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Mortgages


Broadland Consultants' expert and experienced advisers are able to guide our clients through the whole mortgage application process through to the point of a successful mortgage approval.

Finding the right mortgage can be a stressful process. At Sowerbys we work closely Broadland Consultants, Independent Mortgage and Financial Advisers.

We free very strongly about only offering the best possible advice to our clients, which is why we recommend Broadland as they have acess to the whole of the mortgage market and are expect in finding the very best possible deal.


Find out more about Broadland Consultants

 Take a look at the video below to see why using Broadland Consultants is a great decision.
  

Broadland Consultants are able to offer advice on: 

  • Residential Mortgages
  • Buy to Let and Holiday Let Mortgages
  • Commercial Mortgages
  • Equity Release and Life Time Mortgages
  • Life, Critical, and Income Protection Insurance
  • Directors and Key Person Insurance
  • Private Medical Cover
  • Pensions
  • Investments
  • Wealth Management and Inheritance Planning

Their expert and experienced advisers are able to guide our clients through the whole mortgage application process through to the point of a successful mortgage approval.

 If you would like to book a no-obligation meeting, please speak to the Sowerbys team to arrange an appointment or email mortgages@sowerbys.com 

Broadland Consultants Mortgage Advice service includes:  

  • Unbiased and unrestricted whole of market mortgage and insurance advice. 
    This includes your existing lender.

  • One easy meeting saving you time. 
    Broadland Consultants complete the mortgage and insurance paperwork for you and manage the application(s) all the way through to a successful completion.

  • A meeting at a time and location convenient for you. 
    Meet at Broadland Consultants head office with free, easy parking, at any Sowerbys office, your home/workplace or do the whole thing over the phone – the choice is yours. Evening appointments are also available when required.

  • An opportunity to save you money.
    Why speak to your own bank, which only has their own products? Broadland Consultants review the whole market to find you the best mortgage product.

Broadland Consultants Limited is an appointed representative of SANLAM PARTNERSHIPS LIMITED, which is authorised and regulated by the Financial Conduct Authority. FCA No. 521208. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.




The Mortgage Minefield

Hassle free mortgages

Whether you are looking to buy a property or want to get a better deal on your current mortgage, we can help you find the best deal, all from the comfort of your own home at a time to suit you.

Mortgage advice service


  • First-time buyer
  • Moving to your next home
  • First-time buyer
  • Buy-to-let purchaser
  • Remortgaging


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, but our mortgage service is designed to save you time and money. As well as finding you the right mortgage, your adviser will assist you right through to completion, making the whole process a lot less stressful. Once you’ve found a home to buy, Broadland Consultants' fully qualified mortgage advisers will be happy to help find the best mortgage for you. We can also provide competitive rates on the required legal work.

Get in touch

So, if you would like free advice to check you get the very best deal available, please get in touch with your local Sowerbys branch



Types of mortgages

There are 2 main types of mortgage available - REPAYMENT or INTEREST ONLY.

Click on the headings below to find out more about the options available.

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 mortgage:

  • 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
Things to be aware of if you take a repayment mortgage:

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 repayment, there may be financial penalties for doing so

Your monthly repayments will be higher than with an interest-only mortgage. 
As the name suggests, payments 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 can be made into another repayment vehicle, such as an ISA or pension, that will eventually release a lump sum.
If you choose a fixed rate mortgage you will pay 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 may 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 an overpayment. 
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.
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 4% cent and the discount 1% percent, the borrower will be paying an interest rate of 3%.

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. 
A borrower’s repayment will vary in accordance to the lender’s standard variable rate. 
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. 1% above The bank of England Base Rate of 0.5% (therefore 1.5%). As the tracker follows a stated rate, monthly payments can vary and go up and down as the rate changes.