ith over 22 years in financial services, MAPS is a friendly and professionally run Mortgage and Protection advice based service. Our aim is to find you a suitable deal and work with you to pay the mortgage off as soon as possible.

Looking for
Mortgages from the whole market
The most suitable mortgage for YOU
Help where you want it when you want it
Applications sent to lender within 24 hours
Plain English “If I leave here having found you the most suitable mortgage for your situation but you do not understand what you are applying for, I am not happy as I have not done my job”. Donovan Goodman, Mortgage Consultant

Jargon Buster

Interest Only Mortgage (IO)

These deals only cover the interest on your original loan, and the amount you pay only changes if interest rates change. This means you are never paying the underlying capital you borrowed, which can result in you owing as much on the loan after 25 years of payment as when you started.

It is essential to make arrangements for savings if you take up one of these deals in order to pay the loan liability off upon its maturity. This can be done in the form of an ISA, or an endowment policy * rather than current accounts, but it is important to get independent financial advice before signing any contract, as the stock market is variable in its results and you may not have the savings you need when your loan matures.
(*we are unable to advise on these policies).

Standard variable rate (SVR)

Your mortgage lender will often apply a discount over a short period of your mortgage term. Once this ‘deal period’ ends you may then find your mortgage costs changes as you move onto their standard rate.

Fixed Rate mortgage

This mortgage does as it says, gives you a fixed rate to pay usually over a period of 2-25 years. The benefits of this deal are that you will be able to budget over that period and know exactly what you’ll be paying regardless of what happens to your mortgage lenders standard variable rate.

These deals are ideal for first time buyers, giving them a period of respite from the variable rate usually applied to loans, though at the end of the fixed period, this variable rate will apply. The pitfalls of such a loan could be that you end up paying above the mortgage lenders standard variable rate should the rate fall during your agreed fixed period.

Capped Rate Mortgage.

These are the happy medium between variable and fixed rate mortgages. Since interest rates affect the monthly outgoings of any lender directly, to set an upper limit or cap of the maximum you will pay (usually set for a short period) is safeguarding yourself against increases in the variable rate. The flip side of this is that if the rate falls you can also pay less.

In other words you will always know how much the maximum you will pay is, which is helpful when it comes to budgeting for the year. The downside to these deals are that they are few and far between, and often the lender sets the cap at such a high rate it is not a feasible option for most borrowers.

Early repayment charges (ERCs)

You can also expect a hefty redemption charge should you wish to pay in full before your deal period is up, and ERCs limit your ability to move around the market freely .

Arrangement/Booking fees

These fees are often charged to help cover the costs of a provider lending you the money for your property, such as valuing the property, administration and conveyancing, which is not to say the mortgage lender may also charge these individually.

The fee is often also used to provide a superior rate as a customer may be prepared to add a large fee onto the mortgage in order to borrow the money at a superior rate to make it more affordable monthly. Please remember that just because you are paying a high fee, it does not mean you will get a superior rate!

Key Facts Documents (KFDs)

A document that every advisor is required to provide you with and explain. It highlights the key points about the mortgage you may buy such as : lender’s name, e.g. nationwide; product type, e.g. fix; length of deal; total length of mortgage; monthly costs; APRs (more JARGON); Total paid over term; Fees; Advisor’s fees and remuneration; risks e.g. increase in interest rates; and your repayment schedule.

This is a brilliant document which should leave you in no doubt as to what you are buying.

Annual Percentage rate (APR)

The APR rate of a mortgage is a very useful number because it helps you compare the cost of different mortgages. Usually, the higher the APR on a mortgage, the more you'll have to pay (assuming that all other things are equal). The APR does not include all the costs of a mortgage, but it tells you about the most important one. You should also be on the look out for other costs, such penalties should you decide to pay off the loan early.