Choosing a mortgage from Bristol & West Mortgages
At Bristol & West Mortgages we are committed to offering our customers a
competitive range of mortgage products to choose from.
The information in the table below provides a summary of the features of the
different types of mortgage product that we have available:
|
Mortgage Type |
How Does it Work? |
ERCs |
Features |
Fixed Rate
|
Payments are set at a certain level for a set period of time. At
the end of the period customers will be switched to our Standard Variable Rate
– see below |
Yes |
Payments will stay the same during the fixed rate period, even if
interest rates go up or down.
-
This gives customers the security of knowing what their payments will be and
will make it easier for them to budget.
-
If interest rates go down, customers won’t benefit. Payments will stay the
same.
-
If customers want to redeem their mortgage, or pay more than 10% of the balance
in any one year, they may have to pay an Early Repayment Charge, specific charge details can be found on the product pages.
|
Discount Rate
|
Monthly payments can go up or down, but customers get a discount
off our Standard Variable Rate for a set period of time. At the end of the deal
they will be switched to our Standard Variable Rate – see below |
Yes |
It gives customers a gentler start to their mortgage, at a time
when money can be tight, but they must be confident that they can afford the
payments if interest rates rise.
-
The interest rate paid is linked to our Standard Variable Rate, we may
therefore not reduce, or delay reducing the interest rate even if the Bank of
England Base Rate goes down.
-
If customers want to redeem their mortgage, or pay more than 10% of the balance
in any one year, they may have to pay an Early Repayment Charge, specific charge details can be found on the product pages.
|
Standard Variable Rate (SVR)
|
Payments move up or down with Bristol & West Mortgages’
Standard Variable Rate. |
No |
Customers can pay back extra amounts whenever they wish.
-
The interest rate payable can change at anytime. If our Standard Variable Rate
increases so will their monthly payment.
-
Customers are free to redeem their mortgage at anytime, a lending fee of £195
is payable.
-
Bristol & West Mortgages may not reduce, or may delay reducing, the
interest rate even if the Bank of England Base Rate goes down.
|
Bristol & West Mortgages mortgage products have the following features:
-
10% overpay facility per annum (some products - subject to minimum payment of
£2,000 at any one time)
-
No arrangement fee (some products)
-
Flexible features on some of our mortgages including underpayments,
overpayments and flexible drawdowns
-
All products are fully portable (note – this is subject to our normal
underwriting criteria please ask for further details)
-
Ability to amend repayment method i.e. from interest only to capital repayment*
When choosing a mortgage product you must consider the options available in
relation to your customers needs and circumstances. Below are some of the
things you must think about:
-
Are they on a tight budget – do they need to know exactly what they will be
paying?
-
How long do they want any special deal to last for?
-
Are they planning to make any lump sum payments – will this be during an Early
Repayment Charge period?
* There is a £50 fee that applies to each individual account held
with Bristol & West Mortgages.
FOR INTERMEDIARY USE ONLY