Capital and interest
This is the simplest type of mortgage. The payments you make to the lender every month pay off both the capital and the interest from the loan. Provided you keep up the payments, you are guaranteed to pay off the loan by the end of the term agreed (usually 25 years).
The lender calculates your monthly repayments depending on the amount borrowed, how long for, the interest rate & how the rate you have chosen is set.
We accept remuneration on a fee basis and/or a commission basis. This will be agreed with you at the outset. We would normally charge a standard £ 300.00 for our services, this will be waived if a life assurance, critical illness, income protection or similar policy is arranged where the commission value is £ 300.00 or more. If we agree to work on a fee basis in place of, or together with commission, we will provide you with a separate fee agreement confirming our charges and any related expenses before carrying out any chargeable work. Details for the payment of our fees are confirmed in the fee agreement.
We reserve the right to charge you a fee, without the need for a separate fee agreement, if you subsequently cease to pay premiums on any policies we arrange for you. This could apply for a period of up to four years and will reduce pro rata in line with the commission we are obliged to return to the Product Provider. The maximum amount of the fee will be no more than the amount of commission disclosed in the illustration.
Your home may be repossessed if you do not keep up repayments on your mortgage.