Mortgages

Mortgages are long term loans that are taken out in order to buy either a property or land. These loans are then repaid over a period of up to 30 years, with interest rates. As mortgages are one of the most expensive financial loans taken out, it is important to get professional consultation and advice to help find the correct mortgage for you.

Here at Royale Standard, we can assist you by introducing you to a professional (IFA) Independent Financial Advisor for advice on the correct investment product that may meet your needs.

At Royale Standard, we can assist you by introducing you to a professional (CeMAP) Independent Mortgage Advisor for the whole market advice on mortgage product that will suit your individual requirements.

A mortgage can be paid off in two basic ways: 

Repayment Mortgage – Intertest on the loan and a part of the capital is paid to the lender in the form of regular monthly instalments. In the early years, most of your repayments cover the interest element of the loan. The capital is paid of slowly in the early years. The size of the loan therefore decreases gradually during the term of the mortgage.    

Intertest Only Mortgage – The aim is to provide a lump sum for you to pay off the mortgage at the end of the mortgage term, as the intertest on the loan paid to the lender each month whilst the cash sum is built up using an investment vehicle.     

Example: 
- Endowment 
- Private Pension Plan 
- Individual Savings Account 
- Unit Trust 
- Single Investment Bond 
- Savings Plan    

Incentives – Many lenders now offer incentives such as: 
- Free valuation 
- Solicitors’ legal fees paid
- Lump sum cash back 
- Lender’s arrangement fee paid 
- High lending charge products paid 
- Building and contents free products i.e. 3 months paid    

Rest – The lender may calculate the interest rate according to the product range offered. Daily Monthly Annually    

Term – The mortgage is the period (usually in years) that the mortgage/re-mortgage has been arranged to be repaid over, this can generally be over 25 year’s period, but it will vary with individual customers requirements.    

However, lenders do allow borrowers to extend their retirement age, should they have investments in place to cover the mortgage/re-mortgage payments into their retirements.  

Royale Standard must point out that various mortgages have advantages and disadvantages associated with them.

You also need to be aware that with both a ‘repayment mortgage’ and an ‘interest only mortgage’ it is your responsibility to ensure that you maintain any such repayment vehicle for the term of the mortgage otherwise you may not be able to repay the debt at the end of the term, thus resulting in possible repossession of your home.

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.

Types of Mortgages

Royale Standard are the “introducer” between the client looking for a mortgage and the lending source. ​We must point out that we are not regulated to provide advice on regulated mortgage contracts including:
1)       Regulated term mortgage
2)       Regulated short-term mortgage
3)       Regulated Buy to Let mortgages
b.       Regulated Buy To Let
4)       Equity Release

Royale Standard charge a fee for the services offered which is non-refundable. We work with a number of authorised and trustworthy mortgage companies who represent the whole mortgage market and my aim is to introduce you to a mortgage advisor, with your permission, who feels they can give you the correct guidance and advice on what products best suit your circumstance. Therefore before passing you over to anyone in particular, we aim to understand your situation and ensure that they are able to assist you based on the information you have given us to limit the amount of work for you. Royale Standard do not give the advice nor pass on the advice of the mortgage advisor but any documents they request to help start your application we are happy to gather from you and send to them if you would like to use our office equipment.

If the advisor feels they can help you, again with your permission, Royale Standard will send an email with an overview of your situation as you have explained to us along with your contact details and any documents you require us to scan to them on your behalf. Please note - the company Royale Standard introduce you to are likely to also charge a fee for their service which they will explain to you but it will depend on the advisor and product you are applying for given the level of work that will need to be completed.