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Mortgage Services

The Mortgage Process

The first step in buying your new home or re-mortgaging is to obtain a ‘Decision in Principle’ so that you know exactly what you can borrow.

Next steps include:

1)    Making a formal mortgage application to include the valuation/survey.

2)    The Mortgage Offer.

3)    Offer to completion.

At Mortgages with Joy we are here to help you every step of the way with friendly impartial advice.  We even complete your paperwork for you, to make the process as simple and stress free as possible.

Mortgage Services

We can help you with the following types of mortgages:

  • First time buyer mortgages
  • HomeBuy scheme mortgages
  • Re-mortgage deals
  • Buy to let mortgages
  • Shared ownership mortgages
  • Equity release mortgages
  • Commercial mortgages (we act as introducer's only)

Click here to arrange a FREE initial consultation for any mortgage product, or call us to
find out more.

Types of Popular Mortgages

Variable Rate/Standard Variable Rate Mortgages

With this type of mortgage, your monthly repayments are linked to the mortgage interest rate charged by your lender. Therefore if your mortgage rates increase or decrease, so do your monthly repayments. The changes are calculated to make sure the loan will still be repaid within the agreed term.

Tracker Mortgage

For this type of mortgage, your mortgage rate follows the Bank Of England base rate by a specific percentage difference. However, lenders often reserve the right to vary the percentage difference if it is in their interest to do so.

Some lenders have their own bank base rate tracker, which follows their own base rate by a specific percentage difference & can fluctuate up or down if it is in their interest to do so. This type of product although a base rate tracker can vary at a different rate to the Bank of England base rate trackers & do not have to be the same.

LIBOR Tracker

With a LIBOR Tracker, your mortgage rate is linked to the London Inter Bank Offered Rate.  The rate that you pay will be a percentage above the LIBOR rate.  The lenders adjust their pay rate for your mortgage on a quarterly basis based on the prevailing LIBOR rate, so changes are reflected quickly in the amount of monthly payments that you make. In effect, your monthly repayments could change every 3 months.

Off-Set Mortgages

This is a flexible type of mortgage that gives you the option to link your mortgage to your savings account and/or current account. The amount you owe on your mortgage is reduced by the amounts held in your linked accounts before calculating the interest due. As the amounts in your linked accounts goes up or down, you are charged more or less interest accordingly. There is also the flexibility in being able to make regular or occasional overpayments to pay off your mortgage sooner.

Current Account Mortgages

A current account mortgage works in the same way as an off-set mortgage, but instead of having the flexibility of linking to a number of accounts, you combine your accounts to have one main account, effectively creating one big overdraft.  The lender usually stipulates a minimum amount which needs to remain in the account each month.

Fixed Rate Mortgages

With a fixed rate mortgage, the rate is set at a fixed percentage of the amount borrowed for an agreed period of time. These mortgages allow you to plan your finances in the knowledge that your mortgage payments will remain the same each month for the period of time that your mortgage is fixed for. Ie 2, 3 or 5 years would be typical.

Capped Rate Mortgages

These are variable rate mortgages, with a specified maximum interest rate that can be charged, for an agreed period. Therefore whilst your monthly payment may vary, you know the maximum level it can go up to and will be protected against any further interest rate increases.

Discounted Rate Mortgages

This is a variable rate mortgage, with an agreed interest rate reduction over a set period of time. After the initial period is over the rate generally reverts to the lenders standard variable rate.
 

Find out which mortgage is suitable for your needs.  Contact Joy for a FREE initial consultation and make your dream a realisation.

Click here or call for more details.

 


A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.   

A fee is payable when you apply for a mortgage.  The exact amount will depend on your individual circumstances, however typically it will be £299.  We will also be paid commission from the lender.

Equity release products are either lifetime mortgages or home reversion plans.  We offer a comprehensive range of equity release products from across the market but not deal's that you can only obtain by going direct to a lender.

How much will you have to pay for our equity release services?

A fee of £599 is payable when you apply for an Equity Release Mortgage.  The exact amount will depend upon your individual circumstances, however typically it will be £599.

We will also be paid a commission from the company that lends you money or buys your home.

You will receive a personalised illustration when considering a particular equity release product.  This will highlight the key facts about the lifetime mortgage or home reversion plan including any fees relating to it.

The FCA does not regulate commercial mortgages or some forms of buy to let mortgages.

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The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Mortgages With Joy Limited is an appointed representative of TenetLime Services Limited, which is authorised and regulated by the Financial Conduct Authority. TenetLime Services Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.

Mortgages With Joy Limited is registered in England and Wales under company number 07664448.

Registered office address: 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.