Flexible mortgage

A flexible mortgage deal allows you to overpay, underpay or even take a payment holiday from your mortgage. This can help you pay off your mortgage early and save money on interest, but flexible mortgages are usually more expensive than conventional ones.

Fixed-rate mortgage

The mortgage interest rate stays the same for the initial period of the deal. This means you can be sure of exactly what you will be paying on your mortgage each month, as your rate won’t go up – or down – with the Bank of England base rate.

Family mortgage

Used by family members (usually parents) who want to help first-time buyers get onto the property ladder. Either the parents savings are balanced against the child’s (or family member’s) debt, so the amount they owe and pay in interest is reduced or the parents may offer an additional property as security. This would mean that […]

Extended Tie In Period

Some lenders stipulate that the borrower keep their mortgage with that lender for a period of time after the agreed, discount or fixed rate period has ended. If the borrower moves their mortgage elsewhere during the tie in period, they may have to pay an early repayment charge. The Society does not apply extended tie […]

Exit Fee

This is a closure administration fee payable to the Society when you fully repay your mortgage. Our current mortgage exit fee can be located within our Tariff of Charges.

Equity release scheme

An equity release scheme allows older homeowners to release the cash tied up in their property. There are two types: lifetime mortgages and home-reversion schemes. These schemes should only be taken out after getting independent financial and independent legal advice. It is also appropriate to discuss your plans with any immediate family if you are […]

Equity

The amount of the property that you own outright, i.e. your deposit plus any capital you’ve paid off on your mortgage in addition to any increase in value in the property.

Endowment mortgage

A form of interest-only mortgage where you also pay money into a type of investment called an endowment policy to repay all or some of the mortgage off at the end of the term.