Independent mortgage brokers are generally regarded as an excellent source of advice when searching for the right mortgage to finance or remortgage a property. Independent mortgage brokers are not tied to advising clients to use particular lenders and home loan products. Instead, they have access to all mortgage lenders and products available on the market.In addition to independent mortgage brokers, there are tied mortgage brokers. Tied brokers...more
When looking for a mortgage you may be faced with a decision as to whether you should use the services of a mortgage broker instead of applying for a home loan directly with a lender.One of the main reasons why you should use a mortgage broker is that they have access to a much wider range of products than an individual lender does. Mortgage advisors who work within bank branches are tied to the products that the bank offers and cannot advise on...more
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In recent times, Independent Financial Advisors (IFAs) have been used by many people as an alternative to mortgage brokers. The main reason for this is that there is a crossover between the services they offer.IFAs and mortgage brokers usually receive their qualifications from the same few training institutions. These institutions include the IFS...more
Equity release is a way for homeowners to release cash from the equity that has built up in their home. Equity can be defined as the difference between the value of a property and the balance of the mortgage, or any other finance, that is secured on it.There are several different methods of equity release available to homeowners. This can include...more
There are several different types of methods for interest to be charged on mortgages. Tracker mortgages have a variable interest rate that moves roughly in line with the Bank of England Base Rate (BoEBR). Another popular type of interest rate is a fixed rate which does not move in line with the base rate.The interest rates on tracker rate mortgages are quoted as a fixed percentage above the base rate and will normally exist for a short period, although it can be attached to the tracker rate mortgage for its entire term. The opposite of a tracker rate mortgage is a fixed rate mortgage. The interest rate on this type of product does not move in line with an index and instead remains stagnant for a fixed period of time.Once the tracker period expires the interest rate will convert to the lender's Standard Variable Rate (SVR). A typical example would be a tracker rate mortgage that has an interest rate of BoEBR+2% for three years. Once the three period expires the interest rate will revert to the lender's SVR for the remainder of the term of the home loan.The BoEBR is set by the Bank of England Monetary Policy Committee (MPC) each month. The MPC will evaluate a range of economic...more
A capped rate mortgage has an interest rate that cannot rise above a pre-determined level for a specified period of time. After the capped rate period expires, the interest rate of the mortgage reverts to the lender's Standard Variable Rate (SVR).A...more
Fixed rate mortgages offer borrowers the ability to help budget for household expenses more accurately because they have an interest rate that remains constant for an agreed portion of the overall term of the mortgage - typically between one and five...more
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...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...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...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...more