-only basis. In this case, you would have £20,000 to pay back at the end of the mortgage.
LTV stands for loan-to-value.
Loan-to-value shows how your current mortgage loan compares to the value of your property. This is shown as a percentage.
If your house is worth £100,000, and you have £50,000 left of your mortgage loan, your loan-to-value is 50%.
If your home is worth £200,000, and you have £150,000 left of your mortgage loan, your loan-to-value is 75%.
Your loan-to-value changes over time as you pay off more of your mortgage loan (or borrow more), and the value of your home changes.
If your last mortgage valuation was over 12 months ago, we use the Nationwide House Price Index to determine the value of your property.
If you have made any home improvements which would significantly increase the value of your property, you can request another valuation if you wish (this would involve paying a valuation fee). Please contact a Mortgage Adviser to discuss this, by calling 01633 844351 or arrange a call back here.
Yes, if you'd like some advice on which product to choose, our Mortgage Advisers can help.
To speak to a Mortgage Adviser you can call 01633 844351 or arrange a call back here.
Our Mortgage Advisers are available to take calls at the following times:
Monday: 9am-8pm
Tuesday: 9am-8pm
Wednesday: 10am-8pm
Thursday: 9am-8pm
Friday: 9am-5pm
Saturday: 9am-4pm
Sunday: Closed
We are closed on bank holidays.
Call 01633 844351 to speak to an Adviser.
Once you have selected your new product, your rate will switch over when your current mortgage deal ends.
If you don't switch your rate, when your current mortgage deal period comes to an end you will be moved onto our Standard Variable Rate - this is currently 5.49%.
