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  • APRC

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    APRC is the commonly used acronym for the Annual Percentage Rate of Charge - the total charge for credit. this is the standard way (as laid down by the Consumer Credit Act 1974 and the Financial Services Authority) of working out the true interest rate.

    All lenders are legally obliged to show the APCR alongside quoted interest rates for each mortgage term, this enables you the potential borrower to accurately compare mortgages from different lenders to work out exactly how much you will repay on your loan each month.

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  • Arrangement Fees

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    These are charged when arranging a loan on certain products.

    If you need any more information, then simply speak to an expert today.

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  • Bank of England Base Rate

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    The Bank of England Base Rate determines how much other banks and building societies pay for the loans that they take out from the Bank of England. These base rates will in turn affect the interest rate paid for loans including the loan on your mortgage.

    If you need any more information, then simply speak to an expert today.

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  • Bridging Loan

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    This is a temporary loan which enables you to complete the purchase of your property before completing the sale of your existing house. A typical example of when you may need one would be if you wanted to buy a second property before you'd sold your first.

    If you need any more information, then simply speak to an expert today.

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  • Buy To Let

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    This is a type of mortgage used to buy property that will be used solely for the purposes of renting to a third party i.e. you as the owner never intend to live there.

    If you need any more information, then simply speak to an expert today.

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  • Capital and Interest

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    This is simply another term for capital repayment

    If you need any more information, then simply speak to an expert today.

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  • Capital Repayment

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    There are two ways of repaying a mortgage either by the capital repayment or interest only route. With a capital repayment mortgage, the capital and interest elements of the loan are paid off with each monthly installment, with the balance reducing over the length of the loan.

    Therefore by the end of the mortgage term, assuming all mortgage payments are made, you have paid off the balance in full and you therefore own your property outright.

    If you need any more information, then simply speak to an expert today.

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  • Capped Rate Mortgage

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    This is a type of loan where a maximum rate of interest is set at the start of the mortgage term. During the capped rate period the interest rate can fall below the capped rate but will never rise above it.

    What this means for you the borrower is that you know how high the mortgage payments could rise but are guaranteed the rate will not go any higher, therefore making home loan budgeting easier.

    If you need any more information, then simply speak to an expert today.

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  • Capped Rate Mortgage

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    This is a type of loan where a maximum rate of interest is set at the start of the mortgage term. During the capped rate period the interest rate can fall below the capped rate but will never rise above it.

    What this means for you the borrower is that you know how high the mortgage payments could rise but are guaranteed the rate will not go any higher, therefore making home loan budgeting easier.

    If you need any more information, then simply speak to an expert today.

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  • Commercial Mortgage

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    This is a mortgage used by businesses for the purpose of purchasing their own business premises or for financing for investment purposes.

    For example, you would need to apply for a commercial mortgage when investing in commercial property or purchase commercial property for investment purposes.

    If you need any more information, then simply speak to an expert today.

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  • CAT Mortgage (Charges Access Terms)

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    This is a mortgage that complies with specific guidelines laid down by the government who wanted to set out basic and transparent conditions for all mortgage products.

    Particularly in terms of the charges applied the flexibility of the mortgage and the terms applicable to it. The aim is to make mortgages more straightforward and easier to understand.

    If you need any more information, then simply speak to an expert today.

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  • Completion

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    This is the point at which the money to buy your new property is released to the seller, ownership is then transferred to you and you become a proud home owner!

    If you need any more information, then simply speak to an expert today.

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  • Conveyancing

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    This is the legal process involved when buying or selling property. Most people use a solicitor or a licensed conveyancer when buying or selling a property because there's quite a lot of detailed work to do when transferring ownership of a property. If you are obtaining a mortgage your lender will insist that you use a solicitor.

    If you need any more information, then simply speak to an expert today.

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  • Credit Problems

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    These are mortgages specifically designed for those borrowers who have a history of adverse credit e.g CCJs, Defaults, Mortgage Arrears, Repossessions and bankruptcy.

    If you need any more information, then simply speak to an expert today.

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  • Decreasing Term Assurance

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    Decreasing Term Life Insurance (sometimes called mortgage protection assurance) is where the sum assured decreases over the term of the policy. This type of policy is typically purchased by people who want to protect their repayment mortgage in the event of death.

    As the outstanding mortgage balance reduces every year, so does the level of insurance. The purpose of this type of plan is to repay any capital you owe if you died.

    If you need any more information, then simply speak to an expert today.

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  • Deposit

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    A deposit is the term used for the monies that you use as a down-payment on a property that you intend to buy.

    If you need any more information, then simply speak to an expert today.

     

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  • Disbursements

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    These are the fees your solicitor has to pay on your behalf (e.g. Stamp Duty, Land Registry fees and search fees) which will be added to your conveyancing bill from the solicitor on completion of the buying or selling of a property.

    If you need any more information, then simply speak to an expert today.

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  • Discount Rate

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    A discounted rate mortgage offers you reduced repayments for a given term. This interest rate is discounted from the published lender standard variable rate, for an agreed period from the start of the mortgage.

    What this means for you the borrower is that you are guaranteed to pay a set amount below the standard variable rate for the period of the discount. The standard rate can go up and down, but the discount amount remains fixed during the agreed period.

    If you need any more information, then simply speak to an expert today.

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  • Early Repayment Charge (ERC)

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    If you pay off your mortgage in full or make overpayments in excess of the amount agreed by your lender at the outset you may be asked to pay an early repayment charge by your lender.

    This charge is raised in order to recover any losses or costs incurred by your lender as a result of your early payment.

    If you need any more information, then simply speak to an expert today.

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  • Endowment Assurance

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    This is a form of life assurance savings scheme that pays out a lump sum at the end of an agreed period.

    If the Endowment is linked to an interest only mortgage, the lump sum from the endowment policy is designed to repay the mortgage, subject to investment returns.

    If you need any more information, then simply speak to an expert today.

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FX Mortgages Ltd,
5 Ushers Court, Manvers Street, Trowbridge, Wiltshire, BA14 8GH
Registered in the UK, Company No.:
05358325


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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independant ombudsman. Our advice is covered under the Financial Ombudsman Service (http://www.financial-ombudsman.org.uk/consumer/complaints.htm).  You may be able to submit a claim through the EU Online Dispute Resolution Platform (https://webgate.ec.europa.eu/odr/main/?event=main.home.show if you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.)

The overall cost for comparison is 8.7% APR for customers who may have their access to credit restricted.

FX Mortgages is an appointed representative of Mortgage Intelligence Ltd which is authorised and regulated by Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.