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The Guild of Professional Estate Agents Mortgage Services
Helping you find the right mortgage
In today's turbulent market it's hard to know which way to turn to find the right mortgage. That's why Underwoods Town & County has joined forces with L&C, the UK's leading no fee mortgage broker to offer you free advice about the best mortgage to suit you. L&C's advisers have extensive mortgage expertise and can help first time buyers, home movers, buy-to-let purchasers and those looking to remortgage. You can speak to one of our advisers now on 0844 8588 006, or request a call back.
Benefits of our service
- Free advice from the UK's leading 'fee free' mortgage broker
- Expert advice on mortgages and protection, covering the whole of the market
- Access to exclusive rates not available on the high street
- Available 7 days a week by phone or email
- Award winning service
- Free Buyer's Protection policy (if your purchase falls through)*
- On-line mortgage tracking facility
- Free Guide to House Buying
*terms and conditions apply
Buying a home
Whether you are a first-time or next-time buyer, purchasing a new home can seem like a daunting and expensive process. The Guild of Professional Estate Agents’ mortgage service, on the other hand, is designed to save you time and money. The service provides fee free, award-winning mortgage advice which means your costs are kept to a minimum. Also, as well as finding you the right mortgage, your advisor will ensure it completes on time, making the whole process a lot less stressful.
Finding the right mortgage is all important in the house-buying process so our website is packed with information to help you with your initial research, such as mortgage best buys, useful mortgage calculators and helpful mortgage videos and articles.
Once you've found a home to buy, L&C's fully-qualified mortgage advisors will be happy to help find the best mortgage for you, free of charge. Advisors are available seven days a week so you can sort out your mortgage at a time that suits you.
The Guild of Professional Estate Agents' mortgage service is provided by the UK's largest fee-free mortgage broker who can also help you find the best value life insurance for your mortgage. We can also get you competitive rates on the required legal work.
Types of mortgage
There are essentially two different types of mortgage:
Every month the repayments you make with this type of mortgage will include part of the total amount of capital you have borrowed along with the accrued interest. In essence, with every payment you are paying off some of your total debt.
Advantages of a repayment
• Assuming you have stuck to your repayment plan, once the mortgage term comes to an end you will be clear of the debt
• As you will be reducing your mortgage balance every month, and assuming your property does not fall in value, you should actually increase the equity in your house
Disadvantages of a repayment
• Very little of the capital borrowed is paid off in the early years of a repayment mortgage as you will be covering mostly the interest. Therefore, if you move in the mortgage’s infancy you may need to take out a new mortgage at the original term once again
• While you can make overpayments on top of your regular monthly requirement there may be financial penalties for doing so
• Your monthly repayments will be higher than with an interest-only mortgage.
As the name suggests, repayments on an interest-only mortgage only pay off the interest that accrues on the capital you have borrowed. Often, interest-only is taken as a short-term option to help support a homeowner’s budget during financial difficulties. You must remember that at no point during an interest-only mortgage are you actually reducing the outstanding debt. To ensure you do pay off the mortgage at the end of its term, additional payments are often made into another repayment vehicle, such as an iSA or pension,that will eventually release a lump sum. Whether you choose a repayment or an interest-only mortgage, you will then need to select the type of mortgage rate that will affect your monthly repayments:
Fixed Rate Mortgage
If you choose a fixed rate mortgage you will repay the same amount back to the lender each month. This amount will not change for the agreed period, even if interest rates change. Fixed rate periods usually last between two and five years.
These are an excellent option if you want to budget and know exactly how much you will be paying for a certain amount of time. At the end of the fixed rate period it is likely the rate will become the lender’s standard variable rate or a tracker rate which will be outlined at the outset when you take the mortgage. At this point you may opt to take a further fixed rate with your existing lender or switch to a new lender in which case you will incur fees. Booking and arrangement fees apply when you initially take out a fixed rate mortgage and an early repayment Charge (erC) will often be implemented if you choose to make one.
Capped Rate Mortgage
Similar to a fixed rate mortgage except that if the variable rate drops below the capped rate, the borrower’s payments will be reduced as they will then be based on the lower variable rate. Conversely, if rates increase so will payments but not over the mortgage’s stated capped rate. As with the fixed rate option, charges and fees apply.
Discounted Rate Mortgage
With this option a lender will offer a discount from their standard variable rate for a specified time. To illustrate, if the variable rate is four per cent and the discount one percent, the borrower will be paying back at three percent. This option may not appeal to those who wish to know exactly how much they will pay back a month as if the variable rate rises (say to five and a half per cent in this example), the borrower will now have to pay back at a rate of four and a half per cent.
Variable Rate Mortgage
A borrower’s repayment will vary in accordance to the lender’s standard variable rate.
Tracker Rate Mortgage
Like a variable rate mortgage, a tracker follows the movement of a market rate, such as The Bank of england Base rate. The tracker rate will be a specified percentage above this rate and that will determine what the borrower will pay back each month, eg. one per cent above The Bank of england Base rate of four and half per cent (therefore five per cent). As the tracker follows a stated rate, monthly payments can vary and go up and down as the rate changes.
Buy to Let
Whether you're buying a new property to let or need to switch to a new buy-to-let deal, GPEA Mortgage Services can help you find the right mortgage. The expert advice is free of charge which means your costs are kept to a minimum. And as well as finding you the right mortgage deal, they will also make sure it completes on time, making the whole process a lot less stressful.
The buy-to-let mortgage market has shrunk considerably over the last couple of years so you need an adviser that knows their stuff – our team has won more awards for its service than any other broker so you can be sure that you're in safe hands.
Our advisers are available 7 days a week so call us now on 0844 8588 006.
The Guild of Professional Estate Agents Mortgage Services is provided by London and Country. Although L&C is authorised and regulated by the Financial Conduct Authority (FCA), the FCA does not regulate most Buy to Let mortgages.
Speak to an Advisor
If you've had an offer accepted, or if you're remortgaging,you can speak to one of our advisers now on 0844 8588 006, or request a call back: