Mortgage Online
Mortgage
remortgage online is a resource for people looking to find mortgage
advice. You will find a full range of
mortgage
products here with second to none advice online. We offer advice on a
mortgage with various companies who offer a professional service to
customersDIFFERENT
MORTGAGE TYPES:
To Bookmark this site for
mortgage deals
Explained briefly, a
mortgage
also known as a
home loan is normally long term secured
loan on a property Mortgage Guide - for best
mortgage deals aroundy. There are many
types of mortgages and vary in type from fixed term to variable,
interest only, endowment, etc. See Below.
Mortgage rates
are important as are the type of mortgage you choose. Many
mortgages have redemption penalties, this means if paying off the
mortgage early if
you have a agreed term of fixed rate you may incur an mortgage
redemption fee
(MRF)
Re mortgage
or Switching lendersAs the mortgage industry is
becoming more competitive people are saving money from shopping around. It
makes sense to shop around and carefully look at the
various deals around.
Remortgage is when the loan is taken on the existing property either
to release the equity and/or gain a
better mortgage deal.
Fixed Rate Mortgage (FRM)
A fixed rate is where it is agreed a fixed interest rate often between 3 and 5
years. This often comes with early redemption clauses.
ADVANTAGES; If the mortgage
rate goes up then savings within this period can be made.
DISADVANTAGES If the rate goes down then you may lose out
on lower payments
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Standard Variable Rate Mortgage
(SVRM)
This is where the rate can vary according to the lenders market rates
ADVANTAGES; This can be easily acquired without
time frames and redemption policies
DISADVANTAGES
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Discounted Rate Mortgage
(DRM)
Discount rate is exactly the same as the standard rate
mortgage but with
a fixed period of discount
ADVANTAGES; fixed period of discount.
DISADVANTAGES redemption policies can apply within this
time frame
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Capped Rate Mortgage (CRM)
A Capped rate mortgage is both a combination of a fixed rate and a standard rate
mortgage except the lender usually has an agreed upper limit if the rates go up
above the limit set by the lender.
ADVANTAGES; If the rates go higher than the agreed upper
limit then savings are made over and above the standard rate .
DISADVANTAGES It is usual for the lender to impose a
redemption policy on this type.
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Cashbacks
(CB)
Cashbacks are generally an incentive paid upfront and usually at a higher rate
of interest
ADVANTAGES; The advantage of this type is it can be useful
for a new person on the house property market where the advantage of having cash
upfront immediately outweighs the overall increase in payments.
DISADVANTAGES Are the overall increase in payments over
the long term.
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Flexible Mortgage
(FM)
A flexible mortgage is ideal for a person without a fixed
income e.g. self-employed etc.
ADVANTAGES; It allows you to take payment holidays,
pay off lump sums, reduce your payments increase your payments.
DISADVANTAGES it requires the person to have good control
over their finances.
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