Mortgage Broker in Wallington

Welcome to our website. You’ll find our website idea if your looking for a mortgage broker in the Wallington. And here’s here’s your opportunity to compare mortgage quotes using our online mortgage quote, find me a mortgage system below. You can get your instant online mortgage quote based on personal information you provide. Just fill in your details, as best you can, and the system will do the rest. No need to give us your e-mail or telephone number. Our online mortgage quote facility is free and easy to use.

After you’ve used our find me a mortgage tool you’ll easily see and manage your online mortgage quote. Please don’t hesitate to contact us for advice or just an informal chat. Visit our MDFS-Croydon’s home page. We’re a local mortgage broker in Croydon and offer advice locally, including Wallington.

Local mortgage broker advice in Wallington

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You don't need to take time off work. We know you're busy so our adviser will fit you in when the times right for you.

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Mortgages in Wallington

In today’s busy mortgage market it can be hard to know which way to turn to find the right mortgage.

Wallington is in the London Borough of Sutton, Surrey. Many mortgage providers, such as banks, building societies and independent mortgage brokers have local branches in the surrounding area. But, these days the chances of getting immediate advice isn’t easy to get. 

Wallington is home to three of the borough’s five grammar schools. The London Borough of Sutton is a top performing borough for education in the country.

Help with finding the right mortgage is all important in the house-buying process. Our website has some great tools to help you with your Initial research, such as mortgage best buys and do I qualify. Our mortgage brokers are based in Croydon and are always on hand to lend a helping hand.

Being based in Bromley and Croydon Massey Divall cover the majority of Surrey and Kent.

Types of Mortgage

Your monthly repayments with this type of mortgage will include part of the total amount of capital you have borrowed, along with the accrued interest. With every payment you are paying off some of your total debt.

On the understanding that you’ve continued with your monthly repayments, once the mortgage term comes to an end, you will be clear of the debt. Because you are reducing your mortgage balance every month, and assuming your property does not fall in value, you should actually increase the equity in your house.

However, it’s important to note that only small amounts of the capital borrowed are paid off in the early years of a repayment mortgage.

You can make over-payments on top of your regular monthly payments. But be cautious, there might be financial penalties for doing so.

As you’ll gather from the name, your monthly payments only pay off the interest charged on the capital you’ve borrowed. Consequently, in many cases, interest-only mortgages are used as a short-term option to help support your budget. It’s important to note that at no point during an interest-only mortgage are you actually reducing the outstanding mortgage debt.

To ensure that your mortgage is paid off at the end of its term, additional payments are generally made into some form of savings plan, such as an ISA or even a pension. The idea is that this savings plan will eventually provide a lump sum to repay your mortgage.

It’s possible to split a mortgage between repayment and interest-only. You can combine the two methods in any way you wish. Although not all mortgage providers permit this type of repayment method. 

This means that at the end of the mortgage term you’ll still have the interest only amount of your mortgage to pay off. Which you’ll need to do using a lump sum. Furthermore, like an interest only mortgage you’ll need to make sure you have solid plans to repay this amount at the end of the term.

With a fixed rate mortgage your monthly payments to the lender remain the same each month. The amount you pay doesn’t change for the agreed fixed rate period, even if interest rates change. Fixed rate periods usually last between two and five years, but can be longer.

Fixed Rates are great when you want to budget, and know exactly how much you will be paying for a certain amount of time. At the end of the fixed rate period your rate normally moves to the lender’s standard variable rate or a tracker rate. However, shortly before this you may opt to take a further fixed rate with your existing lender or switch to a new lender.

These are similar to a fixed rate mortgage but, if the lenders variable rate drops below your capped rate, your payments will be reduced.

However, should rates increase, so will your payments. But they can’t rise above the mortgage’s stated capped rate. As with the fixed rate option, charges and fees apply.

Like a variable rate mortgage, a tracker follows the movement of a market rate, such as The Bank of England Base rate. The tracker rate is usually a specified percentage above this rate. This will govern what you pay back each month, eg. one per cent above The Bank of England Base rate of 3.5% (therefore you pay  4.5%). Because the tracker follows a stated rate, monthly payments can go up and down as the rate changes.

With this option a lender will offer you a discount from their standard variable rate for a specified time. If the lenders standard variable rate is 5% and the discount 2%, you will be paying back your mortgage at a rate of 3%. This option may not appeal if you wish to know exactly how much you will pay back a month. If the variable rate rises you have to pay your mortgage at a higher rate.