Orchard Independent - Financial Advisers in Edinburgh
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Mortgages

We are able to provide a mortgage placement service to our clients. Selecting from hundreds of mortgage products from our computer database which is updated daily, we aim to find a mortgage product to suit your own individual requirements. Please take advantage of our enquiry form or call us today about First time Buyer Mortgages, Home Mover Mortgages, remortgages, Buy to Let Mortgages etc.

Capital & Interest Repayment Mortgage

The traditional way of repaying a mortgage. Repayments consist of both capital and interest with the debt reducing over the term of the mortgage. A separate life assurance is usually arranged to protect the mortgage debt.

Endowment Mortgage

A way of combining a house purchase with an investment and including a life assurance. Interest only repayments are made to the lender with a premium payable to a life assurance company. The debt does not reduce but is repaid at the end of the mortgage term by the maturing endowment policy. The final maturity amount is not guaranteed and may be more or less than the mortgage debt.

ISA Mortgage

Also a way of combining a house purchase with an investment but life assurance is not automatically included and needs to be arranged separately. There is the flexibility to increase or decrease regular contributions and contribute additional lump sums or take withdrawals. The final maturity amount is not guaranteed and may be more or less than the mortgage debt.

Flexible Mortgage

Usually arranged on a capital & interest repayment basis with interest calculated daily with the flexibility to make additional repayments to repay the mortgage early.

Standard Variable Rate - SVR

The mortgage lender's normal base mortgage rate.

Discounted Interest Rate

The SVR is discounted for a period of time, usually 1 to 5 years, to offer the borrower the incentive of cheaper repayments.

Fixed Interest Rate

The interest rate is fixed for a period of time, usually 1 to 5 years, to offer the borrower the security of fixed repayments.

Capped Interest Rate

The interest rate is variable but guaranteed not to exceed a certain level, the cap, but may fall in line with the SVR.

Cashback

The lender offers a cash lump sum on completion of the mortgage as an incentive. The larger cash backs are available on the SVR. Smaller cash backs may be combined with other incentives.

Base Rate Tracker

The interest rate charged is linked to the Bank of England Base Rate instead of the mortgage lender's SVR.

Redemption Penalties

Very often, where an incentive is offered, the lender makes it conditional on the borrower maintaining the mortgage account for a specified number of years - the redemption penalty period. Any redemption or part redemption occurring within this period usually incurs a financial penalty.

Some Important Questions You Should Be Asking

• How much can I afford to borrow?
• How can I tell which mortgage rate is best for me?
• What is the best type of mortgage for me?
• How should I repay it?
• Can I make lump sum payments to reduce the size of the loan?
• Are there any redemption penalties?
• Does this mortgage come with compulsory insurance?
• What other charges will I have to pay?
• What happens if I cannot pay?
• What about the small print?

 

Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. Click Here for further details.

 

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE
REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER
DEBT SECURED ON IT.


MOST FORMS OF BUY-TO-LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY

A fee is payable when you apply for a mortgage, the exact amount will depend upon your individual circumstances, however typically it will be £350. We will also be paid commission from the lender.

Orchard Independent Ltd is an appointed representative of TenetConnect Services Ltd which is authorised and regulated by the Financial Conduct Authority. TenetConnect Services Ltd is entered on the Financial Services Register (http://www.fca.org.uk/register) under 150643.

Orchard Independent Ltd.  12 Dalziel Place, Edinburgh, EH7 5TR. Telephone - 0131 620 6202.

Registered in Scotland - Company No. SC355263

The guidance and/or advice contained within this website is/are subject to the UK regulatory regime and is/are therefore primarily targeted at consumers based in the UK.

Director - Jon Carter


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