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Tell us when your mortgage is up for renewal to see if Nottingham Mortgage Services could save you money. An adviser will contact you 3-6 months before your deal ends and will look through thousands of mortgages from over 60 different lenders to see how much you could save.

Thousands of happy customers have already come to us for mortgage advice because we can save them time, money and stress. That's why we've got a 98% satisfaction rate.
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What types of mortgages are available for first-time buyers?

There are several types of mortgages available. Our mortgage advisers can talk through them in more detail, but in the meantime, here's a summary:

Fixed-rate mortgages

The term of a fixed rate mortgage usually lasts between two and five years, but can be longer. You will pay a fixed rate for your selected term from the start of your mortgage, no matter how much interest rates change. At the end of the fixed period, lenders will typically transfer you onto their standard variable rate (SVR). Because the rate of interest you pay will be fixed, you'll know exactly how much you’ll be paying each month. This can help you to plan ahead and budget better without facing any nasty surprises. So, if you’re on a tight budget and need certainty and stability, fixed rate mortgages are a good idea. However, if the Bank Rate changes, you won't benefit as your rate will remain the same.

Variable mortgages

Variable interest rates can go up or down each month. This means your monthly payments could also change. There are two types of variable rate:

Discount mortgage

A discount mortgage is another type of variable rate mortgage where the interest rate is set at a ‘discounted rate’ below the lender’s standard variable rate for the term of the mortgage. If the standard variable rate changes, so will the rate you pay, although the amount of discount you get will stay the same during the term.

Discount mortgage deals will usually last between two and five years. When your discount mortgage deal comes to an end, your lender will typically transfer you onto their standard variable rate.

Tracker mortgage

A tracker mortgage is a type of variable rate mortgage where the interest rate tracks the Bank of England Base Rate at a set level above or below it. These are usually set for a period from one year to your full mortgage term. However, if the base rate rises, so does the interest rate you pay. Again, once your tracker mortgage comes to an end, lenders will typically transfer you onto their standard variable rate.

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To find you the right deal Nottingham Mortgage Services will look mortgages from over 60 lenders such as Barclays, Santander, NatWest, Nationwide Building Society, Halifax and many more.

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