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Sunday, 09 March 2008 |
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By Joseph Kenny
 Before asking when is a good time to remortgage, it's a good idea to understand why people remortgage. Very basically, the reason for remortgaging, or moving your mortgage from one company to another, is to save money.
Usually, the saving will be in the form of playing less per month in mortgage payments. If you do not save money by switching companies, there is generally no point in remortgaging if you do not make a substantial monthly saving.
Up until fairly recently, most people in the UK would stay with one mortgage company for the entire length of the loan. This was mainly because there really wasn't a lot of choice. Interest rates at banks and building societies were very similar. So, there was little point in moving the mortgage.
That has changed over the last few years, with vastly increased competition for mortgage business. Lenders are now far more competitive, and are far more willing to make 'special offers'. Something that was unheard of in mortgage circles 30 years ago.
When is a good time to remortgage? |
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Last Updated ( Sunday, 09 March 2008 )
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Saturday, 08 March 2008 |
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By Joseph Kenny
 There are several types of mortgage (home-buying) loans offered by lending institutions today and it can be a bit daunting, especially if you've never purchased a house before. Other than choosing your property, the type of loan that you get is the most important decision involved in buying a home. A mortgage loan is merely the remaining balance of the property, minus the down payment, that you will borrow and repay.
Depending on your circumstances and the economic climate, your choices are between a fixed-rate loan and an adjustable rate mortgage. The latter are frequently referred to as variable rate, or the more commonly known term ARM.
A fixed rate mortgage is one that charges a certain amount of interest, say 6%, and no matter how high or low the national interest rates throughout the period of your loan, your interest rate never changes.
Of course, the lender will add a few points onto your interest charge when issuing the loan to adjust for their own losses should the interest rate fall during the life of |
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Last Updated ( Saturday, 08 March 2008 )
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