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Hot Topics
- How Do I Prove My Income?
- When you apply for a mortgage you will normally have to provide proof of income. However, there are mortgages available, called Self-Certified mortgages, where this is not necessary.
- I Am Self-Employed. Can I Get a Mortgage?
- Whilst many high street lenders will exclude them our mortgage partners specialise in finding the best deals around for the self employed
- 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.
- Base Rate Tracker Mortgage
- A base rate tracker mortgage tracks the Bank Of England’s base interest rate then adds on a additional figure to arrive at the borrowers variable rate. Your monthly mortgage interest payments go up when the base rate goes up and they go down when the base rate goes down. The base rate tracker interest rate is usually between 0.5% and 1.0% above the Bank Of England's Base Rate.
- Right To Buy Mortgage
- What is ‘Right to Buy’?
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.
- Where can i buy a mortgage ?
- How Do I Switch Mortgages?
- How much deposit do I need?
- Can I Take A Break From Making My Mortgage Repayments?
- How much can i afford to borrow ?
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