Which mortgage is right for me?

We only offer capital and interest repayment mortgages in Gibraltar this means that your monthly payment is made up of a proportion of the capital sum you have borrowed plus the interest payable on the loan.

Please note that the mortgage types detailed below do not necessarily cover all of the mortgage products available from time to time. Please click to view our current available range of mortgages.

About you

You will need to be aged 18 or over to be eligible for a mortgage. We will undertake a full appraisal of your financial status before granting a mortgage to you.

Fixed Rate Mortgage

This type of mortgage offers you the peace of mind that whatever happens to interest rates, your mortgage repayments won’t be affected during the period that your rate is fixed. However, you may end up paying more than if you had a variable rate mortgage if interest rates fall. Early repayment charges may apply for the duration of the fixed rate period.

Depending on availability, rates can be fixed for an initial period, after which your mortgage switches to our Gibraltar Variable Rate. As the name suggests, they allow you to fix the rate of interest you will pay on your mortgage for an agreed period.

Choose a fixed rate if:

  • you want security in your payments.
  • you don’t want to risk payments going up.
  • you understand you may end up paying more if interest rates fall.

Variable Rate Mortgages

This type of mortgage is based on a lender's variable rate which means your mortgage payments could go up or down depending on movements to the variable rate.

  • You would pay less if a lender's relevant rate falls, but if a lender's relevant rate rises you will have to pay more.

In Gibraltar our relevant rate is referred to as our 'Gibraltar Variable Rate'.

Discounted Rate Mortgage

This mortgage type gives you a discount off our Gibraltar Variable Rate for a fixed period of time. The rate applying to your account may go up or down in this time, but will always remain at a lower level than would have been the case under our Gibraltar Variable Rate. At the end of the discounted period, your mortgage will normally switch to our Gibraltar Variable Rate of interest applicable at the time.

How long your mortgage will run

We normally lend for up to 25 years but, subject to your circumstances, you can choose a shorter or longer period of between 5 and 40. You should bear in mind that an Early Repayment Charge and a Mortgage Exit Fee may be payable depending upon the particular product if you choose to pay off your mortgage or a large part of it or if you remortgage before the end of any Early Repayment Period (these terms are explained in the ‘Jargon Buster’ section of this guide). If you think you may be able to pay off your mortgage early some of our products may allow you to do this without an Early Repayment Charge – please ask your mortgage advisor.

Mortgages that move with you

Most Leeds Building Society mortgages are portable – which means if you choose to move house, you can simply move your mortgage with you, subject to your income and financial commitments at that time and a valuation of the new property. Please ask your mortgage advisor for full details as terms and conditions apply.

How can I repay my mortgage? »