Best Mortgage Rates
During the course of this page Moneyandme.co.uk aim to bring you the best mortgage rates available in the market along with an insight in to the various types of mortgage listed in the table. We hope you find the best mortgage rates available along with gaining an understanding of the different types of mortgages. The mortgage rates you can expect to get will depend on the type of mortgage you are looking for and the purpose of your mortgage. We can give you rates for first time buyer mortgages, buy to let mortgages and residential mortgages, along with many other mortgage rates and will give you a description and things to look out for in your mortgage search. Please scroll down the page to find the best mortgage rates and mortgage details available in the UK today.
Fixed Rate Mortgages
The first results in the fixed rate mortgages table are fixed stepped products, these offer you a fixed mortgage but on a stepped basis which means the fixed rate will increase at pre arranged dates in the future, if this is the type of product you are looking for remember to diary the increase dates so you do not get caught unaware, to view further details on the product including early repayment charges and other features click on the bold writing in the box, you can also gain further information on the product by clicking the view product brochure button and looking at the fuller details available, we recommend you do this and them ask one of our mortgage advisors any questions you may have about the product. One area to be aware of is that many product providers who offer this type of mortgage may allow you to capital raise with them up to 90% of the property value but to get this your current mortgage generally will have to be with that lender to start with.
Fixed Mortgages
Fixed Mortgages generally have an application fee applied to them and early repayment charges, so ensure you are aware of these at the outset. Fixed Mortgages offer the security of knowing that your monthly payments will not change during the term which allows you to plan ahead. After the credit crunch mortgage lenders have tightened up on their lending criteria and the amount of deposit or equity they look for when looking to mortgage or remortgage has increased, the bigger the mortgage or equity you have the better the fixed rate mortgages you can expect to get from the mortgage lenders. Recently some of the lenders have started to reduce their fixed mortgage rates which is good news for the mortgage market.
Mortgage Interest Rates
Over the past 2 years good mortgage brokers have either put their clients in Tracker Mortgages or Fixed Mortgages due to the un stability of the market. Both products have been appropriate for the clients needs with the Tracker Mortgages clients gaining more in the current market conditions than those on a fixed mortgages. Both products are good with the tracker being slightly more adventurous than the fixed. Most people who are coming to the end of their Tracker deal or Fixed deal will end up saving money as the Standard Variable Rate for most lenders has been as low as it has ever been, so before you remortgage find out what your monthly payments will be on the (SVR) before committing to a new deal with the mortgage broker.
Tracker Mortgages
Tracker Mortgages: Table shows tracker mortgage deals that you can apply for direct to the mortgage provider or other deals where you can use a mortgage advisor, for tracker mortgages will almost always come with an application fee which you should be aware of before you proceed with a mortgage application. Tracker mortgages are a type of mortgage loan that follows the Bank Of England base rate, it is a variable rate mortgage that tracks the movements of the Bank Of England base rate. It is common practice for tracker mortgages to be higher than the interest rate set by the Bank Of England base rate and lenders usually apply any changes to the rate with immediate effect. People on tracker mortgages have benefited from the low rate that the Bank Of England has had the base rate for some time and are enjoying lowered monthly payments while this is in force. With tracker mortgages you must also be aware that these generally do not have a cap on them so if we went back to black Monday then interest rates could rise substantially overwrite affecting your monthly mortgage payment. Tracker mortgages generally come in terms of 1 year 2,3,5 and 10 year deals. To get the best tracker mortgage deals you will need a large deposit or a large amount of equity in your property.
Mortgage Rate
Mortgage rate change on a daily basis and will continue to do so for the forseeable future due to market conditions. Fixed rate mortgages are becoming very popular again especially with the first time buyer as they want the guarantee on their monthly payments and are becoming more apprehensive with other deals available in case the Bank Of England increase the base rate. One thing to remember when selecting what mortgage rate to select is that it is unlikely that the Bank Of England will reduce the base rate from 0.5% in the further so the only way that rates can go are up.
First Time Buyer Mortgage
First Time Buyer Mortgages have changed drastically over the last two years, from your typical Northern Rock 100%-125% mortgage and remortgage deals for first time buyers and people looking to remortgage to the present situation where first time buyers are finding it very difficult to get on the property market. Mortgage lenders have reduced their exposure to negative or no equity in light of the credit crunch and are only now slowly getting back into the mortgage market for first time buyers. Mortgage lenders have tightened up on the criteria for first time buyers with their credit scoring of applications but have improved on the loan to value they are prepared to lend and some have had offers for 95% first time buyer mortgages available for short periods of time. Developers have been offering first time mortgage buyers incentives to purchase new build property and while this is good the client should have their mortgage decision in principal approved before they visit new builds as they will find more incentives on offer if they are in a position to buy. Speak with our mortgage advisors and get your decision in place before you look at new builds it could be to your advantage.
The type of mortgages available for first time buyers ranges from fixed mortgage rates, discount mortgage rates, tracker mortgage rates and many other types of mortgage deals, please ensure that if you are intending a long term deal like 30 year fixed mortgage or 10 year fixed mortgage that you have no intention to move or you are fully aware at the outset of the penalties you will en cur if you come out of that mortgage deal, this could amount to all the equity you have built up in the property and leave you back where you started if you needed to move so please ensure you are aware of these.
Combination of Repayment mortgage and Interest Only mortgages: As it says this is a combination of both and is fairly common in the mortgage market place. The amount people have split between repayment mortgage and interest only mortgage varies from case to case and is solely based on individual circumstances. You can change your mortgage to a combination if you feel you could benefit from it and is certainly one of the options you should discuss with your mortgage advisor if you are on interest only mortgages with the potential of your savings having a shortfall.
Compare Mortgage Rates
Compare Mortgage Rates: It is very important to check the table above so you can compare mortgage rates from the whole of the market. You may find that your net disposable income is flexible each month in which case you may benefit from a tracker mortgage or after paying your deposit you may have enough savings left that an offset mortgage would be of more benefit to you. When you review these details please advise your mortgage Broker of your full financial circumstances including savings as this could determine which mortgage deal is best for your needs.
Buy to Let Mortgage
Buy to let mortgage deals are available in discount mortgages, tracker mortgages and fixed mortgages along with most other type of mortgage deals. Their is certain criteria that must be met for buy to let mortgages such as you must not occupy the property, affordability is based on your credit score and rental income you can achieve on the property which the surveyor will generally advise the lender of when he carries out his survey of the property. The buy to let mortgage market has also suffered from the downturn in the economy but many people predict that private landlords will increase their share of the rental market in the years to come. If you have been considering getting into the buy to let mortgage market then the time is perfect for picking up bargain properties either on the open market or at property auction. If you are considering this then we suggest you register with your local property auction and request a catalogue of the auctions that are coming up. Getting a decision in principal is very important if this is the road you are going down as the auction will require payment for the property in a very short period of time. We suggest speaking with one of our mortgage advisors about this before proceeding. Buy to let mortgages tend to slightly more expensive than your traditional residential mortgages but please ensure you select buy to let mortgage if this is the road you are selecting as the building insurer may have issues in the event of a claim if the property is not on a buy to let mortgage.
Remortgage's
Remortgage's are for people who currently have a mortgage and in general have more on offer in the way of mortgage deals than the rest of the market. Offset mortgage deals, fixed mortgage deals and all other mortgage deals are open to people who wish to remortgage. Remortgage can be for several reasons such as your deal is coming to an end, you wish to fix your payments for a specific period, you wish to raise additional capital for house improvements or for debt consolidation. If it is for debt consolidation then please be aware that your house could be at risk if you secure unsecured debts against it. The remortgage market has been affected in the past due to the Bank Of England reducing the base rate which has resulted in many people on lower standard rates than that of new deals available to them. We suggest you monitor the situation if this is your current position and register with a mortgage broker in case the situation changes quickly.
Offset Mortgages
Offset Mortgage are a facility that allows you to offset your mortgage balance against your savings and many providers will calculate this on a daily basis. If you have £50000 in several savings accounts and current account at any given time this would be reduce the amount of interest you would have to pay in interest on your mortgage at that given day, if you spend some savings then your interest payments and mortgage balance would go up and the opposite if you saved more. This can be very good for people who have savings and are unsure as what to do with them. It is always important to look at your mortgage needs before investing money for the medium to long term.
Adverse Credit Mortgages
Adverse Credit Mortgages have seen the biggest change in recent years. People with adverse credit could get mortgages much the same as mainstream residential mortgages but that has changed since the credit crunch. Mortgage lenders have tightened up on the criteria needed for a adverse credit mortgages application to be successfully and have in general increased the interest rate payable to the adverse credit mortgages market. If you are looking to apply for any adverse credit mortgages on offer we suggest that you obtain your credit reference before you make your application as this will assist the mortgage broker in his accuracy of credit information to the potential mortgage lender. This report can be obtained online or by writing to the company at a cost of approx £2 and is well worth the effort. If you do not have accurate information on your current credit status you could end up paying a higher interest rate as the mortgage lender will see you as a higher risk and if your credit file is better than you anticipated then this could result in you getting a better mortgage deal from the mortgage lender saving you money on your monthly mortgage payments. Adverse credit mortgages is a complex area and lenders are getting stricter on their lending so we suggest you discuss your needs with one of our mortgage advisors prior to committing yourself to a house purchase or remortgage.
Commercial Mortgages
Commercial Mortgages are completely different from residential mortgages and the deals on offer change on a daily basis some times by wide margins. Commercial mortgages also suffered due to the credit crunch but the market is slowly returning with better deals being produced by the commercial mortgages lenders on a daily basis. We do not offer a rate and product search facility for commercial mortgages but are more than happy to assist by email or phone whichever is more suitable for the client. If you are considering purchasing commercial property you can also do this through a SIPP pension if you have one or a Personal pension can be transferred into a SIPP to help with the funding of the commercial property reducing the amount or allowing you to have more than one commercial mortgages. Please Contact Us for further information.
Right To Buy Mortgage
Right To Buy Mortgage have very little restrictions applied to the mortgage you can select from the mortgage comparison tables. If your property has been discounted and you have additional deposit it may be worth while looking at a variable rate mortgage depending on your mortgage borrowing and the term of your borrowing. Right to buy mortgage arises when you have stayed in your property for more than 5 years with most local authorities and wish to purchase this from them. Tenants after 2000 get a maximum discount from the local authority of £15000 but tenants that have been in their property longer can get up to 70% discount on the market value of the property. Typically the first stage of the process is obtain the application form from your local authority for your right to buy mortgage purchase and then discuss the process with one of our mortgage advisors. This is an ideal way to purchase your most prized asset and an experience you should enjoy. Many people in the past have used their right to buy mortgage for home improvements and others have purchased overseas property with the equity that is built up in their home due to the large discount they have received. Before you can release the full equity most local authorities stipulate that you can not sell the property with in the first 3 years of your purchase other wise they will look for part of the profit. Our mortgage advisors will be more than happy to discuss and assist you through the process. Many local authorities are looking to stop the right to buy mortgage system so check your circumstances before it is too late.
Great Mortgage Rates
Great Mortgage Rates: Moneyandme would like to thank you for taking the time to read this page and hope you have found a great mortgage rate that suits you. We would also appreciate any feedback you have on the site by filling out the feedback form at the top left of the page so we can improve our service in the future for our visitors.
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