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Jul 5, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
How do tracker mortgages work? UK tracker mortgage rates vary depending on how much you want to borrow, how many years you take the mortgage over, and how big your deposit is. As they are liable to make your monthly repayments change frequently, it’s important to factor in whether you can afford a potential sudden increase. Most trackers are set at a certain level above the indicator they follow.
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Jun 28, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
Compare remortgages with bad creditIt’s possible to remortgage when you have bad credit. However, it will depend how severe the credit issues are – the more complex your credit history, the fewer lenders generally available to you. Approaching the right lender for your circumstances is more vital in these situations, as it can be the difference between being accepted or declined.
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Jun 28, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
Can I get a mortgage with a different lender? Yes, you can switch to a deal with a new lender. It will pay off your old mortgage and you’ll start making repayments to the new lender instead. Make sure you compare deals from new lenders against deals from your existing provider to check you’re getting the best possible offer for your circumstances.
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Jun 28, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
When you move home, you can remortgage to a new deal with a new lender or do a product transfer with your existing lender (with a further advance if you need a larger loan). Remortgaging is a straightforward process; around a third of the mortgages approved in the UK each year are home mover mortgages. The first step is to use our affordability calculator to check what you could borrow. Then you need to find a deal and get an Agreement in Principle from the lender offering it.
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Jun 22, 2023 | 
money.co.uk | Atousa Homayounpour
Variable-rate mortgagesA variable-rate mortgage has an interest rate that can go up or down. This means your repayments could change throughout the course of your mortgage. A variable-rate mortgage might be cheaper than a fixed-rate one initially but could end up being more expensive overall. Variable-rate options include discounted and tracker mortgages, as well as standard variable rate (SVR) mortgages. Tracker mortgagesA tracker mortgage tracks the Bank of England base rate by a set amount.
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Jun 19, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
Fixed-rate repayment mortgageWith this type of mortgage, your interest rate and your monthly repayments are fixed for a set period, usually two, three, five or ten years. For example, your mortgage rate could be fixed at 2% for three years. The advantage of this is that you are sheltered from any interest rate rises and know exactly what your mortgage costs will be for the duration of the deal. For many people, this security and ability to plan is extremely valuable.
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Jun 19, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
Commercial mortgages work like normal residential mortgages for the most part. You borrow money from a bank, building society or another lender to finance property or land. The loan then has interest added on top, which must be repaid. However, unlike a residential mortgage, commercial mortgages let you buy one or more properties to:Use for your businessRent out as an investmentAnother difference is that you don’t typically get fixed-rate business mortgages.
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Jun 19, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
Discount variable-rate mortgages work in the same way as a fixed or variable-rate mortgage. You make monthly repayments to pay off the capital (the amount you borrowed to buy your property) and the interest you owe. The payments are calculated to ensure you pay off everything by the end of the mortgage term, at which point you own the property outright. However, with a discount variable-rate mortgage, the interest rate is usually set at one or two percentage points below the lender's SVR.
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Jun 16, 2023 | 
money.co.uk | Atousa Homayounpour |James Andrews
How to get the best fixed-rate mortgage deal for youWith mortgage interest rates having risen significantly 2022, you'll no doubt want to find the best fixed-rate mortgage possible. It's obviously important to look at the initial rate - this determines how much your monthly repayments will be so you want it to be as low as possible. The bigger the deposit, generally the better rates you'll be offered as lenders will see you as less of a risk. So, try to save as large a deposit as you can afford.
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Jun 12, 2023 | 
money.co.uk | Atousa Homayounpour |Claire Flynn
A flexible mortgage is a type of mortgage that gives you more options around repayment. For instance, you might be able to overpay substantially, or it could permit you to pay different amounts each month, giving you more flexibility than a standard mortgage. Different providers have their own definitions, so always check what’s being offered to determine if it’s right for you. Flexible mortgages can vary from lender to lender, so it doesn’t always mean exactly the same thing.
