In simple terms
mortgage rate is the interest rate
at which the mortgage loan amount
will be charged. Everyone knows the
lower the rate the better it is. However
where people need advice is to chose
the right rate for them and their
circumstances.
Do you want the comfort of fixing
the interest rate to ensure your monthly
payments are stable? If yes for how
long? Do you have plans of moving
home or selling this house or remortgaging
in the near future? Do you think the
Bank of England rates would go down
and you want to benefit from this?
Do you want to keep you arrangement
fees at the lowest or don’t
mind a higher arrangement fees if
the interest rate is lower.
You can find mortgage rates in many
comparison website however there is
more to mortgage advice that just
mortgage rate. While there is no denying
you need the best mortgage rate it
is absolutely important you chose
a mortgage product with the cheapest
mortgage rate that is suitable to
you and where the chances of the lender
lending to you is high.
Mortgage Interest rates UK
There are different
types of interest rates in UK. The most
popular are fixed interest rates & Tracker
rates. While the fixed interest rate
does not change during the initial period
the tracker rates will go up or down
based on the Bank of England base rate
during the initial period. Nachu
Finance is the trading name of Sekkappan
Alagu who is an independent mortgage
advisor based in North West London (Harrow)
and happy to service clients in a 50
mile radius.
After the initial period the interest
rate will revert to the lenders standard
variable rate which is determined by
the lender and not the Bank of England.
Also popular is lifetime rates. In these
there is no initial period and likewise
you cant fixe the rate as well. The
interest rate always tracks the Bank
of England rate. Those who don’t
want to review their mortgage every
now and then and are happy to stick
with one lender for a long period of
time chose such interest rates.
There is no good interest rate type
of bad interest rate type its just a
question of what suits you better which
is best assessed through a mortgage
advice process. If it is an independent
mortgage advice you can be sure you
are getting the best in the market and
if this is free mortgage advice it does
can’t get better.
Your home may be repossessed if you do
not keep up repayments on your mortgage.
Sekkappan Alagu trading as Nachu Finance is an
appointed representative of The Whitechurch Network
Limited which is authorised and regulated by the
Financial Services Authority. We do not usually
charge a fee for mortgage advice. However you
do have the option to pay a fee of 0.80% of the
loan value and The Financial Services Authority
may not regulate all products or services on this
website
Address :
225 Beverley Drive, Edgware, Middlesex, Ha8 5NL,
North West London - Near Wembley & Harrow
