When applying for mortgages borrowers have the choice of obtaining interest only or repayment mortgages. Interest only mortgages require the borrower to only pay the interest charged each month on the mortgage. The balance of the mortgage remains the same throughout the entire term of the loan.With repayment mortgages, the monthly payments to the lender comprise an element of interest charged and an element of capital repayment. As long as all...more
Mortgage advisers are divided in their opinions as to who are the real winners and losers out of the recent interest rate rises. No one could argue that borrowers who have variable rate mortgages have lost out because their monthly repayments have increased due to the extra interest due. However there is debate over whether borrowers of fixed rate mortgage products are better or worse of than before the recent base rate rises.The interest rates...more
If you are looking to buy a property, or remortgage property you already own, you will have the option of searching for a mortgage product by yourself or employing the services of and independent mortgage adviser.There are various factors that you should consider when deciding whether or not to utilise the services of mortgage adviser, not the least of which is the sheer size of the modern day mortgage marketplace. The mortgage market has evolved considerably over the past few decades and there is now a vast array of mortgage products available to finance both your own home and your investment properties.In fact the mortgage market has grown and evolved so much that there are now hundreds of lenders supplying thousands of mortgage products in the UK alone. You may therefore be wise to seek advice from an independent mortgage adviser before applying for your next mortgage based on this factor alone.In addition to helping you navigate the complexity of the modern day mortgage market there are other benefits to using a mortgage adviser. One of those advantages is that some mortgage advisers have access to exclusive deals that are not available on the open market. These deals are made...more
In the wake of increasing interest rates, interest only mortgage products have become an increasingly popular tool for home owners to control their monthly expenses. Applications of this type of home loan generally rise in number when interest rates begin to increase as home owners fear becoming victims of rising borrowing costs. Mortgage costs are...more
Flexible mortgages were first introduced into the UK to cater for individuals with intermittent working patterns. Flexible mortgages are a recent addition to the home loan market in the UK, although they have been popular overseas for several years.The initial target market for this type of home loan product was people who have irregular working...more
With so much interest rate uncertainty in the market borrowers are facing a dilemma as to whether they should fix their home loan interest rate or not by applying for a fixed rate mortgage. A fixed rate mortgage will provide absolute security against interest rate rises ensuring that monthly repayments remain constant regardless of what the money market is doing.The interest rate, and therefore the interest payments, on the fixed rate product will remain stable for the fixed rate period. This period is predetermined and is usually set between one and five years, although it can be for longer.Fixing home loan repayments can help considerably with household budgeting which is why this type of product is popular with low income earners and first-time-buyers. Mortgage payments usually account for about a third of a household's disposable income so it is important to ensure that rising interest rates do not make the home loan unaffordable. Locking in the interest rate at an acceptable level can reduce this risk considerably.Borrowers should be aware, however, that fixed interest rates are usually higher than variable rates offered on the same products. Additionally, as a general rule,...more
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Variable rate mortgages have an interest rate that may fluctuate throughout the term of the loan. Interest rates attached to variable rate mortgages usually move in line with either the Bank of England Base Rate (BoEBR) or the lender's Standard...more
Discount mortgages are a type of mortgage product that have a variable interest rate which moves roughly in line with the lender's Standard Variable Rate (SVR). The discounted interest rates attached to this type of home loan product are genuine and...more
The quickest debt consolidation loan is for anyone with debt who is looking to liquidate their current debt as soon as possible. This might be someone who is in danger of losing their home to foreclosure, or someone who is facing the threat of...more
When deciding on quick debt consolidation loans it is best to know what you are looking for. You will want to make sure that you have figured out how much debt you would like to consolidate and what type of collateral you plan to use to get the best...more
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