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So Why Should You Compare Quotes Before Choosing a Mortgage ?
Most Popular Reasons for Taking Out a Mortgage
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Repayment MortgageOver the period or term of your mortgage, every month, you steadily pay back the money you’ve borrowed, along with interest.
Interest-Only MortgageOver the term of your mortgage, you only pay off the interest. You you don’t actually pay off any of the mortgage. The monthly payments will be lower, but won’t reduce the capital you owe.
Fixed Rate MortgageWith a fixed rate mortgage, your lender guarantees your rate will stay the same ‘fixed’ for a set amount of time. Normally this guarantee is capped between 1–10 years.
Standard Variable Rate (SVR) MortgageSVR is a lender’s default. No deals, bells or whistles are included. Each provider is free to set their own SVR, and adjust it when they like.
Discounted Rate MortgageYou get a discount on the lender’s SVR over a set period of time. This is a type of variable rate, so the amount you pay each month can change if the lender changes their SVR, which they’re free to do as they like.
Tracker MortgageThey are a type of variable rate mortgages, which means you will probably pay a different amount to your lender each month. Tracker rates follow a particular rate to determine what you pay each month, then adding a fixed amount on top of that base rate.
Capped Rate MortgageThese are variable mortgages, with a limit or ‘cap’ on how high the rate can rise. Often, the rate is higher than a tracker mortgage – so you might end up paying extra for that peace of mind.
Cashback MortgageWhen you sign up to your mortgage, the lender pays you a lump sum of cash (usually, a percentage of your loan).
Flexible MortgageThese allow you to overpay and underpay and even take a payment holiday (skip a few monthly payments) if required.
Offset MortgageThis is a way to use your savings to reduce the amount of interest you pay on your mortgage. You need to turn your mortgage into an offset mortgage, open a current or savings account with your mortgage lender and link that account and your mortgage up.
Use Some of Your Home's Value to Live Life Your Way
- Credit Cards – If you use a credit card, it is always best to pay it off in full each month
- Personal Loans & Hire Purchase – The monthly payment you make will be subtracted from your income, in turn reducing the level of disposable income from which to make a mortgage payment.
- Pension Payments – there is no standard approach from mortgage lenders when looking at these payments. Some will view the payment in the same way as a loan – they will reduce the monthly income.
- Children – the more people reliant on the income, the more this can reduce the maximum loan available.
- Credit Score – mortgage providers will gather data from the credit reference agencies & this will impact the amount you can borrow.
- Term – the longer the term the more you can borrow.
- Deposit – the more deposit or equity you have, the more you can borrow or the more favourable the rate you can get.
- Income – the more you earn the more you can borrow. However, not all income is treated equally. Payments from bonus, commission, overtime, shift allowance, self-employment are all looked at differently to basic salary.
If you’re tired of monthly mortgage payments, a Nationwide mortgage might be a fantastic way for you to pay back that mortgage quickly. This is one of the many reasons people choose a mortgage product.
What People Say
PS – If you’re anything like us, you just skipped to the end anyway.
So here’s the scoop – we are offering to get you the best quote for mortgage from the best mortgage companies.
John advises business, individuals, and organisations on pension planning. As you’ve probably realised by now, we’re invested in helping people like yourself understand a little bit more about how mortgage options work.