We feel very strongly about only offering the best possible advice to our clients, which is why we recommend Broadland as they have access to the whole of the mortgage market and are excellent 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.
- 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
- Wealth Management and Inheritance Planning
If you would like to book a no-obligation meeting, please speak to the Sowerbys team to arrange an appointment or email email@example.com
- 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.
The Mortgage Minefield
Hassle free mortgagesWhether 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
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.
Buying a home
Get in touchSo, 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.
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
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.
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.
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.
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.
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.