Mortgage Schemes in Nottingham

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Discover Different
Mortgage Schemes

There are a few different types of mortgages available to you, and we're here to explain the differences.

Fixed-rate mortgage

There are a few different types of mortgages available to you. The most common type is a fixed-rate mortgage, in which your interest rate and monthly payment remain the same for the life of the loan. This is a good option if you want predictability and stability in your monthly payments.

Variable-rate mortgage

Another option is a variable-rate mortgage , in which your interest rate can change over time. This type of mortgage may start out with a lower interest rate than a fixed-rate mortgage, but it can go up or down over time, depending on market conditions.

tracker-rate mortgage

A third option is a tracker-rate mortgage , which is similar to a variable-rate mortgage, but the interest rate is pegged to a specific benchmark, such as the Bank of England base rate. This means that your interest rate will move up and down along with the benchmark rate.

Alternative to Mortgage Schemes

Are the mortgage schemes above not suitable for your needs? There is another option!

offset mortgage

Another option is an offset mortgage . This type of mortgage allows you to link your mortgage account with a savings or current account, and the funds in the savings or current account are used to offset (reduce) the outstanding balance on your mortgage. This can save you money on interest payments.

Additional Information About Mortgage Schemes

1

Whatever type of mortgage you have you will find that it will last for so many years be it 2, 3 or 5 years maybe longer , and there is usually a set of penalties if you want to pay it off before the end of that time, so you should really only do this if you are absolutely sure.

2

Some mortgages also allow you to make overpayments which can reduce the amount of interest you pay in the long run. So if you have a bit of spare money each month, you could overpay your mortgage and save yourself some money in the long run. Just be aware that you may have to pay a penalty if you want to over.

3

Why people pick 2 3 or 5 years terms is dependant on their circumstances such as existing commitments would have expired, pay increase, change in family circumstances. It's best to speak to a mortgage advisor to find out which term would be best for you.

LEARN MORE ABOUT REPAYMENT TYPES

Whilst Robin Hood Mortgages Ltd take all reasonable steps to ensure the accuracy and timeliness of the information contained on this website. We cannot guarantee this and accept no liability for any errors or omissions. Any information provided on this website is for information purposes only. Full advice and recommendation can only be obtained by a suitably qualified adviser. Under no circumstances should any of the information contained within this website be construed as advice. You should seek professional advice in respect of your own circumstances. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

think carefully before securing other debts 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.

Robin Hood Mortgages Ltd is Authorised and regulated by the Financial Conduct Authority under reference 987739. You can check this on the FCA’s website www.fca.org.uk or by contacting the FCA at 0800 111 6768. The firm is registered in England & Wales at P.O. Box 11018, Nottingham, NG5 0NE. Telephone: 01156 712351 under reference 11416342.

If you wish to register a complaint please write to the address above or email us on info@robinhoodmortgages.co.uk

A summary of our internal procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567.

Although Robin Hood Mortgages are regulated by the Financial Conduct Authority, Business Finance, Loans and most buy-to-let and offshore mortgages are not regulated by the Financial Conduct Authority.

A Protection plan will have no cash-in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse and you may not be covered if a claim is made.

We do not charge a fee for residential mortgage advice. We charge an administrative fee for processing each of your mortgage contracts; our fees only apply when you decide to go ahead with an application.

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