Mortgages

Hi I'm Bob. I'm here to help.

• Do I need a deposit? All of our products currently require a deposit. As a guide, people usually put down between 10 – 15%.
• What is a Higher Lending Charge? Some lenders apply a higher lending charge for those who are looking for a mortgage with a high loan to value (LTV). The point of this charge is to protect the lender if you are unable to meet your mortgage payments. The lender uses the money to buy insurance that covers them if they have to repossess the property and sell it. It does not offer the borrower any protection.
• How much can I borrow? This will depend on your circumstances and your monthly financial commitments.
• What happens at the end of my fixed/discount period? At the end of a benefit period your mortgage should transfer to our then Standard Variable rate. We do however have a range of further products to offer. Please contact Dunfermline Direct on 08457 33 66 88 who will be happy to discuss.
• What is your Standard Variable Rate? The Standard Variable Rate is just that; the lenders standard rate. It goes up and down inline with economic conditions. Our Standard Variable Rate is currently 6.99%.
• How is a mortgage different from a normal loan? A mortgage is secured against your property and generally has a term in the region of 25 years. A loan may not be secured and is often over a short term (perhaps 3 years).
• What does APR mean? APR is the true cost of borrowing and allows you to compare the cost of mortgages, loans and credit cards on a like for like basis. The APR will include the interest rate on the loan together with any charges for setting up the mortgage.

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