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The Finance Directory Blog

"A Resource for Financial products including Loans, Mortgages, Credit Cards, Pensions and Insurance with a wide range of information"

Mortgages Directory

Whilst the United Kingdom property boom continues more and more people looking to buy will be applying for and taking out mortgages. These longer term loans secured on your property are vital to help the majority of United Kingdom homebuyers finance their purchase. Whilst it is vital for many people to take out this line of finance, the terminology and knowledge needed can often be quite daunting. The standard person looking to take out a mortgage will often be unaware of how the market works, and what such terminology as ‘fixed rate’ ‘capped’ and ‘redemption’ mean. To help, we will be providing a comprehensive range of resources to help de-mystify. In addition to this, we will be providing a directory of companies providing mortgages, and mortgage advisors who will also be able to help.

Here is a range of common mortgages terminology which may be able to help:

Variable – these type of mortgages sets their interest rate according to the lenders standard variable rate (please see each specific lender for details). Variable mortgages often change when there is a change in base rate with the Bank of England.

Fixed Rate – these mortgages fix the interest rate at a specific level for a set time period such as two five or ten years. The advantage of these mortgages is that you always know your financial situation as the interest rate remains the same. However the disadvantage is that if general interest rates fall, your mortgage will remain at the same rate.

Capped Rate Mortgages – with a fixed ceiling at which interest rates cannot rise above, capped rate mortgages protect from interest rate rises However the disadvantage is that the capped rates will generally be higher than fixed rates for a period of time.

Enter our Mortgages Directory

 
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