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mortgage adviceMortgage Advice ...

With so much competition amongst lenders it is important that you compare the alternatives. Our Mortgage Adviser Partners have access to a panel of lenders that represent the whole of market.

You can be secure in the knowledge that the advice you receive from a Royal Fox Partner is completely impartial of any lender. They are able to bring you information on the most competitive deals nationwide.

Once you have selected your mortgage, they will complete the application forms and ensure that the application progresses smoothly from start to finish.

Your home may be repossessed if you do not keep up payments on your mortgage.

Many customers make use of our mortgage pre approval scheme, which confirms to you that a mortgage is available whilst you look for a house.

There will be a charge for our advice. The amount will depend on your circumstances but it is usually between £195 & £295.

Different Type Of Mortgages Available & Useful Information

A full and more detailed overview of the products and services listed below will be explained by the Mortgage Adviser.

Repayment Mortgage

With a repayment mortgage you will make monthly payments that cover both the interest and the repayment of the loan itself.

Interest Only Mortgage

With an interest-only mortgage you only pay interest on the loan amount for the agreed term of the mortgage. You are usually expected to pay into an investment product for the same term and it is this that will repay the full amount of the loan at the end of the term.

Mortgage Term

Most mortgages have a set period (term) and this is dictated by individual budgets. Historically terms have typically started at 25 years, but you may be free to choose a shorter / longer term than this. The shorter the term the higher the monthly repayments you will have to make (only applicable on repayment mortgages).

Variable Rate

The monthly payment will fluctuate in line with the lender's mortgage rate. This can sometimes cause budgeting problems particularly in times of rising interest rates.

Fixed Rate

The interest rate and monthly payment is fixed over an agreed term and will remain the same regardless of whether interest rates rise or fall. At the end of the fixed rate term the interest rate will revert to the lender's standard variable rate.

Discounted

The lender offers an initial discount from their standard variable rate for an agreed term. At the end of the discount period, the rate will revert to the lender's standard variable rate.

Cashback

Some lenders offer a cash payment on completion of the loan. This can be either based on a percentage of the total loan or a flat amount. Often, if the loan is redeemed early, a proportion or all of the cashback given will have to be repaid to the lender.

Capped Rate

The interest rate given is guaranteed not to go above a certain level throughout the capped rate period. The rate can still fluctuate up and down in line with the lenders Standard Variable Rate subject to this agreed maximum. This would run for an agreed term and after that period the 'cap' would be removed.

Flexible Mortgages

These schemes may allow you to overpay, underpay or even take a payment holiday. All unpaid interest will be added to the outstanding mortgage balance. Any overpaid amounts will reduce your outstanding mortgage balance.

Valuation Fee

This fee is to cover the cost of the property valuation but may include a non-refundable administration fee and must normally be enclosed with the application. The whole fee is non-refundable once the valuation has been carried out. The type of valuation you choose should depend on different factors, such as the age and condition of the property or perhaps if there was history of subsidence in the area.

Basic Mortgage Valuation

This is for the lenders own purposes and confirms that the property provides adequate security for the loan.

Home Buyer's Report

This provides more concise information on the state of repair and condition of the property. This will include comments on any significant defects which would affect the value of the property along with the Valuer's opinion as to its marketability.

Full Structural Survey

This is a detailed report based on a comprehensive examination of the property. Any areas of concern that you may have had about the property will be fully investigated and reported on.

Lenders Arrangement Fee

This may be payable either in advance, where the lender will ask you to enclose a cheque with the mortgage application, or on completion. All or part of it may be non-refundable if the mortgage is declined or withdrawn. This will be specified in your mortgage quotation.

Stamp duty

Stamp duty is a 'purchase tax' and is payable where the purchase price of the property is more than £125,000 (Stamp Duty is not payable for remortgages):

  Up to £125,000 Zero
  Portion up to £250,000 2%
  Portion up to £925,000 5%
  Portion up to £1.5 million 10%
  Portion above £1.5 million 12%