UK Mortgage Deals and Advice
Finding the right UK mortgage can become overwhelming, especially for First Time Buyers. Turning to your own bank may leave you with limited choices, however seeking advice from an independent body such as a Financial Advisor or Mortgage Centre will leave you with many more options to consider. After all it is one of the biggest financial risks you are likely to take in the course of your life, and one that you should consider carefully.
Before "sealing the deal" there are many things to consider such as which interest rate and product suits me? Can I afford a deposit or will I be requiring a 100% mortgage? Will I have enough income to cover the repayments? What will my repayments become should interest rates rise? How long will I be required to take the mortgage over? Will my repayments be any less if I take it over 15 years instead of 25? What is the true cost of my mortgage?
Mortgage products suit all different budgets, e.g. Fixed Rate Mortgage will allow you to budget over the fixed rate period, and give peace of mind that interest rates may raise but your monthly repayments will stay the same for the entire fixed period.
Discounted Mortgages offer a discount set below the standard variable rate on your mortgage for say a year, making repayments low for a period of time.
Capped Rate Mortgage are a safe option for first time buyers, it works as a comparison between variable mortgages and fixed rate mortgages. If interest rates rise you have added piece of mind that your mortgage will not go above the capped rate and if interest rates fall, you can take advantage of lower monthly repayments.
Cashback Mortgages are ideal for those who cannot afford a deposit. Mortgage Lenders will lend you up to 95% Loan to Value of the property you wish to buy leaving you a further 5% as deposit.
Flexible Mortgage means just that you can take payment holidays, pay your mortgage weekly, monthly, quarterly or just pay in extra lump sums whenever you feel like it allowing you to pay your mortgage off quicker.
Base Rate Tracker Mortgage, tracks the Bank of England’s Base rate. If Base rates rise and fall, so does the interest on your mortgage in accordance.
