Mortgage broker South Yorkshire - interest rates
Contact a mortgage broker in South Yorkshire, no matter what mortgage you’re looking
for.
We know that the mortgage market can be confusing. Each week, the financial pages
of your paper will pick out yet another mortgage that’s performing well - but is
there any guarantee that it will continue to be a great deal, or will there be something
better next week? How will you know which interest rate or repayment method is best
for you, and what about if you want to buy a property, but rent it out rather than
live in it? The answers to all these questions can be found at your mortgage broker.
A simple guide to mortgage types
There are lots of different mortgages on the market, and we can’t cover everything
in one brief article - which is why we hope you’ll pick up the phone or contact
us online to see how we can help. Everyone’s circumstances are different and our
mortgage advice is tailored to your individual situation, so it’s always worth having
a chat with us before you commit to a mortgage. Here are some general interest rate
mortgage types to get you started:
Interest rates
- Variable rate mortgage - your interest rate can change at any time.
Typically, your interest rate is closely linked to the interest rates set by the
Bank of England. It is usual that when the Bank increases the interest rates, your
rates will also increase and when they go down, so will yours.
- Fixed rate mortgage - your interest rate is set for a period of
time, usually between two and five years, so that you know exactly what you’re paying.
If general interest rates fall below your rate, you may be paying more for your
mortgage than other borrowers.
- Capped rate mortgage - there is an upper interest rate set on your
mortgage. If general interest rates rise above that limit, you will not pay extra
interest, and if they fall below your capped rate, you will pay the lower interest
charge.
- Discount rate mortgage - many mortgages offer a discounted rate
to attract customers. This rate will be available for a fixed period, after which
it is likely to rise. Always make sure you know what the rate will rise to so that
you are sure you can afford it.
- Offset mortgages - you can use your savings and current account
to reduce the amount of interest you pay. This is a good option if you have a current
account in credit and healthy savings.
- Flexible mortgages - flexible mortgages allow you to take payment
holidays, or to overpay your mortgage if you have some spare cash.
Move and Mortgage isn’t just a mortgage broker in South Yorkshire, but is dedicated
to offering you an alternative to estate agents when it comes to selling your home.
Set up an account, advertise your property yourself and stop paying estate agent
fees. Setting up your advert is free; all Move and Mortgage ask is that you consider
their advice when it comes to your next mortgage - but as appointed representatives
of Financial Ltd, which is authorised and regulated by the FSA, you can be sure
that you’re getting fair and impartial mortgage advice. Find out more about this
great opportunity to advertise your home free of charge by calling 0800 077 8225
or filling in our online enquiry form.
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