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MORTGAGES

Residential, Buy-to-let, Commercial

We are independent, whole of the market mortgage brokers meaning that we can source the most appropriate lender and competitive product suitable for your circumstances. 

Repayment (capital and interest) method

Under the repayment method your monthly repayments consist of both interest and capital and, over time, the amount of money you actually owe will decrease. In the early years, your repayments will be mainly interest, so the capital outstanding will reduce slowly at the start of the mortgage.

This method ensures that your mortgage is repaid at the end of the term, providing all payments are made on time and in full. 

Interest-only method

As the name suggests, you will only pay the interest on the amount borrowed and none of the capital, so the capital is still outstanding at the end of the term. Therefore, you will usually need to take out some kind of investment policy to save up enough money to repay the mortgage at the end of the term.

Traditionally, the preferred product for repaying the capital of an interest-only mortgage was a mortgage endowment policy (which included a set amount of life cover). Customers now tend to use Individual Savings Accounts (ISAs) and pensions to build up a sufficient sum and to take advantage of the tax breaks offered by these products. 

Common problems with mortgage applications

  • Low credit rating due to missed payments on loans, credit cards etc.  Click here to check your credit file

  • Too many credit applications

  • Too much debt

  • Failing address verification;  make sure you're on the voters roll at your current address

  • Small deposit

  • Self-employed earnings insufficient

The information provided here is purely for information purposes only and does not constitute individual advice.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

The Financial Services Authority does not regulate some forms of Buy-to-Let mortgages

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Lotus Benefit Consultants Limited is registered in England and Wales no. 3093707. Registered office, Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex HA7 1JS.

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