There will be a fee for mortgage advice. The precise amount will depend on your circumstances.
However, the maximum fee would be £250.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Not all Buy to Let Mortgages are regulated by the Financial Conduct Authority.
Today's mortgage market is crowded with many different products - unfortunately - all require you to pay interest on the money you borrow. Here are a sample of the different ways interest is calculated and applied.
teleMortgages can help you decide on the best mortgage for your needs.
The lenders standard variable rate will move up and down in line with their own Base Rate.
Lenders may not pass on base rate changes to their customers or they may delay making changes to their standard variable rate. i.e. you may not see an immediate change in your mortgage interest rate when the Bank of England increases or decreases the base rate.
The discount mortgage rate is a variation of the standard variable rate. It delivers a discount from the lenders standard variable rate for a period of time.
The interest rate you pay varies with the standard variable rate but will always be below it by the discount amount during the discount period.
Discount rates can be useful for first time buyers freeing cash to decorate or furnish your new home.
Be aware that lenders may apply significant redemption penalties should you wish to leave a discounted rate mortgage during its term or in a following tie-in period, if applicable.
The interest rate will be fixed for a specified time. This sets your monthly payment and guarantees it will not change during the life of the fixed interest rate. At the end of the period your interest rate will return to the lenders standard variable rate.
A fixed interest rate will give you stability in your monthly budgeting and if the standard variable rate rises you may make savings. Remember though, if the standard variable rate drops you may be paying more. Stability and predictability are the driving factors in selecting a fixed interest rate.
Lenders tend to offer fixed periods of one to five years. But be aware that some of these products may have a tie-in period that extends beyond the end of the fixed rate period where you must remain with the lender on their standard variable rate or incur a substantial interest penalty if the mortgage is redeemed early.
Based on the fixed interest rate mortgage you benefit when the standard variable rate drops but know your maximum monthly payment.
The cap is the guaranteed maximum interest rate you will pay in the capped period. However, below that value the rate varies along with the lenders standard variable rate.
The interest rate is set at a fixed percentage amount above or below the Bank of England Base Rate and will always track it. Each time there is an increase or decrease in the Base Rate their will be an immediate, corresponding change in the tracker rate.
Unlike standard variable rate and discounted rate mortgages, where the lender decides on whether and when a Base Rate change is applied, the tracker automatically applies the change immediately.
A recent innovation. Many lenders now offer current account or offset mortgages where any credit funds you have lodged with them in current or savings accounts are offset against your outstanding mortgage interest reducing interest payable.