​Mortgage Types

At Elementary Mortgage Solutions we offer a wide range of mortgage deals from a vast portfolio of lenders. Some of the most common types of mortgage we offer are highlighted below.

Alexandra Bonnar
Alexandra Bonnar
21/11/2023
Ivan is excellent! Very helpful, dedicated to his work and goes the extra mile.
The Mabbutts
The Mabbutts
04/09/2023
Ivan has provided us with outstanding service. He has gone above and beyond what we expected. He helped us with our mortgage when moving house. We will be returning every time our mortgage is up for renewal.
Daniel Fardell
Daniel Fardell
10/05/2023
All round great service & results from Ivan. Extremely knowledgeable, very approachable & always has his clients best interests at heart.
Antonio Banderes
Antonio Banderes
26/04/2023
Great to work with, felt like we were thier top priority. Communication and availability 5/5
Lee Wigglesworth
Lee Wigglesworth
19/04/2023
I highly recommend Ivan at Elementary Mortgage Solutions. He was very helpful, always talking me through things I was unsure about putting my mind at ease. He helped me through a time length of 18 months and was always easy to get hold of and quick to reply if ever I needed him.
Dean Warsop
Dean Warsop
10/03/2023
My mortgage application went as smoothly as it could with the help of Ivan who went above and beyond with his time and efforts to get it sorted as soon as possible. Everything he did was explained in terms I could understand and he was never more than a phone call away to answer any questions we had. I couldn’t recommend Ivan highly enough and have passed his details to numerous friends. All I can add is my gratitude to Ivan for his hard work and being available every step of the way. A fantastic man and very good at what he does. Many thanks again
Robyn Kirk
Robyn Kirk
04/01/2023
We didn't have the easiest circumstances however ivan was very honest with us from the beginning. He outlined a number of options for us and when the time came for us to apply for a mortgage the process was easy and stress free due to ivan's brilliant communication and transparency. We couldn't thank ivan enough because he made it possible for us to get our first home.
Andrew Littlewood
Andrew Littlewood
03/01/2023
Brilliant advice and products from Ivan as always I won’t go anywhere else .
Steph Lonergan
Steph Lonergan
22/12/2022
Would highly recommend using Elementary Mortgage Solutions. Done amazing at finding us the best mortgage for our new home. Very helpful and always available if need to ask any questions, worth every penny.
Will Shaw
Will Shaw
20/12/2022
Ivan was absolutely amazing from start to finish. We had a few set backs on our side of things due a global pandemic and then several houses falling trough but he never gave up, he kept going for us and kept us updated regularly and we have now finally got the keys to our very first home just intime for Christmas. He made the whole process a breeze sorted all our insurance's out for us so we had the right cover at the right budget. Honestly 5 stars doesn't even come close wouldn't hesitate to recommend him and Elementary Mortgage Solutions to anyone.

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Virgin Money Mortgages
Birmingham Midshires Mortgages
Atom Bank Mortgages
Halifax Mortgages
HSBC Morgages
Kensington Mortgages
Skipton Building Society Mortgages
Natwest Mortgages
Post Office Mortgages
Santander Morgages
Mortgage Works
The Nottingham Mortgages

Standard Variable Rate

A standard variable rate mortgage (also known as an SVR) is a type of variable rate mortgage. The SVR is a lender’s ‘default’ rate – without any limited-term deals or discounts attached.
When your fixed, tracker or discount mortgage deals comes to an end, you will usually be transferred automatically onto your lender’s SVR.

Fixed Rate

A fixed-rate mortgage has an interest rate that stays the same for a set period. This could be anything from two to ten years and possibly longer. Your repayments are the same every month, and you don’t need to fear fluctuations in interest rates. At the end of the set period, you will revert to your lenders Standard Variable Rate (SVR).

Tracker

A tracker mortgage is a type of variable rate mortgage. The interest rate tracks another rate such as The Bank of England base rate at a set margin (for example, 1%) above or below it. This means if the Bank Of England raises interest rates, then your mortgage interest rate will go up in line with it and thus your mortgage payments.

Discounted

A discount mortgage is a type of variable-rate mortgage. The term ‘discount’ is used because the interest rate is set at a specific ‘discount’ below the lender’s standard variable rate (SVR) for a set period of time.
For example, if a lender has an SVR of 5% and the discount is 1%, the rate you’ll pay will be 4%. And if the SVR is raised to 6%, your discount rate will also rise – in this case to 5%.

Buy To Let

A buy to let mortgage is a loan for purchasing or refinancing residential property which is let to tenants rather than lived in by the borrower. Classed as a business transaction, rates and fees are typically higher than those you would find with a standard residential mortgage.

You can find out more about buy to let mortgages here.

95% Mortgage

A 95% mortgage is a loan with a loan to value ratio (LTV) of 95% – meaning you pay 5% of the property’s value as a deposit and borrow the remaining cost. So, for example, if you wanted to buy a house worth £200,000 with a 95% mortgage, you’d borrow £190,000 and put in a deposit of £10,000 (5%) of your own money.
If you decide to take out a 95% mortgage, you’ll usually have to pay a higher rate of interest than you would if you had a bigger deposit. This is because the risk to the lender increases with the size of the loan they give you.

Guarantor

A guarantor mortgage passes some, or all of the liability, for the loan onto another person, typically a close family member. This arrangement allows you to get a home loan that is partially underwritten by someone else. As long as you maintain your repayments, the guarantor will not become liable. Should you be unable to meet the monthly repayments, then the lender will ask the guarantor to pay.
Mortgages of this nature are aimed at those whose income is not high enough to match a mortgage lender’s criteria for the required loan amount.

 

Offset

An offset mortgage is linked to one – or sometimes multiple – bank or savings accounts.
With a standard mortgage, your mortgage lender calculates the interest you owe based on the total amount you have borrowed. With an offset mortgage, the interest calculation is based on the total amount borrowed minus the sum that is held in the linked account(s).
For example, if you have an offset mortgage of £300,000 that is linked to a savings account containing £20,000, you would only pay interest on £280,000.

First Time Buyer Mortgages

Many lenders offer mortgage deals to First Time Buyers to help them get on the property ladder. This can vary from lender to lender but can include cash back, family assisted mortgages and help through government-backed schemes.

Depending on your needs and circumstances, you might be interested in;

  • Help to Buy
  • ISA
  • Help to Buy equity loans
  • Right to Buy
  • Shared Ownership
  • Forces Help to Buy

​Terms & Conditions apply, please see https://www.ownyourhome.gov.uk/​ for further info. Please be aware that by clicking on this link you are leaving the Elementary Mortgage Solutions Ltd website. Please note that neither Elementary Mortgage Solutions Ltd nor PRIMIS Mortgage Network is responsible for the accuracy of the information contained within the linked site accessible from this page.

You can find out more about first time buyer mortgages here.