Different mortgages are suitable for different people, so it is important that you consider what is best for your individual circumstances. Our mortgage advisors are more than happy to advise you on which deal may be best for you.
When considering the different types of mortgages, we believe it is important you consider the whole deal not just for the headline rate. For example, if you opt for a mortgage with a special incentive period, you need to pay particular attention to what you will be paying during and at the end of this period because your payments may increase. You also need to consider whether your rate is Fixed or variable as this will affect whether your payment can change.
When an incentive period ends, the mortgage usually changes to a variable rate. This rate may go up and down.
For example, if interest rates have risen sharply during your incentive period and remain high, your mortgage payment could be significantly higher when your incentive period ends - making it more difficult for you to afford the repayments. One of our mortgage advisers will be pleased to talk to you about this.
To enable you to have the facts and figures you need, you will receive a financial illustration (called a Key Facts Illustration - KFI), which will outline the level of payments for the mortgage type chosen, as well as what might happen if rates increase. The KFI will also show any early repayment charges which may apply if youy wish to redeem your mortgage within the special interest period.
Mix and match options
If you can't decide which product is best for you, or you'd like a combination of different products, then with Skipton you can choose more than one product to suit your personal requirements. In such cases, the highest product fee of those chosen will apply.
You can also choose more than one repayment method if you wish, such as a part repayment and part interest-only mortgage. See the 'Repayment Methods' section where we explain these options in more detail.
Our mortgage advisors are happy to talk you through your different options.