The majority of the population people have heard the expressions remortgages and mortgages but are just not sure what the words actually mean
A good starting point is with the word mortgages and what mortgages are are home loan required for house purchase and the only ones who do not need a mortgage are those with money who can pay cash for the property and these sorts of people are hard to find.
Mortgages are home loans that the majority will have on several occasions during their life as most like to move house every year or so and on average people change home every four or five years.
You can get mortgages by going direct to a bank or building society or you can arrange it through a mortgage broker.
A mortgage broker is by the best means for people wanting a mortgage as the broker deals with the whole of the market , and can provide you with a vast choice of mortgages, compared to going to only one mortgage provider who will only offer you their own products, and therefore it can all end up costing you a lot of money
There are mortgages that have a fixed rate and also tracker and again if you do not really know about mortgages you can discuss them with a mortgage broker who will explain the differences to you.
Obviously as the name makes clear, a tracker mortgage tracks something or the other and what this is is the Base Lending rate of The Bank of England, and therefore if rates go up your mortgage interest will go up accordingly
Fixed rates do not change during the fixed rate term
Remortgages replace an existing mortgage with a mortgage from a different provider and can be simply to obtain a better interest rate.
Remortgage in every other aspect act the same as mortgages that already exists on the property with identical interest rates as well as tracker and fixed rate remortgages on offer.
A good starting point is with the word mortgages and what mortgages are are home loan required for house purchase and the only ones who do not need a mortgage are those with money who can pay cash for the property and these sorts of people are hard to find.
Mortgages are home loans that the majority will have on several occasions during their life as most like to move house every year or so and on average people change home every four or five years.
You can get mortgages by going direct to a bank or building society or you can arrange it through a mortgage broker.
A mortgage broker is by the best means for people wanting a mortgage as the broker deals with the whole of the market , and can provide you with a vast choice of mortgages, compared to going to only one mortgage provider who will only offer you their own products, and therefore it can all end up costing you a lot of money
There are mortgages that have a fixed rate and also tracker and again if you do not really know about mortgages you can discuss them with a mortgage broker who will explain the differences to you.
Obviously as the name makes clear, a tracker mortgage tracks something or the other and what this is is the Base Lending rate of The Bank of England, and therefore if rates go up your mortgage interest will go up accordingly
Fixed rates do not change during the fixed rate term
Remortgages replace an existing mortgage with a mortgage from a different provider and can be simply to obtain a better interest rate.
Remortgage in every other aspect act the same as mortgages that already exists on the property with identical interest rates as well as tracker and fixed rate remortgages on offer.
About the Author:
Learn more about remortgages. Stop by Champion Finance's site where you can find out all about the best remortgage for you.
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