We all require somewhere to live, and most of us wish to own our own homes, either our first property purchase or later our “forever dream home”, the question is how to pay the required price? Choosing a mortgage is one of the biggest financial choices you’re likely to make. There are thousands of mortgage deals out there all with confusing terminology and jargon; so how do you choose the right one for you?

The mortgage market is extremely competitive and it can be difficult to understand what exactly is on offer. From different providers, to the broad range of products and rates available, that’s where we could come in. Albany Park has friendly and experienced mortgage advisors with decades worth of knowledge – all of which could be the key to making this transition as smooth and stress-free as possible.

Mortgages come in many forms which are designed to enable you to purchase your own home in the most affordable manner possible, by offering you mortgage terms and conditions best suited to your particular circumstances. In addition there are various Government backed schemes to help people of many ages and different circumstances.

Government schemes include:

Help to buy ISA
For first time buyers, the government will boost your savings by 25% up to a maximum of £3,000 bonus per individual. Terms & conditions apply.

Help to Buy Scheme 2013
With a minimum deposit of 5% of the purchase price the government will assist with an interest free loan of up to 20% of the purchase price for the first 5 years. Terms & conditions apply.

Forces Help to Buy
To enable members of the armed forces to borrow up to 50% of their annual salary to a maximum of £25,000 interest free to assist with a property purchase. Terms & conditions apply.

Shared Ownership
A scheme to allow people to buy only part of their property and rent the remainder, with the opportunity to buy more later. Terms & conditions apply.

Older Peoples Shared Ownership
Designed to assist people over the age of 55 buy a part of their property. Terms & conditions apply.

Home Ownership for people with Long-Term Disabilities (HOLD)
Similar to shared ownership mortgages but adapted to cater for specific needs. Terms & Conditions apply.

Mortgages are available for a variety of reasons and in a variety of types:

  • A property purchased for your own needs, to live in.
  • Buy to Let, to enable you to purchase a property in order to let the property to produce an income.
  • Mortgages to enable you or your business to purchase a commercial property.

The mortgage for property purchase is usually arranged on a capital repayment basis where the property is fully owned at the end of the mortgage.

Interest only mortgages may also be available where the interest on the outstanding capital is paid each month and at the end of the mortgage term the outstanding mortgage needs to be repaid from another source.

Mortgages can be arranged in a number of ways:

  • Fixed rate, where the interest rate is guaranteed for the selected period from the start of the mortgage.
  • Standard variable rate, where the interest rate paid is at the level selected by the lending institution.
  • Discounted rate, where there is a discount to the lenders standard variable rate for a fixed period.
  • Capped rate, where the interest rate will not rise above a pre-determined level for a specific period.
  • A tracker rate, where the interest rate charged is fixed at a predetermined rate above either the lenders standard variable rate or a fixed predetermined rate above the Bank of England base rate during the tracker period.
  • An offset mortgage, where the lender offsets any interest earned on savings (with the same lender) against the interest to be charged on the mortgage. 



A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. Often the purpose of switching is to secure a more favorable interest rate from a different lender.

The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, usually to reduce the overall monthly mortgage payment amounts. However, other reasons may include:

  • Reduce the size of repayments.
  • To pay off a mortgage earlier.
  • To raise capital.
  • Consolidate other more expensive short term debts.