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Mortgages
Whether you're buying your first home, or just looking to move then we're here to help you.
Arrange an appointment with our in-branch Mortgage Consultant and we can discuss the range of services we provide.
Our Ready2Move service
Don't let your dream home slip away! Get organised and have your arrangements already in place with our Ready2Move service.
Being confident of what you can potentially borrow (subject to status and lender criteria) is the first step towards buying a new property. By doing this, it will show sellers that you are serious about buying their home.
Find a Mortgage
Initial Rate
The period of an introductory or discount interest rate on a mortgage. The initial rate period varies by loan type and can be as short as one month or as long as several years.
Type of Mortgage
Fixed. A fixed mortgage is where the interest rate is fixed and will not change for a specific period, usually between 2 and 5 years. During this period the interest rate is usually discounted from the lenders standard rate. This is known as the discount period.
Tracker. The rate of a tracker mortgage is linked to a fixed economic indicator – usually the Bank of England base rate. This doesn't mean it's the same as the base rate, just that the rate moves in line with it. This means the rate can go up, or down. The tracker rate can be discounted and under this circumstance the discount will apply for a specific period, usually between 2 and 5 years.
Standard Variable Rate (SVR). This is the lenders standard rate. This will always be higher than the discount rates for some Fixed and Tracker products as the rate is usually linked to the Bank of England's base rate movements and is typically 2 to 5 percentage points above this base rate. The SVR is the rate that most borrowers end up on after the end of an incentive period such as a two-year fix or two-year discounted rate.
Initial Rate Period
The period of time in months to which the discount rate would apply. SVR products and some Fixed and Trackers do not have a discount period and as such the initial rate period would be 0.
Maximum LTV
The maximum Loan to Value (LTV) is the maximum a lender will lend you against the value of your property. This is calculated by dividing the loan amount by the house value. For example, if the maximum LTV is 80% and the property value is £100,000 then the maximum loan permitted would be £80,000.
Initial Monthly Cost
The initial monthly payment, this may be the discounted rate and will only apply for the initial rate period.
Product Fees
Whether the lender charges a fee to arrange the mortgage
Overall Cost for Comparison
This is the Annual Percentage Rate of Charge (APRRC). A lender is always required to quote the APRC when advertising a loan or borrowing rate. It is a standard interest rate calculation designed to reflect the total amount of interest that will be paid over the entire period of the loan.
Information Service - if you're thinking of moving
We will provide you with advice and information about all the costs and charges involved when buying a new home and discuss how we might be able to help you save money, for example by reducing fees, shorter terms, or a lower interest rate. This means that:
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You will know what it will cost you to move
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You will know how much you can afford to borrow
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You will know what your monthly costs will be (subject to any interest rate change)
Comparison Service - if you have already chosen a mortgage
We will compare your chosen mortgage against our panel of selected lenders. This means that:
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We will review what you are able to borrow
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Your monthly payments could be lower (e.g. reduced fees, shorter terms, or lower interest rate) saving you money
Remortgage Service - if you have decided not to move
We can take all the details of your current mortgage and research from our panel of selected lenders to ensure your mortgage is not costing you more than it should do. And remember:
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We have access to a large panel of selected lenders
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We are regulated by the Financial Conduct Authority giving you peace of mind
'Lifetime' membership
Our commitment to you as a Lifetime Member means:
- We will search our panel of carefully selected lenders to find the right deal to best suit you, both now and in the future.
- We have established links with major lenders, giving us access at times to exclusive mortgage deals which we will offer to you (subject to status and lender criteria).
- We will take away all of the hard work involved in getting a mortgage and we will also give you access to a dedicated coordinator, who will keep you updated on the progress of your mortgage.
- Once you have completed your mortgage, we will ensure that we contact you when your scheme is up for renewal to help you find the best deal available to you from our panel of selected lenders at that time.
Recommend a friend:
Every time you recommend a friend who successfully completes a mortgage with us we will pay you £100 in the month following the legal completion of the new mortgage, provided they have advised the Customer Service Team or Mortgage Consultant at the outset.
When you need to arrange your next mortgage:
Before you begin to look for a new home, call your mortgage consultant to find out how much you may be able to borrow and what price range you can look at.
For further advice please email: enquiries@pattisonlane.co.uk
Head office contact details and complaints procedure
A BROKER FEE MAY BE PAYABLE UPON MORTGAGE APPLICATION AS WELL AS AN ADMINISTRATION FEE. THE TOTAL FEE PAYABLE WILL DEPEND ON YOUR CIRCUMSTANCES. YOUR MORTGAGE CONSULTANT WILL EXPLAIN ANY FEES APPLICABLE IN YOUR INITIAL APPOINTMENT.YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE.
Pattison Lane Estate Agents
Limited is registered in England and Wales under company number 4730529, Registered
Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard,
Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05.
For the activities of advising on regulated mortgages and non-investment
insurance contracts, Pattison Lane Estate Agents Limited is an appointed
representative of Connells Limited which is authorised and regulated by the
Financial Conduct Authority. Connells Limited’s Financial Services
Register number is 302221.
If we have previously arranged a Mortgage Payment Protection product from Allianz for you and you would like Claims ratio data, this is available upon request in writing to Customer Relations, Pattison Lane , Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN or by email to customerrelations@pattisonlane.co.uk. Alternatively, you may request this data by contacting us on 01525 244 504.