Table Definitions
- Initial Rate: The interest rate charged at the beginning of your mortgage. It’s typically lower and either fixed or discounted for a set period, such as 2 or 5 years.
- Mortgage Class: Refers to the type of mortgage you choose such as fixed rate (interest stays the same for a set time), variable rate (interest may rise or fall) or tracker (follows the Bank of England base rate).
- Monthly Payment: The amount paid to your lender each month. This could be subject to change depending on the type of mortgage you choose.
- Standard Variable Rate (SVR): The lender’s default rate you switch to after your initial deal ends. It can vary at any time and is often higher than the initial rate.
- APRC (Annual Percentage Rate of Charge): Represents the total mortgage cost over its full term, including interest and fees, shown as a yearly percentage to help compare deals.
- True Cost: The complete cost of the mortgage, including monthly payments, fees and interest rates.
- Max LTV (Loan to Value): The highest percentage of the property’s value a lender will let you borrow. For instance, 90% LTV means you need a 10% deposit.
- Total Fees: All charges linked to the mortgage such as arrangement, valuation and legal fees. Some can be added to the loan, others must be paid upfront.
- Initial Rate and Period: The interest rate at the start of your mortgage and the duration for which this special rate applies.
If selecting ‘Repayment’ as your mortgage type:
The estimated monthly payment is based on a repayment mortgage and may vary depending on the term and interest rate of your mortgage.
If selecting ‘Interest only’ as your mortgage type:
Monthly repayment consists of chargeable interest only. Suitable in limited circumstances for people who do not wish to repay the capital until the end of the mortgage term. Repayment of the loan is self-managed by you and would usually be paid from proceeds of the sale of your home/property, inheritance, savings or investments. This type of mortgage is not accepted by all lenders. Lenders who offer this type of mortgage will require a repayment vehicle to repay the balance at the end of the term. If the proceeds of your repayment vehicle don’t cover the full amount of your mortgage, you will be responsible for paying the difference.
Disclaimer
The mortgage rates shown are for informational purposes only and do not constitute financial advice or a formal mortgage offer. Rates are subject to change and may vary depending on your individual circumstances, including credit history, loan-to-value (LTV), and property type. Additional fees such as arrangement, valuation, and legal costs may apply and affect the overall cost of the mortgage. Always consider the total cost over the mortgage term, not just the interest rate. For personalised advice and to confirm eligibility, please speak to one of our mortgage consultants.
