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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 School of Finance and the Chartered Insurance Institute (CII). When a person receives their...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 releasing all or part of the equity they have built up in their properties either as a lump sum, a drawdown facility, or as a steady cash flow over time. There are two main types of equity release plans - lifetime mortgages and home reversion schemes. Both of these schemes are only available to home owners who have built up a sizable amount of equity in their properties.A lifetime mortgage is a form of equity release whereby a mortgage is secured against a person's home after redeeming all other finance secured on it. The equity release can occur as either a lump sum, a drawdown, or as a regular income over time.With this form of equity release, no interest is payable during the term of the lifetime mortgage. The interest payments will instead roll up into the balance of the loan. The balance of the loan is repayable when either the...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...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 cap and collar mortgage is similar to a capped rate mortgage except that is also has a lower limit,...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 years.Unlike variable rate mortgages, the interest rate charged on fixed rate mortgages will not be influenced by changes in either the Bank of England Base Rate (BoEBR) or the lender's Standard Variable Rate (SVR). Instead, the interest rate will remain constant during the fixed rate period regardless of movements in interest rates on other financial products.The fixed interest period gives borrowers the stability they need to manage their household budget more effectively, which is why fixed rate mortgages are popular with first-time-buyers and young households.Fixed rate mortgages are also popular during times of historically low interest rates. Many homeowners fix their interest rates while they believe the cost of borrowing is cheap, therefore locking in the low rates well into the future. However, while fixed rate mortgages provide borrowers with some advantages, there are also several disadvantages.Fixed interest rates are...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
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...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...more