You’ll need to do plenty of shopping around to make sure you’re getting the best deal available. It’s far too time-consuming to visit each bank and building society and you’ll only gain a limited, not to mention biased, impression of what they have to offer. read more
Most lenders offer new customers a discount on the standard variable rate they offer. The discounted rate will be valid for a set period and will fluctuate in the same manner as standard variable rates. After the agreed set period, the interest rate will revert back to the lender’s standard variable rate. read more
This type of mortgage is considered to offer all the benefits of the fixed rate and variable rate mortgages. read more
A mortgage lender’s variable interest rate is set higher than the Bank of England’s standard interest rate. It’s usually set at 1-2% higher. Interest rates fluctuate so opting for this type of mortgage could either pay off, or see you paying more than you’d hoped. read more
With this type of mortgage, you agree a rate of interest with your mortgage lender, which will remain the same for a set period of time. After this time, the interest rate will revert to the lender’s variable rate. read more