Mortgages

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Mortgages

Home Loan Mortgage

Don't let the jargon confuse you it's not as scary as it sounds

There are almost as many kinds of home loan mortgage as there are customers. You can get a mortgage to buy a new home or to refinance an existing one, to pay for home improvements or to start your own business. The jargon can be confusing but it's all pretty straightforward.

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Graduate Mortgage

Saddled with debt from your student days? Lenders can help

After years of studying, you're probably broke so finding the money for a deposit can be difficult if not impossible. A graduate mortgage solves the problem. Lenders offer mortgages without a minimum deposit and in some cases will lend you more than the value of your property.

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French Mortgage

Buying abroad? The system is different overseas

A French mortgage is quite different to a British mortgage. Loan terms are shorter, the maximum amount you can borrow is usually lower, and you don't benefit from the wide range of products that are available for UK purchases. You may also need help to deal with local authorities and estate agents.

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Flexible Mortgage

Pay more when you're flush and less when you're broke

Unlike a traditional mortgage, a flexible mortgage enables you to pay more when you're rolling with money and pay less when you're a bit short of cash. Many lenders will even let you take payment holidays, breaks of several months when you don't pay a penny towards your mortgage.

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Fixed Rate Mortgage

Avoid nasty surprises for the next few years

A fixed rate mortgage is ideal for buyers who don't want nasty surprises should interest rates rise but you'll pay for the privilege. Fixed rate deals tend to have higher APRs than variable rate mortgages, and of course if interest rates fall then you might end up paying over the odds.

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Fixed Interest Rate Mortgage

Is this the right time to fix your interest rate?

Interest rates have been on a downward trend since the 1980s, and in recent years changes to the rates have been minor. However, if interest rates should rise then mortgage payments could skyrocket, so it might be worth considering a fixed interest rate mortgage to keep your payments predictable.

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First Time Buyer Mortgage

How to take your first steps on the housing ladder

A first time buyer mortgage is designed to make it as easy and as inexpensive as possible for you to take your first steps on the housing ladder, and most lenders offer such products. Look for cashback deals, 100% mortgages and other goodies but don't ignore the APR stated.

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Endowment Mortgage

Why are endowment mortgages so controversial?

An endowment mortgage sounds like a great deal: pay less money each month and let the stock market take care of the rest. However, as many unfortunate home owners have discovered, share prices can go down as well as up. Approach any endowment mortgage with caution.

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Discount Mortgage

Pay less for the first few years of your mortgage

If you want the lowest possible APR for a short time, at least then a discount mortgage is for you. Lenders offer a fixed discount on their normal interest rate for a period of two or three years, resulting in an APR that's up to 1% lower than other mortgages.

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CCJ Mortgage

A bad credit rating isn't the end of the world

A CCJ mortgage sounds like an impossible idea: who in their right mind will lend money to someone with a very bad credit record? The answer is: lots of people. Specialist mortgage lenders and brokers are happy to consider applications from people with CCJs against them, although rates can be steep.

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Debt Consolidation Mortgage

Get yourself out of financial trouble

It's all too easy to end up in masses of debt, especially if you use credit cards and store cards. A debt consolidation mortgage can help get you out of a financial black hole, but it's essential that you change the behaviour that got you into a mess in the first place.

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Council Mortgage Lender

Buying your council house could save you money but think carefully

Buying your council house could make sound financial sense, but there are things to think about. Before you approach a council mortgage lender, it's important to check that you qualify under the right to buy scheme some properties and tenants are exempt. Be wary of door-to-door sellers, too.

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Commercial Mortgage

How to get cash when you're buying a building for business

Whether you're planning to become a publican or buying a flat so you can rent rooms to students, you might find it difficult to get a normal mortgage from a high street lender. But don't despair: a large number of firms will happily arrange a commercial mortgage for you.

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Cheapest Mortgage

With so many mortgages to choose from, how do you find the cheapest?

What kind of mortgage are you looking for? The answer is probably: the cheapest mortgage. Finding a cheap mortgage is easy enough, but finding the cheapest one means a bit of digging. It helps if you've already got money in the bank, too: rates drop dramatically if you can stump up a decent deposit.

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Cheap Mortgage

There's more to a cheap mortgage than a low interest rate

When you're looking for a cheap mortgage, interest rates are a handy indicator but they don't tell the full story. The APR (Annual Percentage Rate) is more accurate, because it includes the actual cost of credit such as arrangement fees and so on.

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Current Account Mortgage

Should you put all your eggs in one basket?

A current account mortgage combines your mortgage with your bank account, saving you stacks of cash on your mortgage payment. At least, that's the theory, but if you're not thrifty you might not save as much as you think and your savings won't pay interest.

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Current Mortgage Interest Rate

Rates can go down as well as up

If you're considering a variable rate or tracker rate mortgage, it's dangerous to assume that the current mortgage interest rate will stay roughly the same for the period of your loan. Interest rates can rise as well as fall, and even a slight increase could seriously affect your financial health.

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Current Mortgage Rate

Who decides the price of your repayments?

The current mortgage rate is often confused with the Bank of England base rate, but they're different things: the base rate is the interest rate at which banks and other institutions can borrow money, and the mortgage rate is the interest rate they charge you. Changes in one don't always affect the other.

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Compare Mortgage

Don't just compare deals try different percentages too

If you don't compare mortgage deals, you're mad: even a slight difference in interest rates or fees can make a huge difference to your payments. It's also a good idea to compare mortgage deals for different amounts: the more of a deposit you can afford, the lower the interest rate.

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Adverse Credit Mortgage

Why no credit history is different from a bad credit history

Don't assume that, if you can't prove your income or don't have a credit history, you need to apply for an adverse credit mortgage. There's a big difference between no credit history and a bad credit history and plenty of lenders offer non-status mortgages.

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