AFP West London have access to many schemes not available on the high street, often on exclusive terms.
Whether you are a first time buyer, moving home, purchasing a second property or looking to purchase or refinance an investment property or seeking to re-mortgage your home we will help you secure the most competitive mortgage product for your personal circumstances. There are a variety of mortgage types available on the market today and without the correct advice you may not end up with the best product to suit your individual needs.
Currently the most favoured mortgage by both customer and lender. Your monthly commitment consists of both capital and interest. In the early years the payment is primarily interest on the loan, with a small element being the capital. But as the years go by the capital payments increase, thereby reducing the loan.
Interest Only Mortgage
With this type of mortgage the repayment consists entirely of interest.This product may appear cheaper but as you are not repaying any capital the entire mortgage will still be owed at the end of the mortgage period. Subsequently it is vital that you have a credible arrangement in place to repay the loan, this is usually an investment vehicle such as an ISA that you make contributions to during the period of the mortgage.
Buy to Let Mortgage
With a lot of press coverage at present BTL mortgages are very popular. The main difference is that the affordability is based on the rental income of the property to let. But some lenders will also take into account the landlords income. There is a huge choice to suit first time landlords and the professional landlord with a large portfolio. AFP West London have a wealth of knowledge in this arena with 35% of our business managing BTL mortgage arrangements.
To re-mortgage is to simply replace your existing mortgage or increase your mortgage with another lender. You may do this to save money with a more competitive rate offered by a new lender. It is important to bear in mind charges that could be applied such as an ERC (Early Repayment Charge) before you switch lenders.
Exclusive Mortgage Deals
AFP West London have preferential rates with some of our lenders for the benefit of our customers only. Call now to talk to an adviser to find out whether these will fit your personal circumstances.
As it says on the tin your rate will be fixed for a period of the mortgage, with 2 years, 5 and 10 years being the most popular choices. The biggest benefit is that they give you the security of knowing exactly what your commitment will be over the fixed period.
Tracker Variable Rates
The mortgage rate is usually linked to the Bank of England base rate, and will increase and decrease in line with rate changes that are published each month.
Standard Variable Rate (SVR)
These are the standard rates charged by your lender and will move in line with rate changes published by the Bank of England. However the changes do not happen immediately, furthermore they do not always reflect the true rate adjustment, subsequently you do always benefit from the change.
Typically your current and savings accounts are linked to your mortgage, with the balance in both used to offset against your outstanding mortgage amount. Your monthly payments are calculated based on your outstanding balance.
As the term would suggest you have flexibility and can vary the amount you pay each month, with the opportunity to take payment holidays. You can also pay larger amounts towards the mortgage without penalty.
Discounted Variable Rate
These are opportunities to benefit from a genuine discounted rate against the lenders variable rate, and will go up or down dependent on the Bank Of England rate in the same way as a Standard Variable Rate mortgage.