BANK RATE CHANGE
On 2 November 2017, the Bank of England announced that the Bank Base Rate would increase with immediate effective from 0.25% to 0.50%.
Check how much you could potentially borrow.
Before beginning an application, it’s important to check how much you could borrow for a mortgage and what the cost could be. We have a borrowing calculator and a repayment calculator to help you decide.
Takes approximately 2 minutes to complete
Obtain a lending decision (or ‘Approval in Principle’).
Our online Approval in Principle application takes just 10 minutes to complete, after which we’ll be able to tell you whether or not we would be able to lend to you and how much we would be able to lend.
Takes approximately 10 minutes to complete
Complete a full mortgage application.
If you’ve acquired a successful lending decision and found a new property then you’re ready for the full mortgage application. You can complete a mortgage application online or if you’d like some advice, you can speak to a mortgage advisor in branch or talk to us by phone .
Takes approximately 15 minutes to complete
A fixed rate mortgage means that your interest rate and the amount you pay for your mortgage each month remain the same over the fixed rate period. This is usually 2, 3 or 5 years – although mortgage providers have different fixed rate periods. Fixed rate mortgages are different to variable rate mortgages where the interest rate can vary throughout the mortgage term, meaning that your mortgage payments will also change.
When the fixed rate of a fixed rate mortgage ends you will revert to our Standard Variable Rate unless you choose to switch to a new mortgage deal. You’ll get the opportunity before your fixed rate mortgage deal ends, to explore the other mortgage deals we have to offer at the time and to select the right one for you.
Below are a few points to be aware of including how to work out if a fixed rate mortgage could be benefit you:
*The fixed terms we offer can vary from time to time depending on which products are on sale.
When you are considering the type of mortgage you need (particularly between fixed rate and variable or tracker mortgages) you need to ask yourself some important questions like, how long are you planning to live in a particular property, how much you have to put towards a mortgage payment each month and whether you could cope with a rise in interest rates (with a variable rate or tracker mortgage).
If you prefer the security of having a fixed interest rate for a set period of time and therefore the security of a static monthly mortgage payment*, then you might find that a fixed rate mortgages provides you with better peace of mind. However this does mean that you could miss out on reducing your payments should rates go down.
Use your savings to offset against the balance of your mortgage and reduce the interest you pay.
Mortgages that follow the Bank of England Base Rate - you could save money while the Base Rate remains low but your payments could also go up.
Speak to one of our friendly mortgage advisers about your options