Repayment Mortgages

This is the most popular and widely-available option, where you make monthly repayments for an agreed period of time until you’ve paid back both the mortgage capital and the interest.

With a repayment mortgage, or capital repayment mortgage, to give it its full name, you pay back part of the mortgage capital and interest each month. At the outset, most of your monthly payments will comprise of interest; over time, more of your monthly payment will be repaying the capital.

With a repayment mortgage, you are guaranteed to repay the full mortgage by the end of your mortgage term, provided you make your repayments in full each month.

Tracker Mortgages

A tracker mortgage is a type of variable rate mortgage which tracks a nominated interest rate, usually the Bank of England base rate. The actual mortgage rate you pay will be at a set interest rate above or below the rate tracked. When the rate tracked goes up, your mortgage rate will go up by the same amount. And it will come down when the rate tracked comes down.

Variable Rate Mortgages

The interest rate used here is the lender’s default rate, their Standard Variable Rate (SVR). As the name suggests, the rate applied can change at any time, meaning that your monthly repayments could do so too.

With this type of product there isn’t usually an early repayment charge with your lender, so you can move to another type of mortgage at any time and can potentially overpay your mortgage to pay it off faster and shorten the term. However, variable rate mortgages can potentially change if the Bank of England base rate rises or falls, making it harder to budget for your repayments. There can often be better and more cost-effective deals available in the marketplace.

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

Philip Shields
3 months ago
Lewis clearly cared for doing what was right. Any question or request i had was no issue for him. Went above and beyond during the whole process. Someone when needed i will always use and will 100% recommend to use them as well. Thanks for everything
Kirk Foster
2 days ago
We have been using kevin mitchell to advise us on our mortgages for quite a few years now. Kevin is not only friendly and helpful, but also extremely thorough. I would have no hesitation on recommending him to everyone. He has made the mortgage process so read more
customer
2 days ago
Fantastic efficient service
Louise Rayner
7 months ago
Kevin has been advising us now for approximately 20 years, on mortgages and insurances, he has always been extremely helpful with all the advice he has given us, more recently so with advice and support following paul’s stroke and claims in relation to that. I have read more
Tomasz Witomski
6 months ago
Outstanding service again delivered by our favorite mortgage advisor dave. As always very pleasant to talk to and gives the best advice you need. Highly recommended.
Amit
5 months ago
My experience with miles were great. I would clearly see bhavin, the consultant i was interacting took the extra miles to provide me with the best service. His communication was clear and i could see him taking steps to ensure i was getting the best deal. read more

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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