Mortgages are likely to be the largest single purchase of your lifetime, unless you happen to be a budding millionaire - so you kind of need to make sure you get this one right. By getting the best mortgage to suit your finances you'll probably end up saving yourself some money and a lot of hassle too.
The options
There are lots of different types of mortgage, many boasting weird and wonderful names. It depends on your circumstances as to which one will suit your finances best. For example:
Standard variable rates are normally the ones that cost you most. They are linked to the Bank of England’s base rate and this means they could rise at any time and see you seriously out of pocket. Of course, that also means the rate could fall, but that’s pretty rare, and you shouldn’t rely on that happening. These give you all the control of a car without brakes.
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A fixed rate is very simple - your interest rate is fixed for a period, usually between one and five years, so you know precisely how much you’ll be paying during that time. It just means you know where you stand and there’s no risk of it going higher during that period.
An offset mortgage is one of the most popular options at the moment, it pools your savings and helps shave some money off your mortgage. It does this by offsetting (you can see how they came up with the name there) your saved money against your mortgage, so you only pay interest on the remaining balance. You can even link your current account into this and offset any further money you have against your mortgage. It’s an extremely efficient way of managing your money and can lead to paying your mortgage off early if you work it properly.
Any extras
Always look ahead - when your rate comes up for renewal, by moving your mortgage to a different lender whose rate is 0.1% better could save you hundreds of pounds. Look out for charges for moving your mortgage though - things like administration fees can be upwards of £500, so be careful or you might not save as much as you thought.
- Remortgage - Wikipedia, the free encyclopedia
- A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.
- en.wikipedia.org
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