Purchasing a property with the support of a mortgage is probably the biggest commitment that most people will ever make. Although there are thousands of lenders, choosing the right mortgage does not have to be quite as daunting as it may first seem.
Remortgaging
House prices in the South Coast have increased greater than anywhere else in the UK in the past 10 years. Although this is fantastic for long term investment it can make things very difficult when trying to purchase a property.
If you are looking to remortgage this may be the best way for you to raise money without having to move house. So if you need more space and are thinking about converting that loft or extending into the cellar a remortgage will probably be the most cost effective way. For this reason remortgages are becoming a great deal more appealing.
There are lots of advantages to remortgaging. You may be able to get a better deal than current, substantially reducing your monthly outgoings. With solicitor's fees, stamp duty etc. it is a cost effective way of raising money without moving house, and because of the competition many lenders are competing to get customers in by enticing free valuations and free legal services.
Fixed Rate Mortgages
A fixed rate mortgage is an interest rate of which you are fixed in for a period of typically one to five years. It does not fall in line with the Bank of England base rate, so if the base rate does go up or down the fixed rate will not be affected.
Fixed rates make it easier to budget your monthly finances as your monthly mortgage payments will be consistent. It can be stressful if you are not in a fixed rate and the base rate goes up as this will put strain on your bank account possibly leading to missed payments and worst case scenario repossession.
Adverse Credit
It is estimated that five million households in the UK have problems getting a mortgage. Borrowers are finding it harder to pay outstanding debt leading to CCJs, arrears, individual voluntary arrangement, Insolvency or even bankruptcy.
If you have a bad credit history it can be very difficult to get a mortgage and most mainstream lenders will consider you as high risk. There are now a wide range of lenders that specialise in adverse credit and can offer interest rates based on your circumstances.
Depending on your credit history we at Source IFA can find you a mortgage from standard range, high risk and 95-125% deals. Call our team of expert Mortgage Advisers on 0845 686 3838 or visit our website. www.sourceifa.co.uk
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