Fixed Rate Mortgages

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 Mortgages

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

Pravin Poddar
6 months ago
Excellent service by bhavin who helped us choose right product at right time.
Dharmesh Gopalbhai
2 months ago
Mr. Bhavin patel was really very helpful in providing good and proper advice for my re-mortgage process. I would you like to thank you him for providing excellent service regarding the matter.
Ben Bridges
2 days ago
Kevin mitchell has been excellent over the many years we have used him. Every renewal has been easy thanks to the considerable effort he goes to to ensure we get the best deal possible.
Liv Andrews
2 days ago
After a difficult separation, nicky as my mortgage advisor was really supportive, helpful and explained all the options and processes clearly. My remortgage was the smoothest past of my conveyancing by far! Even after the mortgage was sorted, the check ins and follow up was a read more
Steve Whitehouse
6 days ago
Excellent personalised experience from nicky. She took all my requests into account, clearly answered all my questions and found the best deal for me. Would highly recommend and would definitely use miles rhodes mortgages again.
Wayne Key
7 months ago
Great service highly recommended

Want to know more?

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

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