Capped rate deals are the same as fixed rate in most ways, however, if the variable rate of interest goes below this, then the client will pay according to the lower rate.
For a fixed rate mortgage you can pay back the loan with an interest rate which is not affected by the changes in the marketplace.
With a discounted rate there is a set SVR (Standard Variable Rate) interest rate from which the lender in question will deduct a certain percentage.
The we have variable rate deals in which the payments will change in accordance with the SVR.
Cashback is when the lender gives back a sum of money after the agreement has been made.
Flexible/Lifestyle deals are those which allow you to change the amount you pay off each month.
A current account deal can be described as a "flexible deal linked to a current account".
All online mortgage broker UK enquiries place you under no-obligation to proceed. We offer a nationwide service and will be pleased to speak to you at a time to suit you.
If you are looking for an online mortgage broker UK there are many that are worth your while. However, you will need to do some research in order to find one that can get the most favorable terms.
Any online mortgage broker UK web site you find should be scrutinised according to the following checklist:
Once you've settled on a few companies, you can enter their business name in a search engine with the words 'scam' or 'problem', and see what comes up.
- How quick are they to respond to queries?;
- Has it got a company name?;
- Has it got a registered office?;
- Has it got a street address, rather than a P.O. box?;
- How far away are they from you physically?;
- Has it got a telephone number?;
- How long has the company been in business?;
- Are any mortgage broker personnel mentioned by name on the site?
Whether you are changing lenders for re-mortgaging or purchasing a new property, you need to be sure you can afford the payments. Lenders consider a number of things working out how much you can borrow, the outgoings and your credit history, like your income and employment status, the property value, although mortgage brokers use individual rules.
TIP: If interest rates go down: Leave your repayments the same. This means you will actually be paying more than the minimum every month. You'll repay your loan years earlier. The more rates fall, the more speedily you will repay your loan. You will have been paying at a higher rate, so if rates rise again later on you mayn't have to change your payment.
TIP: Don't take the owner's word that repairs have been made. If he agrees to make repairs, have your inspector check the work's been done before closing.
NOTE: Written quotes available on request. Mortgages subject to status and ability to repay.