Fixed Rate

With a fixed-rate mortgage, the interest rate you pay remains the same for a set period, so your mortgage repayments will remain the same, even if interest rates rise.

This type of mortgage is often available as a two, three, five or ten-year deal and provides peace of mind that your repayments will be the same for the duration of the fixed term.

If you choose a fixed-rate mortgage, you will need to think about arranging your next mortgage deal a few months before the current one ends, as when it does, you’ll be moved onto your lender’s Standard Variable Rate (SVR), which generally means you’ll be charged a higher rate.

Interest-Only

With an interest-only mortgage, each month you only pay the interest outstanding on the mortgage, meaning that the capital sum remains the same throughout the period of the mortgage. You don’t pay off any of the capital until the end of the mortgage term.

This means that you will need to make other arrangements for paying back the capital sum. These mortgages are not as widely available as they once were. Lenders will now only lend money in this way if the borrower can clearly demonstrate how they propose to repay the capital sum at the end of the mortgage term.

Offset Mortgages

An offset mortgage allows you to use your savings to reduce the amount of interest you pay on your outstanding mortgage balance. It links your savings, and in some cases your current account, to your mortgage.

This means that instead of earning interest on your savings, you pay less interest on your mortgage. So, for example, if you have a mortgage of £125,000 and you have £25,000 in your linked accounts, then your monthly mortgage interest would be calculated on £100,000 instead of the balance of £125,000.

Whilst an offset mortgage can save you money and shorten your mortgage term, they can be more expensive than comparable deals, and there may be less choice available.

Why use Miles Rhodes

You’re protected

An important thing to understand is that when you receive mortgage advice, Miles Rhodes has a duty of care to you. We will recommend a suitable mortgage and be able to justify why the particular mortgage we have chosen is right for you.

In contrast, if you go directly to a high street mortgage lender, don’t take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse.

All our mortgage advisers are qualified

There’s an awful lot to think about when choosing the right mortgage. It’s not as simple as just opting for the cheapest fixed or tracker rate mortgage you can find!

Mortgage advisers have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you ring up a lender’s call centre.

We are on your side

Miles Rhodes will look for the best mortgage for you. We aren’t on the lender’s side, we are on yours, and we give you access to far more products than if you went direct.

You will get unbiased advice and will be able to choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.

 

We know the industry

Mortgage criteria has tightened massively over the last few years, with the Mortgage Market Review being the latest, and arguably widest-ranging, development.

It’s been designed to ensure borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times.

Our Reviews

Linda Sewell
1 month ago
Dave bates is an absolute star! He has been my mortgage advisor for many years. He is the most knowledgeable, approachable and friendly person you could wish for. Always there to answer any questions, no i matter what time of day. And you know you’ll read more
Ryan Bailey
2 months ago
Professional and friendly experience with miles rhodes ltd, highly recommend dave and team.
Customer
6 days ago
I’ve worked with kevin for 7+years now and that’s off the back off other family members also with the same feeling off a great service he provides. Best mortgage advisor i’ve come across always contacted me with updates to better me and my read more
Helen Malcolmson
2 months ago
Kevin mitchell has arranged our mortgages for quite a few years now and has just renewed our mortgage again. He contacted us back in the summer when the interest rates were continuing to rise and reassured us that he would find us something. After months of read more
Colin Robertson
7 days ago
Kevin has provided mortgage advice for us on numerous occasions and has always been completely dedicated and supportive in finding us the best rate available. Nothing is ever too much trouble and he has gone over and beyond in answering all our queries and questions quickly read more
Louise Sparrow
2 months ago
I cannot recommend dave bates at miles rhodes highly enough. He is hugely knowledgeable, approachable and efficient. I am enormously grateful for his help.

Want to know more?

To find out more or arrange a meeting with us, please call
01362 423042, or email contact@milesrhodes.net