Products

Flexible, offsetting current account mortgage tracking libor +0.25%
We do try our hardest not to confuse or scare our customers with "jargon". We ask you to tell us to talk in plain English if we slip into industry speak by accident. (generally we can tell that we have done this by the glazed look in peoples eyes).

Never be afraid to ask or feel stupid if you didn't understand - this is our fault for not explaining something properly.

Some jargon explained.

Standard variable rate
This has traditionally been the most common mortgage scheme in use. The rate of it can vary up and down throughout the term of the mortgage.
The change in rate is usually caused by a movement in the Bank of England base rate.
Who is this most suitable for?
Someone who does not want repayment penalties attached to their mortgage and who does not mind the fluctuation of interest rates or mortgage payments. This type of mortgage is also suitable for a borrower who wishes to pay off the mortgage early or make lump sum reductions.

Fixed Rate
This type of mortgage has been most popular during periods of high fluctuating interest rates. The mortgage is exactly as the name suggests - the interest rate is fixed at a pre-determined level for a set period of time
The fixed rate period varies from 1 year up to 25 years, although the majority of schemes most commonly offer a fixed rate period of 2-5 years.
At the end of the fixed rate, the interest rate usually reverts back to the then current Standard Variable Rate.
Fixed rate mortgages usually have early repayment penalties attached, which means that a penalty will be charged by the lender if the mortgage is repaid during the fixed rate period. It is also typical to have to pay the lender an arrangement fee to 'buy in' to the rate. This is normally payable on completion of your mortgage and varies in price depending on the rate and the lender.
Who is this most suitable for?
Someone who wants to know exactly what they will be paying on their mortgage for a set period of time, allowing them to budget effectively. This is not usually suitable for someone who wants to repay or move their mortgage during the fixed rate period as repayment penalties are likely to make this uneconomic.

Discount Rate
This type of mortgage offers a set reduction in the standard variable rate for a pre-determined period of time (usually from 6 months to 2 years, although longer term discounts are available). The discount varies, but a typical example would be a percentage reductions from the standard variable rate for 2 years.
Increasingly, these schemes are available with no early redepmtion fees attached.
Who is this most suitable for?
Someone who wants a lower payment in the early years of their mortgage, but doesn't mind some variation in payments in line with interest rate movements.
Additionally, for discount products that have no early repayment fees, this is suitable for someone who wishes to pay additional payments to their mortgage, whether monthly or as a lump sum.

Tracker Rate
This type of mortgage is similar to the discount mortgage mentioned above but tracks an index rather than discounts it. A typical example would be a Bank of England Tracker for a set number of years. This would mean that you would pay interest at the same rate as the current one set by the Bank of England. Increasingly, these schemes are available with no early repayment fees attached.
Who is this most suitable for?
Someone who wants a lower payment in the early years of their mortgage, but doesn't mind some variation in payments in line with interest rate movements. Good if rates are on there way down, bad if the index you are tracking goes up.
Additionally, for tracker products that have no early repayment fees, this is suitable for someone who wishes to pay additional payments to their mortgage, whether monthly or as a lump sum. Or for someone who intends to pay off their mortgage during the deal period.

Capped Rate
This type of mortgage can be more beneficial to a borrower than a fixed rate if interest rates move in a certain pattern. A capped scheme guarantees that the interest rate will not go above a certain level for a pre-determined period of time.
However, unlike the fixed rate, if variable rates drop below the capped rate at any time throughout the capped period, then the borrower's rate goes down too. At the end of the capped period the interest rate usually reverts to the standard variable rate. Generally a capped rate is likely to be slightly higher than a similar fixed rate over the same term. As with the fixed rate, repayment penalties usually apply for the capped rate period.
Who is this most suitable for?
Someone who wants the security of a fixed rate, but who expects interest rates to fall and wants to take advantage of rate reductions. Again, this type of mortgage is not usually suitable for someone who wishes to repay the mortgages without penalty during the capped rate period.

Average prices in Bristol

Shown below are the averages prices for houses in Bristol for the past six months.

The information shown is provided by 'our property'.

Bristol Information

Average house prices in the Bristol area in the past 6 months are as follows: