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- Types of Mortgage:
- Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
- What Will The Initial Costs Of Buying A House Be?
- Before you actually move into your new property – you will have to pay a series of initial costs to cover the following:
- The Mortgage Glossary
- APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
- What is a Fixed Rate Mortgage?
- A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
- What Are Discounted Mortgages?
- Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.
Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?
If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender - then you will need to negotiate new terms with your existing lender.
This will essentially mean setting up a new agreement with your lender, because the only way to reduce your payments would be to stretch the mortgage out over a longer term.
There are a few variables in here - based on your age, and how long the mortgage was taken out for in the first place. If your retirement age occurs before the end of the mortgage term, then you may have difficulty renegotiating. If your mortgage was already a 30 year mortgage and you couldn’t afford it, then you may find the only option is to move to a cheaper house and therefore take on a cheaper mortgage.
You may find that to get the best deal for your money you will need to switch lenders and make the most of reduced introductory rates (discounted rate mortgages, capped rate mortgages) to lower your monthly payments for a while, and allow you to get back on your feet again financially.
- What Happens If I Am Refused A Mortgage?
- How Much Is The Valuation Fee?
- Can I Get a Mortgage With A Group Of Friends?
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