Different Mortgages and Lenders
Mortgage comparison – It’s really important to compare mortgages and rates. If you see what you think is a good mortgage deal, compare it to others on the market to make sure that it is.
Comparing is a little more complicated than simply looking at monthly repayments, you’ll need to take into account, fees, interest rates etc.
Comparing Mortgage Deals
A mortgage deal refers to a shorter time period. The mortgage as a product generally runs for 25 years but it can be less. A deal might last for 2-3 years in most cases, but it may be longer. When that deal runs out, the standard rate will apply. This is the rate set at the time, that coincides with the end of your deal. The deal will probably tie you in with early repayment charges to discourage you from looking elsewhere until the period comes to end.
When your deal period comes to an end, you will be able to look at comparisons again and go to another lender if you find a better deal but you might also want to first speak to your current lender and ask them if they can offer you something in-line with the new deal. Often they will put you onto another deal so as not to lose you as a customer. They’ll want to retain your business where possible. This is classed as a re-mortgage in either case. Remortgaging with the same lender is a simple process. Just one phone call is usually enough.
Before You Compare Mortgages
What type of mortgage would you like?
A repayment mortgage means that you pay off the amount you’ve borrowed and the interest as you go along. An interest only mortgage means that you only pay back the interest of the sum you’ve borrowed. Once you reach the end of your term, you’ll need to pay back the sum you borrowed.
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