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...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 typically the highest expense of the average UK household and it is therefore important for many borrowers to control this cost.Interest rates have begun to creep up slowly from their historically low level of late and because of this more and more households are opting for an interest only mortgage. The Bank of England has been slowly increasing the base rate in order to curb inflation. This has been having an effect on the mortgage market by prompting home owners to consider locking in the low interest rates now instead of exposing themselves to potential future rate rises.While a raft of rate rises have occurred over the past two years it appears as though they may be subsiding. The Bank of England has recently cut rates in the wake of an increase in inflation levels and a cooling property market. However the immediate future of the...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...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
Sensibly what you really need to do first would be to determine exactly why you might need as far as a home owner loan fast. From this point it will be far easier for you to figure out exactly what amount you may need to borrow from a lender. When...more
If you are looking to save yourself some money when it comes time to borrow money for what ever it is you need, it is best to find the cheapest home owner loans available to you. Borrowing money to pay off debt, improve your home, or to send the kids...more
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