GET THE BEST MORTGAGE RATE GUIDE ONLINE

GET THE BEST MORTGAGE RATE GUIDE ONLINE

Welcome to the mortgage rate guide. Interest rates vary a great deal amongst the major lenders; you have a fixed mortgage rate, capped, variable, flexible, minimal status, Libor based... some are fixed for a limited time, interest only with an endowment policy or an ISA. Lots to choose from! If you go for a fixed mortgage rate the interest is likely to be higher to protect the lender against adverse market forces. On the one hand you know that the repayment figure will not go up but if interest drops you won't benefit. With a capped loan you put a ceiling on the repayments so you can take advantage of a reduction in interest but they can't go through the roof! Unfortunately capped loans will attract a slightly higher mortgage rate.

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A variable interest loan allows you to take advantage of a lowering of interest but again the cost will be slightly higher; there are penalties imposed for early settlement of loans which can be avoided by taking a loan allowing flexible payments; these allow overpayments which can be an advantage but it would be wise to find out how the finance company calculates any increase as loans are not necessarily linked to the Bank of England base mortgage rate. Minimal status covers people who may have been made redundant, but have sufficient funds to live on, or where one spouse has substantial income but it may be more beneficial for instance for tax purposes that the property be in the other spouse's name. Libor means 'London Interbank Offered' mortgage rate, instead of being linked to the Bank of England the lenders prefer to use Libor. Interest only loans require that you have an endowment policy to run along side the repayments which mature and pay off the loan.

The  can be influenced by your credit history. If you have had any CCJs against you, or a history of late payments, the lenders who would be willing to lend you money would probably want to charge you more to cover the higher risk. There are a multitude of possible extra charges for, for instance, arrears. Lenders are required under the Code of Practice to provide a tariff  showing any extra charges and additional interest for late payments.

We recommend that you consider taking out a Payment Protection Plan with your loan, to give you peace of mind for times when you may not be able to meet the monthly payment due to illness or redundancy. The policy would always be there fall back on.


Bestquote mortgage rate and Moneyquest (UK) Ltd
Head Office, 2-5 Springfield House
Bishopbriggs, Glasgow, United Kingdom, G64 1QE
Tel: 01869 277023

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