Choosing the right mortgage

Choosing the right mortgage, whether it’s your first home or the next rung on the property ladder, one of the most important things you’ll need to consider is the type of mortgage that’s right for you.  When choosing the right mortgage, it can make a big difference to the repayments you make for years to come, so it’s important to understand the advantages and disadvantages of the various options.

When shopping for a mortgage, many of us may assume the best thing to do is call a list of lenders, ask them for their interest rates, compare the results and go with the cheapest option – but there are far more factors to consider.  This is where working with an independent, whole of market mortgage broker can make a huge difference to you and your new mortgage.

Whether you are buying a new property or just remortgaging, it’s worth looking at the different types of mortgages available to you and learning how they work.

[click_to_tweet tweet=”Choosing the right mortgage can make a big difference to the repayments you make for years to come, so it’s important to understand the advantages and disadvantages of the various options. Talk to @Yes_Mortgages for no broker fee advice” quote=”Choosing the right mortgage can make a big difference to the repayments you make for years to come, so it’s important to understand the advantages and disadvantages of the various options. Talk to @Yes_Mortgages for no broker fee advice”]

FIXED RATE MORTGAGES

Fixed rate mortgages have set monthly repayments. You’ll have an agreement  with your lender to pay that exact amount each month for a number of years (usually between two and five years). At the end of this period, your mortgage will switch to the standard variable rate – something we’ll cover later.

Advantages:

  • You know exactly how much you’re expected to repay, with no surprises.
  • If the Bank of England interest rate rises, you’re protected from increases.

Disadvantages:

  • The interest rate your lender offers for a fixed rate mortgage is likely to be higher than the starting rate they offer for a variable rate mortgage.
  • If the Bank of England interest rate falls, you won’t benefit from a decrease.
  • There can be expensive penalties if you want to get out of your mortgage before the end of the agreed period.

TRACKER MORTGAGES

Tracker mortgages have monthly repayments that rise and fall according to the fluctuations of the Bank of England base rate. Sometimes this continues for the full term of the mortgage, but more frequently, it’s for an introductory period, such as the first two years. After this, the mortgage will switch to the standard variable rate.

Advantages:

  • In times of low interest rates, tracker mortgages have lower repayments than fixed rate mortgages.
  • While your repayments will change, they will only rise if the Bank of England base rate rises (or, in the case of some rarer mortgages, a different rate called the Libor rate). You don’t need to worry about rises for any other reason.

Disadvantages:

  • It’s impossible to know at the start of your mortgage how much your repayments might rise or fall by in future. You can get stuck with high repayments.
  • If you need to get out of the mortgage early, you might have to pay an expensive penalty.

VARIABLE RATE MORTGAGES

Standard variable rate (SVR) mortgages are repaid at a rate set by the lender, which goes up and down as they decide. It tends to move in relation to the Bank of England base rate but – unlike a tracker mortgage – the two aren’t directly linked.

Advantages:

  • When the standard variable rate goes down, so will your repayments.
  • You can usually get out of an SVR mortgage at any time by fully repaying your debt. So, if the rate goes up and you can’t afford the repayments, you can look at remortgaging.

Disadvantages:

  • Even if Bank of England interest rates fall, there’s no guarantee that your mortgage repayments will go down.
  • Frequent, unpredictable changes to your mortgage repayments can make it difficult for you to plan your household spending and live within your means.

CHOOSING A FIXED, TRACKER OR VARIABLE RATE MORTGAGE

The best type of mortgage for you will depend on your personal and financial situation.

Fixed rate mortgages are most suitable for people who would struggle to make repayments if these were suddenly to rise. They’re less suitable for people who plan to move in the near future.

Tracker mortgages are suitable for people who can afford to take a risk that their mortgage repayments will rise, for the chance that they’ll fall. They’re less suitable for people who plan to sell before the end of the tracker period.

SVR mortgages may appear to offer a better rate than other mortgage types but can be more expensive over the full term. If you originally chose a fixed rate or tracker mortgage which has now switched to the SVR, you might want to consider remortgaging. However, think carefully about how long you plan to stay in your property before committing to a new fixed term.

When you are new to this (and even when you have had a couple of mortgages) choosing which mortgage is right for you and your family, can be confusing.  If you would like help in choosing the most suitable mortgage, or would like to find out more about mortgages we offer a no broker fee service.

Our Score
Our Reader Score
[Total: 0 Average: 0]

At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

Yes Mortgage Services

Contact Us

YES Mortgage Services Limited
The Old Barn
Brooklands Farm
Mannington
Wimborne
BH21 7JU

Hours
Monday – Friday 0900 – 1700

Contacts
0800 612 5596
[email protected]

We don’t charge a broker fee

We are on Instagram
Our friendly mortgage advisors are here to help. We have access to a comprehensive panel of lenders to ensure we research the most suitable mortgage solution for your needs. And the best bit? We don't charge a broker fee!⁣
⁣
Tap the link in our bio to learn more, or call us on 0800 612 5596 to arrange a chat. ⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#hampshirelife  #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome

Our friendly mortgage advisors are here to help. We have access to a comprehensive panel of lenders to ensure we research the most suitable mortgage solution for your needs. And the best bit? We don`t charge a broker fee!⁣

Tap the link in our bio to learn more, or call us on 0800 612 5596 to arrange a chat. ⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#hampshirelife #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome
...

0 0
Buying your first home can feel a little daunting and maybe even a bit scary at times. ⁣
⁣
But we're here to guide you every step of the way so you can feel comfortable and confident throughout the entire process 🙌⁣
⁣
Our free expert advice covers everything from saving for your deposit, getting your credit score healthy and your finances ready, right through to choosing the right building surveys and solicitors.⁣
⁣
We'll cut through the jargon, talk through all of your questions (there's no such thing as a silly question in our minds), and guide you through finding the most suitable mortgage for your circumstances 🏡⁣
⁣
The best bit is we don't charge a broker fee! - send us a message or give us a call on 0800 612 5596.⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips

Buying your first home can feel a little daunting and maybe even a bit scary at times. ⁣

But we`re here to guide you every step of the way so you can feel comfortable and confident throughout the entire process 🙌⁣

Our free expert advice covers everything from saving for your deposit, getting your credit score healthy and your finances ready, right through to choosing the right building surveys and solicitors.⁣

We`ll cut through the jargon, talk through all of your questions (there`s no such thing as a silly question in our minds), and guide you through finding the most suitable mortgage for your circumstances 🏡⁣

The best bit is we don`t charge a broker fee! - send us a message or give us a call on 0800 612 5596.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips
...

1 0
Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness #ukpropertymarket

Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness #ukpropertymarket
...

2 0
More and more investors are buying properties within a Limited Company to keep things tax efficient. ⁣
⁣
But when it comes to refinancing or purchasing your new investment property, the process of getting a mortgage can feel challenging.⁣
⁣
Not anymore!⁣
⁣
Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They'll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish. ⁣
⁣
Visit our website to learn more (🔗 in bio)⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
Before pursuing Limited Company Buy To Let we recommend you seek advice from a tax expert⁣
⁣
...⁣
⁣
#limitedcompanybuytolet #ukpropertyinvestors #ukpropertyinvestor #landlordsuk #landlordsecrets #investmentproperty #ukpropertyinvesting

More and more investors are buying properties within a Limited Company to keep things tax efficient. ⁣

But when it comes to refinancing or purchasing your new investment property, the process of getting a mortgage can feel challenging.⁣

Not anymore!⁣

Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They`ll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish. ⁣

Visit our website to learn more (🔗 in bio)⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

Before pursuing Limited Company Buy To Let we recommend you seek advice from a tax expert⁣

...⁣

#limitedcompanybuytolet #ukpropertyinvestors #ukpropertyinvestor #landlordsuk #landlordsecrets #investmentproperty #ukpropertyinvesting
...

1 0
We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣
⁣
That's why we don't charge a broker fee 🤩⁣
⁣
We'll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you're remortgaging, moving home, or making any subsequent property purchase, we've got you covered.⁣
⁣
Visit our website (🔗 in bio) to learn more.⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣

That`s why we don`t charge a broker fee 🤩⁣

We`ll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you`re remortgaging, moving home, or making any subsequent property purchase, we`ve got you covered.⁣

Visit our website (🔗 in bio) to learn more.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

2 0
Being self-employed has its perks, but when it comes to getting a mortgage, things can get a little tricky. But you don't have to navigate this process alone.⁣
⁣
We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣
⁣
And the best bit? We don't charge a broker fee 🤩⁣
⁣
If you'd like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage.  Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#selfemployedmortgage #selfemployedmortgages #selfemployed #dorsetbusiness #bournemouthbusiness

Being self-employed has its perks, but when it comes to getting a mortgage, things can get a little tricky. But you don`t have to navigate this process alone.⁣

We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣

And the best bit? We don`t charge a broker fee 🤩⁣

If you`d like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#selfemployedmortgage #selfemployedmortgages #selfemployed #dorsetbusiness #bournemouthbusiness
...

3 0
A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣
⁣
If you'd like to chat with one of our advisors about Joint Borrower Sole Proprietor Mortgages or buying your first home, give us a call on 0800 612 5596 or send us a DM⁣
⁣
...⁣
⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage

A JSPB mortgage enables you to accept the financial support of your family while retaining a sense of independence through sole ownership of your property.⁣

If you`d like to chat with one of our advisors about Joint Borrower Sole Proprietor Mortgages or buying your first home, give us a call on 0800 612 5596 or send us a DM⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips #JSPBmortgage
...

2 0
Life throws curveballs, don't let a leaky roof be one! Building insurance provides peace of mind knowing your home's structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣
⁣
Get in touch on 0800 612 5596 or tap the link in our bio.⁣
⁣
...⁣
⁣
#buildingsinsurance #protectyourhome #dorsetlife #insurancebrokers #insuranceadvisor #dorsetbusinessowners

Life throws curveballs, don`t let a leaky roof be one! Building insurance provides peace of mind knowing your home`s structure is covered. Talk to Kelly, our insurance advisor, to find the right coverage for your mortgage.⁣

Get in touch on 0800 612 5596 or tap the link in our bio.⁣

...⁣

#buildingsinsurance #protectyourhome #dorsetlife #insurancebrokers #insuranceadvisor #dorsetbusinessowners
...

1 0
Connor joined our team back in July 2017!  He's lived all around the Southwest, from Cornwall to Bristol, and now he's found his sweet spot in Wellington, Somerset—right between the two!⁣
⁣
When he's not crunching numbers, you'll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣
⁣
All of our mortgage advisors (Connor included) are ready to help you whether you're looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don't charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣
⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#ukmortgage #mortgagesuk #wellingtonsomerset  #mortgageexperts #westcountry

Connor joined our team back in July 2017! He`s lived all around the Southwest, from Cornwall to Bristol, and now he`s found his sweet spot in Wellington, Somerset—right between the two!⁣

When he`s not crunching numbers, you`ll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣

All of our mortgage advisors (Connor included) are ready to help you whether you`re looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don`t charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣


...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry
...

4 0
We're flying the flag for Somerset! ⁣
⁣
With a team spread across the Southwest, we're proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who's lucky enough to live there.⁣
⁣
Let's have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣
⁣
⁣
...⁣
⁣
#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday

We`re flying the flag for Somerset! ⁣

With a team spread across the Southwest, we`re proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who`s lucky enough to live there.⁣

Let`s have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣


...⁣

#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday
...

4 0