Mortgages Guide

If you are looking for a guide on how mortgages work then you are in the right place. We are a local Liverpool based Mortgage Brokers with access to the full market and a wealth of knowledge in the industry.

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A Guide to Mortgages

Here… we’ll explore what a mortgage is and how it works, and the different types of mortgages and repayment options. It’s important you understand this, so you can make an informed decision.

Of course, a Mortgage Expert from AL Mortgage Solutions will be there to guide you every step of the way but this section should give you a better understanding of what to expect. Whilst all this information is helpful, if you would like some advice based on your individual circumstances we’re only a phone call away. Please CONTACT US now on 07412563920 to discuss your options in more detail.

What is a Mortgage?

A mortgage is a sum of money, a lender (typically a bank or building society) lends to a borrower (typically an individual/s) which is then secured against a property. The lender lends the money (with the promise) that the borrower will pay them back plus interest on a monthly basis over the term of the mortgage. Should the borrower stop making repayments the lender has the right to take ownership of the property (this is known as a repossession).

What are the different types of Mortgages?

There are many different types of mortgages and this section will explore some of the different types available to you. The first thing to understand is the Bank of England base rate. The Bank of England base rate is reviewed monthly and can go up or down depending on the state of the economy. The main measure for this is inflation.

All lenders set their rates based on the Bank of England base rate, so as a result, mortgage rates have been low for quite some time now. This is great news for you because when the rates are low – your payments are too!

The two most popular types of rates are fixed and tracker rates but there are other types you may want to consider depending on your circumstances so it’s always best to get advice on the right product for you.

A Personal, hassle free aprocess.

“We know the stress and hassle surrounding buying a new home, retmortgaging your existing home or making your first step onto the property ladder. Our team do everything we can to take that stress away to help you enjoy your new home.

With a personal approach for each of our customers with your own dedicated mortgage broker to answer any of your questions and provide you with the support to ensure a seamless Mortgage application and funding process. “

Alex Leppert

Owner & Mortgage Broker, AL Mortgage Solutions

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