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Money Markets

The wholesale markets in which banks and other financial institutions lend money to one another. Mortgage lenders often borrow money in these markets, particularly for funding fixed rate mortgages.

Mortgage Adviser

A firm/ individual with permission for advising on regulated mortgage contracts.

Mortgage Refinancing

Mortgage refinancing typically refers to using a lower rate mortgage to consolidate other loans and reduce monthly outgoings.

The mortgage refinancing rate – as long as you choose carefully – should be a great deal less than you are paying for credit cards, unsecured loans or other finance and can therefore save you a significant amount each month. However, you may pay more over the term of the loan.

Mortgage Term

A mortgage term is the whole lifespan of a mortgage. This can be 5 to 30 years depending on the mortgage product you have selected. Some mortgage terms are restricted by a maximum age rather than a maximum term. You’re expected to have repaid your mortgage by the time you reach the end of your mortgage term. If you’re on an interest-only mortgage, then this will be via a one off payment at the end. If you’re on a repayment mortgage, this will be via monthly payments. You would often remortgage onto a new product before reaching the end of the mortgage term on your existing deal to avoid going onto your lender’s SVR. Many people remortgage a few times during the course of the mortgage term to ensure that get the best deal.

Speak to a mortgage adviser

Fill out the short form below and choose a time that suits you. It’s a no-commitment opportunity for our experts to help you.

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By submitting this form, you consent to being contacted by John Charcol for the purposes of progressing your mortgage application.

As John Charcol is part of Pivotal Growth Ltd, you can also choose to hear about other products or services offered within the group that we believe may be helpful to you.

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Ask about a second charge mortgage

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1. First Charge - I understand that a first charge mortgage could be a more cost-effective alternative to a second charge and have considered this before proceeding.

2. Existing Mortgage Product - I am currently tied into a mortgage product with an early repayment charge if I choose to leave this deal early and I have investigated the possibility of a further advance from my existing lender.

3. Product Suitability - I understand that second charge mortgages may not be suitable in all situations and that advice will be provided by our second charge partner “The Loan Partnership” to help determine if this is the right solution for me.

4. Data Sharing Consent - I agree that my name and contact information can be shared with a trusted partner firm – The Loan Partnership – to receive personalised advice on second charge options.

5. Understanding of Risk - I understand the risks associated with securing other debts against my home and my home may be repossessed if I do not keep up repayments on a mortgage or any debt secured against it. I am also aware that by consolidating existing borrowing that I may be extending the terms of the debt and increasing the total amount I repay.

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*Please note that neither John Charcol Limited nor its Appointed Representatives are providing mortgage advice as part of this enquiry. Second charge mortgage advice will be provided by The Loan Partnership FCA ref 707809. If you need to investigate first charge mortgage options, please contact John Charcol via this contact form.

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