How to cut your mortgage costs

Article Abstract:

UK mortgage lenders are competing to attract customers using a range of incentives that can be confusing. First-time buyers have more offers available, but competition has become less intense with fewer attractive deals for borrowers seeking to remortgage. Variable rate mortgages charge interest rates that change in line with prevailing rates, while fixed rate mortgages set rates for a given period and tend to impose penalties for borrowers seeking to move to a new lender before the period has ended.

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Base rate falls leave borrowers with a dilemma

Article Abstract:

United Kingdom interest rates have dropped, and this has led mortgage lenders to reduce their rates. Variable rates tend to be higher than fixed-rate mortgages, but borrowers have to commit themselves for a number of years, and further drops in interest rates are forecast. Borrowers could use relatively short fixed terms such as between two and three years, or they could use loans with capped rates. These products allow rates to drop, and impose a ceiling above which rates do not rise.

Interest Rates

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The mortgage gamble that is getting ever harder to call

Article Abstract:

United Kingdom mortgage borrowers have to decide whether to use variable or fixed-rate products, and their choice depends on whether or not they think that interest rates are likely to rise. Variable rate products have become more poplar since Jun 1998, due to reductions in interest rates. Rates tend to be lower for mortgage with only a short fixed rate period. There may be penalties applied to borrowers using fixed-rate products who seek to redeem their mortgages early.

Personal Financial Mgmt, Mortgages

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