Idris Mortgages.
Looking for a mortgage deal?
Expert advice and guidance.
Helping you find the right mortgage.
With access to the whole market Idris Mortgages can help you with all types of different mortgage products. Our experienced team of advisers will take all the stress and hassle out of your mortgage application. From sourcing the right mortgage, submitting the perfect application, and getting you an offer as quickly as possible. Expert advice and guidance. Helping you find the right mortgage.
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Residential Mortgages:
Whether you’re looking to make that next big move, planning on making changes to your current home, or simply need to ensure you have the best deal on your current mortgage. Our advisers are here to offer you expert advice and secure a mortgage deal that best suits your needs.
First-Time Buyer Mortgage:
Start your journey to home ownership today, with expert advice tailored just for you. We're here every step of the way, helping you find a home, negotiate a price and securing competitive rate that suits your needs and budget. Our advisers will be with you all the way to move in day and beyond.
Buy to Let Mortgage:
Looking for your first investment? Or decided to expand your portfolio? One of our expert advisers can help you plan your property investment goals. Benefit from competitive rates, flexible terms, and expert advice tailored to your needs and goals. Start growing your wealth today.
Exceptional stories.
Stories from our customers.
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Arrange an advice meeting.
To arrange an advice meeting, we first need a few details, complete the form below with your query and a member of the team will be able to help.
Alternatively, if you’d like to speak to one of our Property Advisers then call on 01745 630322.
Mortgage product types
Repayment Mortgages
Also known as capital mortgages, repayment mortgages are the traditional means of paying for a property so that eventually it becomes fully yours as a result of the payments. The term of a repayment mortgage is typically 25 years and at the end of that period you would, if payments have been kept up, owe nothing to the lender. If you have a cautious attitude to repaying your mortgage, then it is likely that a repayment mortgage will be more suitable. Your mortgage payments are divided into capital repayments which are repayments of the money you borrowed and interest payments which are repayments of the interest charged for the loan.
Every month you pay off some of the interest and some of the capital. The monthly repayments on a repayment mortgage will be greater than an equivalent interest only mortgage.
Interest Only Mortgages
As the name suggests with an interest only mortgage you are only paying off the interest on the loan. The capital remains unpaid. Typically, interest only mortgages run alongside an investment. The idea being that the investment is used to pay off the mortgage at the end of its term. If you have an adventurous attitude to repaying your mortgage than an interest only mortgage may be for you.
Mortgage rates explained
Fixed rate
Fixed rate mortgages have an interest rate that remains the same for a period of time – usually between 1 and 5 years. After this period the interest rate reverts to the lenders standard variable rate. The fixed rate is usually at a discount as an incentive to take out the mortgage. The advantage of fixed rate mortgages is that there are no surprises for the duration of the fixed rate. The downside to this type of mortgage occurs if the Bank of England base rate or libor rate falls, in which case you could end up paying more than you would have with a variable rate mortgage. Also, if you want to leave before the agreed term the early repayment charge is usually significant. For example, you may be charged six months gross interest if you leave a five-year fixed rate agreement.
Variable & Trackers
A variable rate mortgage is where the interest rate varies according to the Bank of England base rate or the libor rate. A lender’s variable rate is set above the base rate by usually by 1 – 2%. A tracker mortgage is usually set at a certain percentage above the Bank of England base rate.
With these types of mortgages, the upside is the same as the downside; the interest rate can go down, saving you money, or up, in which case your interest payments increase.
Capped Rate
With a Capped rate mortgage, the amount of interest you pay can go down if the variable rate falls but cannot go above a predefined maximum. The advantage is that the rate can never go too high and if the rate falls then you pay less. The disadvantage of this type of mortgage is that there are only a limited number of these deals on the market, and they can be less competitive than fixed or variable rates. There is also often an administration charge.
Discounted Variable Rates
As the name suggests by tempting new customers, lenders will offer a variable rate at a reduced initial rate or below their standard variable rate. After the agreed period, again one to five years typically, the rate reverts to the lender’s standard variable rate.
The interest rate during the discount period will go up and down in line with the standard variable rate. Disadvantages of this type of mortgage are obviously that the rate can go up and there are usually early repayment charges for repaying the mortgage before an agreed date. It is also possible that early repayment charges may apply for a period longer than the discount period. This is called overhang
The legal bit
Idris Mortgages is a trading style of FFP Solutions Limited which is authorised and regulated by the FCA reference 624257.
You can find Idris Property Services Limited on the data protection public register under reference: ZB538727, along with FFP Solutions under the reference: ZA056605.
Your home may be repossessed if you do not keep up repayment of your mortgage.