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Moving Your Mortgage to first-e
Why move your mortgage to first-e?
Reasons why it could make sense for you to move lender
How to move your mortgage to first-e?
Moving your mortgage to first-e is so easy
Types of loan
What options are available to you and how different loans work
Why Move Your Mortgage to first-e?
Your mortgage is probably your largest single financial commitment, so why wait until you next move home to give it the attention that it deserves?
A few of the advantages of first-e’s mortgages, are
? You can view your mortgage account online
? You can make the necessary changes to your personal and mortgage details online
? We calculate interest daily, promptly reducing your monthly repayments.
There are many reasons why you might want to change your mortgage. And you should consider your options, whether or not you are moving home.
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How to Move Your Mortgage to first-e?
Moving your mortgage is simple.
1. Check your existing mortgage documentation to see if you are liable for penalties on redeeming (that is, paying off or transferring) your mortgage.
2. Review our product guide, and calculate your new repayments on our mortgage calculators.
3. Complete our on-line application form, including instructing your solicitor and valuation online.
4. Sign for your new mortgage
Scotland & Northern Ireland
The legal process of changing your mortgage differs in Scotland and Northern Ireland. Check with your existing lender or a solicitor before proceeding with a re-mortgage.
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Types of Loans
Product Types
At first-e, we offer two types of mortgage products
1. Fixed Rate Mortgages (link to Fixed Rate Mortgage Details)
A fixed rate mortgage offers a fixed interest rate for a set period of time. Your monthly repayments will therefore stay the same during the fixed period. At first-e we offer fixed rates for 1, 2, 3, and 5 years. At the end of the fixed period, your mortgage will revert to the standard variable rate.
2. Variable Rate Mortgage (link to Variable Rate Mortgage Details)
Variable rate mortgages go up and down, broadly in line with the Bank of England’s base rate. First-e offers
a) Standard Variable Rate (shortcut to relevant product in Variable Rate Mortgage Details
This is the normal variable mortgage rate charged by first-e.
b) Discounted Variable Rate (shortcut to relevant product in Variable Rate Mortgage Details
With a discounted variable rate mortgage, the interest rate charged will be a set amount less than the standard variable rate. At the end of the set period your mortgage for a set period. At the end of this period, the mortgage will return to the standard variable rate.
Repayment Methods
At first-e, we offer two types of repayment methods
1. Interest Only
With an Interest Only mortgage, you make two monthly payments. One payment covers the interest on your mortgage, and the other is a payment to a savings plan such as an endowment or a contribution to a personal pension plan to repay the amount you borrowed at the end of the term.
2. Repayment
With a repayment mortgage, your monthly payments are used to pay interest on your borrowings and repay the part of the amount you borrowed. Provided you make all repayments on time, your mortgage will be fully repaid at the end of the term.
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