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Mortgages Questions and Answers

  • What types of mortgages are avaliable from Abba Loans & Mortgages? (details)
    A wide range of mortgage products are avaliable from us. We are committed to finding you the best mortgage for you. Please ask for a personalised illustration for full details.
  • Variable Rate Mortgage (details)
    This means that your monthly mortgage payment will rise and fall in line with any increase or decrease in interest rates.
  • Discounted Rate Mortgage (details)
    This means that your monthly mortgage payment can rise or fall in line with any increase or decrease in interest rates at a guaranteed discount on the lenders basic variable rate for a specified period. At the end of the discount rate period your interest rate would normally revert to the lenders standard variable rate. It may also be a condition of your discounted rate that the mortgage must remain on the lenders standard variable rate for a period after the discount period ends. Early repayment charges may be payable in the event that you repay your mortgage
  • Fixed Rate Mortgage (details)
    This means that the interest rate you are charged remains the same for a set period of time and your mortgage payment does not change in that time. At the end of the fixed rate period your interest rate will normally revert to the lenders standard variable rate. If this is higher than your fixed rate your payments will increase accordingly. It may also be a condition of your fixed rate that the mortgage must remain on the lenders standard variable rate for a period after the fixed period ends. Early repayment charges may be payable in the event that you repay your mortgage
  • Flexible Mortgage (details)
    This means that you can vary your mortgage payments. The terms of a flexible mortgage may vary with each lender. However, subject to the lenders terms and conditions, mortgage payments may be varied by making overpayments and lump sum payments and by making underpayments and taking repayment holidays.
  • Base Rate Tracker Mortgage (details)
    This means that the interest rate you are charged will be linked to the lenders base rate and will rise and fall in line with base rates.
What information will you need to complete my remortgage application? (details)
When you complete your online mortgage application, or, during your initial call we will complete a detailed mortgage questionnaire so that we can give you appropriate advice on your mortgage and related products. Once we have made our recommendations we will send you a personalised illustration. Details of your mortgage will also be confirmed in your lender's formal offer.
How long will I have to repay my mortgage? (details)
We can arrange mortgages over terms from 5 to 30 years; We do not recommend that your mortgage continues beyond your intended retirement date unless you have adequate income to continue to meet your mortgage commitments in retirement.
Can I protect my mortgage repayments? (details)
Yes. Our payment protection plan offers a simple and effective way to protect your monthly repayments and give you peace of mind, should anything happen. It is not a condition of the mortgage that you arrange this cover either through us (or indeed at all).
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. Acting as a provider of loans is one of the principal task for financial institutions. For banks loans are generally funded by deposits. For other institutions issuing of debt contracts, such as bonds is a typical source of funding.
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