If you're a first time or second time buyer, or
you want some help with the home buying process, Erskine Life & Pensions Ltd
can help you make the right choice. Please see our other services page for
further information on how we can help you. A mortgage has two main ingredients:
The Capital, which is the amount of money you borrow, and The Interest, which
is charged on the capital until you have paid it back.
So that it changes when the lender changes its mortgage interest rate.
Which reduces the lender's standard variable rate by a set percentage. The
discount is usually for a short period and then the rate reverts to the lender's
variable rate.
For a specific period, say two to five years, or even longer. After the fixed
rate term has ended the interest rate will change to the prevailing variable
rate or you may be offered a new fixed rate.
Which, like a discounted rate, is a set margin above or below a variable rate,
but generally one that is controlled by the lender, such as the Bank of England
base rate
Whereby the maximum rate of interest that you pay is fixed for a certain length
of time, but below that it moves in line with the variable rate.
Repayment mortgage, Interest-only Mortgage, Endowment
Mortgage, Pension Mortgage, ISA Mortgage & a Flexible Mortgage.
