Navigating the mortgage process can be overwhelming, as many different options are available, and it can be challenging to determine the best fit for your needs and financial goals. At PIWA, our advisers work with various carefully selected lenders to find the mortgage that suits you best and ensure a smooth process.

There are two main types of mortgages: repayment and interest-only. With a repayment mortgage, you borrow a certain amount and pay it back monthly, reducing the outstanding balance plus interest until the total amount is repaid within the agreed-upon terms. An interest-only mortgage involves only paying back the interest, making monthly payments more affordable, but requiring you to repay the full loan amount within the agreed-upon terms and provide a plan for how you will do so. There are also combination mortgages available.

Mortgages can also be classified by the type of interest rate: fixed or variable. A fixed-rate mortgage has the same monthly payments for the duration of the agreement, providing stability in terms of budgeting, but potentially resulting in paying more or less than you otherwise would due to fluctuating interest rates. A variable-rate mortgage is tied to the Bank of England’s base rates, meaning your monthly payments may change.

Deciding on a mortgage is likely one of the biggest financial decisions you will make, and it’s important to consider factors such as mortgage protection in case of unexpected circumstances like illness or death. Our PIWA advisers have the knowledge and expertise to help you make the right choices for your unique situation, whether you’re a first-time buyer, moving, downsizing, or looking to purchase a second home.