Hot Topics

How Much Deposit Do I Need?: As a general rule of thumb, you need to make a deposit of about 5 – 10% of the total amount you are borrowing.
Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?: If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender – then you will need to negotiate new terms with your existing lender.
What If I Die Before My Mortgage Is Paid Off?: If you die before your mortgage has been repaid, your estate will face the cost of paying back the outstanding balance. The mortgage will not be written off by the lender, it will have to be paid by the next of kin.
Information For 1st Time Mortgage Buyers: Your first mortgage will be the most significant financial undertaking of your life so far, but how exactly do you go about getting a mortgage?
What are Self Certification Mortgages?: When you apply for a mortgage, the lender will require from you proof that you will be able to maintain the mortgage payments, and do not present a risk of non-payment for the large amount of money you are borrowing.

What Happens If Interest Rates Change?

If you have some form of fixed interest rate mortgage you will be unaffected by changes in interest rates. Otherwise you can expect a change in the rate of interest charged on your mortgage.

If you have a variable rate mortgage, your monthly repayments will be affected by changes in interest rates. Every time the Bank of England Base Rate increases, mortgage interest rates are likely to increase but not always by the same margin. The same goes if the Bank of England Base Rate decreases.

However, some people prefer a fixed rate mortgage as this avoids the possibility of increased monthly mortgage payments.

In fact choosing which type of interest rate structure to go for in a mortgage is one of the most important decisions that you will have to make, and we highly recommend that you seek professional advice from a fully qualified mortgage adviser.

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