First Time Buyer Guide to buying your own home.
Elevate your move with our tailored Home Mover Mortgage for a smooth transition to your new dream home.
Refinance with our Home Owner Remortgage for better rates, releasing equity, or funding improvements—empowering your homeownership journey.
Dive into property investment with our Buy-to-Let Mortgage, tailored for both seasoned investors and first-timers seeking to build a profitable portfolio.
Transform your vacation home investment dreams into reality with a Holiday Let Mortgage,
Green Mortgages 🌳 are a new type of mortgage that rewards you for making your home more energy efficient.
Mortgages Adverse Credit Mortgages 📉 are for people with a poor credit history.
Cut NHS wait times with private medical care and private hospitals.
Pay off your mortgage if you or your partner die.
Navigate property transitions seamlessly with our Bridging Finance, offering quick and secure solutions for your short-term financial needs.
Secure your auction triumph with Auction Finance, providing the financial backing needed to confidently bid and acquire your desired property.
It can become confusing, but our mortgage advisers are here to help. Repayment Type
We have many types of mortgages based on Repayment, Interest Rate, Scheme and Property use.
Every month you pay back a small part of what you've borrowed along with the mortgage interest. Payments are made every month for the whole term of your mortgage. At the end of the mortgage term, you will be mortgage-free.
Every month you only pay the interest calculated on the mortgage. Your monthly payments will be lower compared to a repayment mortgage. Except the mortgage outstanding will remain the same. At the end of the mortgage term, you will have to repay the mortgage in full.
Mortgage lenders must approve a "repayment strategy". Evidence you will be able to repay the mortgage in full at the end of the term.
NOTE: Interest Only availability is highly restricted.
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A fixed-rate mortgage is a guarantee that your interest rate will stay the same for a set amount of time. This is 2 to 5 years but can to up to 10 years, referred to as the Initial Mortgage Period. When the initial period ends you will fall back onto the lenders Standard Variable Rate (SVR).
If you want the certainty of what your monthly mortgage payments will be. A fixed-rate mortgage can give that for 2-10 years.
You can not apply for a Standard Variable Rate (SVR) Mortgage. Except it is what many households are currently on. SVR is the interest rate you go onto by default after your Initial Rate has come to an end (typically after 2-5 years). It's at this time households look to remortgage onto a better rate.
A Discount Mortgage Product is based on the lenders Standard Variable Rate (SVR). Except for a set period (usually 2-5 years), it will be discounted. This type of mortgage is a Variable Rate. The amount you pay can change as the lender increases or decreases the SVR which they can do whenever.
A tracker rate mortgage follows a particular interest rate. They may track, for example, the Bank of England Base Rate and adding a fixed amount on top. This type of mortgage is a Variable Rate. The amount you pay can change as the base rate goes up or down.
A capped rate mortgage is like a Tracker Rate Mortgage. Except you pay a premium for the security that there is an upper limit at what the interest rate can rise to.
| Fixed Rate | Discounted Rate | Tracker Rate | SVR | |
| Clydesdale | 1.44% | 1.74% | - | 4.55% |
| Santander | 1.79% | - | 2.14% | 3.59% |
*Based on 70% LTV Residential Purchase 2 Year Initial Preiod on 12/08/2020. Rates shown for illustrative purpose only.
A cashback mortgage will pay you a lump sum of cash when you complete the transaction. This is an incentive to get you to choose this lender. You will pay a premium, such as a higher interest rate for this feature.
A fee-free mortgage will not charge you fees on all or certain aspects of the mortgage.
This can be Free Conveaynceing, Free Valuation or No Lender Fees. You will pay a premium, such as a higher interest rate for this feature.
Green Mortgages are a home loan that rewards homeowners for having an energy-efficient home. By offering lower interest rates and other incentives, green mortgages help homeowners save money on their monthly mortgage payments and do their part for the environment.
A flexible mortgage allows you to pay more or pay less than the initial monthly amount agreed with the lender. You may also be able to take a payment holiday if required. The features differ, and you will pay a premium, such as a higher interest rate for this feature.
An offset mortgage allows you to use your savings to reduce the amount of interest you pay on your mortgage. If you have £10,000 in savings and a £100,000 mortgage. With an offset mortgage, the interest will be calculated on a reduced mortgage amount of £90,000
A portable mortgage allows you to take your current mortgage deal with you to a different property. This will enable you to keep the same lender, interest rate and loan amount. It's used by homeowners who expect they may be moving home soon, to avoid early repayment charges on the remortgages.
An adverse mortgage enables those with adverse credit to obtain finance. If you fit the criteria, you can get a mortgage with historic County Court Judgements (CCJS), Payment Arrears or Bankruptcy.
| Standard | Cashback | Fee Free | Offset | |
| Clydesdale | 1.44% | - | 1.68% | - |
| Accord | 1.81% | 1.98% | - | 2.28% |
*Based on 70% LTV Residential Purchase 2 Year Fixed Rate on 12/08/2020. Rates shown for illustrative purpose only.
A residential mortgage only allows you and your relatives to live in the property. It won't allow you to rent the property out to 3rd parties but may allow a lodger.
A second home mortgage allows you to buy a second property to reside. You may wish to do this to buy a private holiday home for your use or to avoid a long commute for work. Due to the higher risk, lending criteria are restrictive.
A Buy-to-Let mortgage only allows you to rent out the property to 3rd parties. You are not allowed to live in the property and will be breaking mortgage conditions doing so. You can typically only rent it to one household on a normal Assured Shorthold Tenancy (AST) for six months or longer.
A regulated Buy-to-Let mortgage only allows you to rent out the property to 3rd parties and immediate family members. You are not allowed to live in the property but immediate family members (parents, children, etc..) can.
A Holiday Let Mortgage only allows you to rent the property out as a Holiday Home. It is designed for short rentals to 3rd parties for a few weeks. They may or may not permit the use of Air BnB (or other service providers).
An HMO Mortgage only allows you to rent out the property to 3rd parties. These can be multiple households, making up a House in Multiple Occupation (HMO).
| Residential | Buy-to-Let | HMO Mortgage | |
| Leeds BS | 1.14% | 1.54% | 3.12% |
| Precise | 3.49% | 3.44% | 3.74% |
*Based on 70% LTV 2 Year Fixed Rate on 12/08/2020. Rates shown for illustrative purpose only.
The government lends you 20% (or 40% if you're in London) of the cost of a newly built home. You pay a deposit of 5% or more and take out a mortgage for the rest. The government will own a share of your home. After five years you will have to pay interest. When you come to sell it, they will want a percentage of the new value.
Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home's value) and pay rent on the remaining share.
Loan to Value (LTV) expresses the quantity of the property value that is mortgaged. It is a ratio expressed as a percentage.
Use our Loan-to-Value Calculator to find out your LTV.
Mortgages operate in 5% steps, also known as LTV Brackets. We round up your Loan-to-Value (LTV) to the nearest 5%.
As such an LTV between 75.1% and 80% will be in the 80% Bracket, as we are rounding up.
We are your online mortgage broker, offering you the convenience of applying for a mortgage online. However, we understand that sometimes you may prefer to speak with a human - phone, email or in person.
31 Bradford Chamber Business Park,
New Lane, Bradford, BD4 8BX
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We are authorised and regulated by the Financial Conduct Authority (No. 919921). The FCA does not regulate most Buy to Let mortgages.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Cyborg Finance Limited is registered in England and Wales (No. 12131863) at Bradford Chamber, New Lane, Bradford, BD4 8BX