Capital and interest
This is the simplest type of mortgage. The payments you make to the lender every month pay off both the capital and the interest from the loan. Provided you keep up the payments, you are guaranteed to pay off the loan by the end of the term agreed (usually 25 years).
The lender calculates your monthly repayments depending on the amount borrowed, how long for, the interest rate & how the rate you have chosen is set.
For mortgage advice; a flat fee of £295.00 is payable upon application to the Mortgage Lender, the Practice will also receive a procuration fee from the Mortgage Lender, details of the level of this payment will be given to you, prior to you making any decision to proceed.
Alternatively;
You can elect to pay an hourly Fee rate of between £175.00* and £200.00 per hour, any procuration fee payable from the Mortgage Lender will be refunded to you. A minimum fee of 4 hours of chargeable time is applicable with this option, this would equate to between £700 and £1000, based on 4* hours of chargeable time. An average of 4 to 10 hours of chargeable time is usually applicable in most cases dependent on the level and complexity of advice required.
Your home may be repossessed if you do not keep up repayments on your mortgage.