Variable mortgage interest rates, also known as tracker or discounted mortgage products, are mortgage loans with interest rates that can fluctuate over time. The interest rate on a variable mortgage is tied to an economic index, such as the Bank of England base rate or the own building society standard variable rate. As the index …
After the Bank of England’s Monetary Policy Committee (MPC) voted to increase Bank Rate to 3% in early November, households across the country are feeling the effects of pricier borrowing. Going up The rise of 0.75 percentage points, an eighth consecutive increase and the biggest since 1989, has a significant impact on borrowers. Future …
Fixed interest rates refer to the interest rate that is set for a specific period of time, for example a 2 year fixed mortgage. This means that the interest rate will not change during the period it is fixed for, regardless of any changes in market conditions. One advantage of fixed interest rates is that …
Have you thought about your re-mortgage options? Recent consumer research carried out by Legal & General Mortgage Club, found that 41% of respondents were considering not re-mortgaging, and instead staying with their existing lender and accepting the switch to a Standard Variable Rate (SVR). So why are people opting to stay? The research uncovered these …
The disadvantages of staying on a Standard Variable Rate (SVR) Read More »
Before securing your next mortgage deal, it’s important to reflect on what’s changed, and also what’s likely to change in the future. These are factors which could influence how much you need or want to borrow. As an adviser I can help you ensure your next mortgage fits both your current and future needs. After …
Did you know that 55% of customers say they’re likely to stay with current lenders when it comes to re-mortgaging? As part of Legal & General’s research, they delved into the reasons behind why customers said they would stay with their existing lender. 42% gave the reason of trust and a belief that existing …
Understandably, most people seek out the lowest interest rate when re-mortgaging. In fact, 63% of respondents in a recent survey by Legal & General Mortgage Club, declared interest rates to be the most important factor when either re-mortgaging with their existing lender, or moving to another provider. Although an important factor, there is so much …
When you remortgage, it isn’t always about the best deal, it is about the best deal you can get. Lenders used to dole out mortgages to anyone who wanted one, but things have changed and now being accepted for one can be difficult. Today lenders will cherry pick their customers, and by doing so this …
Remortgage – It’s not always about the best deal. Read More »
Why are rising interest rates bad news for mortgage holders? And what role does inflation play in pushing repayments higher? Inflationary effect The pace of inflation has been well ahead of the Bank of England’s (BoE’s) target of 2% throughout 2022. In September, the consumer prices index (CPI) rose to 10.1%1. The BoE’s latest forecasts …
Remortgaging is a popular option for homeowners looking to save money on their monthly mortgage repayments, or to access the equity they have built up in their property However, the process of remortgaging can be complex and time-consuming, and a mortgage broker is essential when looking to remortgage. Research by Legal & General shows that …
