Mortgages
Hallam Mortgages understand that finding the right mortgage can be a difficult, time consuming and extremely frustrating experience.
As expert mortgage brokers we search the marketplace looking for the best product for both your circumstances and budget. Whether you are a first time buyer, are looking to Buy to Let or remortgaging your existing home you can trust us to provide friendly and unbiased advice. Being impartial mortgage brokers we aren’t tied to a single lender – meaning we can scour the whole financial market to find you the most suitable mortgage product for your requirements.
Hallam Mortgages also regularly have access to exclusive mortgage products.
We can also help with specific mortgage issues, such as adverse or negative credit mortgage advice or guidance with the Government’s Help to Buy schemes. In all cases, our aim is to simplify what can be a complex, time consuming and demanding process.
With Hallam Mortgages there’s no more long waits for lengthy appointments with numerous banks or building societies – We do it all for you and can visit you at home on a day and time convenient to you, or if preferred, arrange an initial telephone call to discuss your requirements.
Types of mortgage available:
Repayment mortgage
A simple and popular way of repaying your mortgage – with this type of mortgage, you repay part of the amount borrowed together with the interest being charged each month. With every monthly payment you are repaying part of the original loan until, the end of the term, when you will own the property outright.
Interest-only mortgage
Popular in the past this mortgage means that you are only paying interest each month. Although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term – meaning that you will need to have credible arrangements to pay off the mortgage at the end of the term in order to avoid the property having to be sold, such as an Individual Savings Account (ISA).
Buy-to-Let
A mortgage product designed specifically for people looking to buy a property with the intention of becoming private landlords. Typically, interest rates may be slightly higher than an ordinary mortgage.
Standard Variable Rates (SVR)
With this type of mortgage your interest rate is set by your mortgage lender and can both rise and fall in line with the Bank of England bank rate changes, but not necessarily at the same time or by the same amount.
Fixed rate mortgage
Fixed rate mortgages give you the security of knowing that your monthly payments will always be the same. With this type of mortgage, you pay a fixed rate of interest for a set period typically over two, three or five years.
Tracker rate mortgage
Tracker mortgages are linked to the Bank of England Base Rate and can therefore either rise, fall or remain unchanged each month in line with the Base Rate.
Capped rate mortgage
With capped rate mortgages you will know the maximum you will pay for a set period of time. This type of mortgage offers you the option of knowing the maximum monthly repayments you would have to make during a set period of, typically, two or three years.
Discount variable rate mortgage
Allows you to benefit from a discount on the lender’s standard variable rate. If the lender’s standard variable rate (SVR) increases or decreases, so does the discounted rate. Typically, the shorter the discounted period the larger the discount.
Offset mortgage
Typically, a current account, savings account, or both, are linked to your mortgage and, each month, the amount in these accounts is then offset against your outstanding mortgage as opposed to earning you interest in a savings account.
Flexible mortgage
Flexible mortgages allow you to make overpayments and underpayments on your mortgage whilst giving you the option to take payments holidays every now and again.