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Standard Mortgage Loan Rates

 

In the UK, mortgages are typically provided by banks, building societies, and mortgage corporations, insurance companies, and pension funds. Keep in mind that in order to keep a property, mortgage payment has to be constantly met. With the proper direction and information, you can find the right mortgage plan for you.

To start off, visit lending sites like Mortgages.co.uk and Moneyfacts.co.uk to know about the latest mortgage loan rates. You simply have to fill out a form so they can suggest the terms that are best suited to you according to your property of choice and income. After which, they will compute for you the resulting amount for monthly payments.

There are many types of mortgage loan rates. These were created by mortgage companies to entice more lenders. A fixed rate means having a fixed interest for a certain span of time. A tracker rate follows the Bank of England Base Rate. A capped rate may vary in interest but only until a certain maximum allowed percentage. There’s also a discount rate and a cashback mortgage where a lump sum is provided and not the interest.

Some examples of leading mortgage providers are: HSBC, Leeds Building Society, Clydesdale Bank, Market Harborough Building Society and more. If you’re a first-time buyer, the initial rate is around 4% to 5% for an average duration of 2 to 3 years, while the standard rate ranges from 4% to 6%. Maximum loans allowed compared to value of property is 90 percent. There are other fees and insurance that would range from £300 to £1500.

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