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...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 patters such as the self-employed, and people who receive irregular payments such as bonuses and...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 Variable Rate (SVR) and is quoted as a fixed percentage above one of them. An example of this is a...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 will normally apply for a set period of between one to five years. The discounted interest rate is designed to attract new customers.Once the discount period expires the interest rate will convert to the lender's SVR which can result in a sharp increase in the monthly mortgage payments due. This means that borrowers should take careful note of when the discount is due to expire and prepare to remortgage to a more suitable home loan product if required.Also, because the discounted interest rate is a variable rate, any change in the lender's SVR will affect the discount mortgage's interest rate and the amount of monthly repayments due. The lender's SVR will normally reflect changes to the Bank of England Base Rate (BoEBR), although this is not a requirement. Therefore borrowers should also take note of any major changes in the base rate as it could affect their own mortgage payments.Discount mortgages are popular with first-time-buyers...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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One of the easiest ways to fix your financial woes is by taking out a quick debt consolidation loan. You can find them virtually anywhere online these days and the entire process from start to finish can be as short as a few hours. This makes them...more
With millions of people today finding the cost of living and keeping things balanced hard, is it not nice to know that there is relief available today through an online debt consolidation loan? It is very easy for people to get caught up in the...more
Low rate consolidation loans can help reduce your stress and stop the harassing phone calls. Being in debt can create a lot of stress and sleepless nights. When creditors are constantly calling your home, it is hard to know when it is safe to pick up...more