We provide a bespoke mortgage recommendation that is suitable for your individual needs as well as being as competitive as it can be.
We offer a comprehensive range of mortgages from the whole of the market and have access to exclusive rates not always available on the high street. Our level of service, our size, and our access to market-leading products means we are perfectly placed to find the perfect mortgage for you as you take your first steps on to the property ladder.
The loan is ‘secured’ against the value of your property until you have finished paying it off. If you do not make your mortgage payments, and the mortgage falls into arrears, the mortgage lender is within their rights to repossess the property and sell it to repay the money you borrowed. Remember, a mortgage is a legal agreement. Because of this, it is really important to ensure whatever you borrow is affordable both now and in the future.
Our mortgage advisers will discuss your borrowing options and their affordability before you start your property search.
The money you borrow from your mortgage lender is known as the capital.
Your mortgage lender will then charge you interest on the capital borrowed. The longer
your term, the more interest you will pay over the duration of your mortgage.
Generally, you will need a minimum of 5% of the purchase price of the property you intend to buy. The remainder of the purchase price – the gap between your deposit and the price you are buying the property for – is met by a mortgage.
The larger the deposit you are able to provide, the less of a risk you present to a mortgage lender. Due to this you are likely to be offered a more attractive mortgage deal and the less you are likely to have to pay back in the way of interest.
Speak to an expertThere are many different products but generally they will fall into three categories.
A fixed rate is a rate of interest you pay for a set period of time. This may be two, three or five years although it can be longer. Your mortgage payment will not change during the time you are fixed in for, which allows you to budget effectively. If interest rates rise, you will be protected against any increases and your mortgage payments will remain the same.
However, if they should fall, you will not benefit from a reduction in interest or your mortgage payment.
A tracker rate will normally follow the movements of the Bank of England base rate at a particular percentage above or below it. You can track for a particular period of time, or track indefinitely, known as a ‘lifetime’ tracker. If the base rate increases, so will the rate applied to your mortgage along with your mortgage payments. If the base rate falls, so will your rate of interest and monthly payments.
Each lender has a standard variable rate which generally follows, although is usually higher than, the Bank of England base rate. It is usually the rate your mortgage will revert back to once your fixed/tracker rate finishes. Standard variable rates can be high and vary between lenders so it is always important to ensure you diarise when your introductory rate finishes. At Cooper Associates, your mortgage adviser will diarise to contact you.
A fixed rate is a rate of interest you pay for a set period of time. This may be two, three or five years although it can be longer. Your mortgage payment will not change during the time you are fixed in for, which allows you to budget effectively. If interest rates rise, you will be protected against any increases and your mortgage payments will remain the same.
However, if they should fall, you will not benefit from a reduction in interest or your mortgage payment.
A tracker rate will normally follow the movements of the Bank of England base rate at a particular percentage above or below it. You can track for a particular period of time, or track indefinitely, known as a ‘lifetime’ tracker. If the base rate increases, so will the rate applied to your mortgage along with your mortgage payments. If the base rate falls, so will your rate of interest and monthly payments.
Each lender has a standard variable rate which generally follows, although is usually higher than, the Bank of England base rate. It is usually the rate your mortgage will revert back to once your fixed/tracker rate finishes. Standard variable rates can be high and vary between lenders so it is always important to ensure you diarise when your introductory rate finishes. At Cooper Associates, your mortgage adviser will diarise to contact you.
Jos Buttler – England Cricketer and Cooper Associates Group brand ambassador
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