KR Mortgages - Advice
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Mortgage Services

We analyse the whole of market to give you the best mortgage advice. At K R Mortgages we take all the hassle and stress out of finding and arranging your mortgage. We explain and help you decide which product is right for you, we will also manage the whole of your application up until completion.

For the vast majority of cases we do not charge a fee for the advice or services offered.

TYPES OF MORTGAGE RATES


Each lender offers a range of schemes ensuring there is something available for everyone’s needs.

Fixed Rate Mortgages

With a fixed rate you have the peace of mind knowing that what ever happens to interest rates your monthly payment will not change whilst in the chosen term. Fixed rates can be offered for various periods from 1 year to 25 years.

Capped Rate Mortgages

Not as popular in current markets but with the capped deals the interest rate moves up and down with changes in the market but will never exceed a specified top level, ie “The Cap”.

Discount Rate Mortgages

Gives you a certain percentage of the lender’s variable rate for a given period.

Tracker Rate Mortgages

These track the bank of England base rate so can go up and down when changes are made. Usually the lender will offer the tracker plus a certain percentage, eg 0.5% so while you are on the scheme your pay rate will always be 0.5% above the base rate. Again the deal will be over a specified term.

TYPES OF MORTGAGES


Offset Mortgages

Lenders will offer you schemes whereby your mortgage, savings and current account are held together in”One Basket”. The mortgage interest is applied to the total balance on a day to day basis so the more savings you have the lower amount of interest is charged thus reducing the number of years you repay your mortgage.

Cashback Mortgages

These are usually linked to a lender’s Standard variable rate and provide a cashback on completion of the mortgage equivalent to a percentage of the mortgage advance. To prevent a borrower receiving the cashback and then moving to another rate the lender will insist on a “tie in” period dependant on the size of payout.

Capital & Interest Repayment Mortgage

This is the most common form of repaying your mortgage. Each month with every payment made to the lender you are paying the interest and part of the capital so at the end of the chosen term the mortgage would have been repaid.

Endowment / ISA Mortgage

Each month you only pay the lender the interest on the mortgage with the capital repaid at the end of the chosen term. The repayment of the balance is then covered by the maturity of any endowment or investment plan set up, therefore you are relying on the performance of these separate plans to repay the mortgage.

Interest Only Mortgages

Each month the interest on the mortgage is paid to the lender with the balance remaining unaltered. This will remain for as long as the mortgage remains or until it is paid off, for example through the sale of the property.

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