One much underused resource in the mortgage industry is the tracker mortgages or rate tracker mortgages. Due to a general lack of knowledge about it, borrowers tend to go for fixed rate or variable rate mortgages. However, with the uncertainty surrounding interest rates in today's economy, a tracker mortgage may be a good choice for many potential mortgage customers who are concerned with being trapped in a high fixed rate mortgage.
Tracker mortgage is an alternative to fixed rate mortgages. It's called a tracker mortgage because your interest rate will "track" the Bank of England's base rate.
Many tracker mortgages only run the tracking element for a limited time, (anything from 1 to 10 years) before the mortgage is reverted to the lender’s standard variable rate of interest (SVR). If you are ...
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Finding the best offset mortgages deal can be challenging. There is a huge amount of information on the internet and on the high street about offset mortgages, but instead of giving you clarity, it can leave you overwhelmed and confused as to which is the best offset mortgages deal on the market.
Offset mortgages link the balances in a borrower's mortgage account and/or savings account. Interest earns from the savings and/or current accounts are used against the mortgage debt and in theory; the mortgage can be paid off quicker. It is also flexible and allows overpayments, underpayments, and sometimes payment holidays.
Offset mortgage could also cut your credit card bills as offsetting the credit debt could save you huge amounts. Instead of paying even the lowest rate of 14.9 percent, you will ...
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A leading broker has advised people to choose an offset mortgage rather than dipping into their savings to pay for their home loan. An expert from the broker said that this would allow customers to pay off their loan quicker and would also offer them greater flexibility.
He went on to say that by choosing an offset mortgage, customers would then not only be able to pay off their home loan quicker but also have the back up of their savings should they ever need to use them.
In the United Kingdom, there are different types of mortgages to choose from, which include a mortgage that is a big success in Australia, from where it originated. It is called an offset mortgage. Basically, an offset mortgage use the interest earns from your ...
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