Mortgage Rates

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Getting the best results when comparing mortgage rates

Deciding on which mortgage is the best deal for you can be a long and confusing process, especially in today’s rapidly fluctuating economic climate. There are hundreds of mortgage products out there on the market, and comparing mortgage rates can take up valuable time and sometimes even money.

These are resources which can be far better spent, especially if you are reassessing all your finances or moving house. Fortunately, there is help and advice at hand. This short guide will make clearer the options available to you and which situations different mortgage products are perhaps best suitable for. Additionally, you could use online mortgage comparison services to compare rates quickly and easily, or even enlist the help of an independent mortgage broker.

Finding a mortgage to meet your needs

1) I need security and stability when it comes to my mortgage. Which product should I go for? The best way to ensure that your mortgage rate will not change suddenly or unexpectedly is to take out a fixed rate mortgage. In this case, the mortgage rate you pay is set at an agreed amount for a specific time period. This means that you always know how much your mortgage payments will be. At the end of that specified period, you may need to reassess whether your mortgage is best for you, as the mortgage rate is likely to revert to your lender’s standard variable rate (SVR) which is likely to be more expensive. If you can afford to be slightly more flexible, a capped rate mortgage may suit you. Capped rate mortgages are relatively rare, but they are available can might be exactly what you are looking for. With these products, your mortgage rate may increase, but it is guaranteed not to rise above a certain amount. Although slightly different to the fixed rate mortgage, capped mortgages still offer a degree of security.

2) I want to save money on my mortgage where I can, but I can afford to be flexible. Which mortgage rate is best for me?

Tracker mortgages are linked to the base rate, decided by the Bank of England. These case work out cheaper than a fixed rate mortgage. If the base rate decreases, you may find that a tracker deal is cheaper than the mortgage rates charged on a fixed rate mortgage. In this way, you could save money. It is important to remember, however, that the base rate can go up as well as down, so if you are considering a tracker mortgage, be prepared for increases as well as decreases in your mortgage rate.

Similar caution should be applied to discounted rate mortgages. With this kind of product, the mortgage rate is set at an agreed discount compared to the lender’s SVR, but can increase with the base rate, so you could end up saving or spending more dependent on circumstances. Thus it is important to keep up with financial developments to make sure you get the best value for money.

The Mortgage Broker

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