Please see information on Home Loans and Mortgages below.


Home Loans and Mortgages

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What is a Home Loan or Mortgage?

If you are thinking about buying a property then no doubt you are searching the market for the most appropriate home loan or mortgage to secure your purchase. Buying a house is probably one of the largest financial decisions you will make so ensuring that you pick the right deal is crucial. A home loan or mortgage is a loan from a bank or building society which can be used to help you buy a house based on the value of the property you wish to purchase, with a rate of interest attached. When buying a house you will be required to put a deposit down on the property that you are purchasing, the mortgage and home loan provider will then provide you with the remaining funds needed to buy the property. You then make monthly repayments to the bank or building society, plus the agreed interest rate, over a period of time (usually up to 30 years). Choosing the right home loan provider is not just about finding a company that offers you the best interest rates. You must also ensure that you look at the fees that each provider will apply and the terms and conditions that are on offer.

What should I compare when research which home loan to take out?

First and foremost you should ensure you check the interest rates that are on offer when taking out a home loan. When you commit to a home loan or mortgage the volume of money that you could be borrowing is usually pretty high, this makes the interest rates a particularly important feature to consider. When researching the interest rates of a mortgage or home loan, you will notice that providers talk about fixed rate loans and tracker loans. Be sure that you are fully aware what these mean and know the advantages and disadvantages of each type of loan. Aside from the interest rates on a home loan you must ensure you research the various fees that the bank or mortgage provider might apply to you loan. The fees will depend on the deal you decide to commit to but fees to look out for include early repayment fees, administration fees and valuation fees.

What is better a fixed rate loan or tracker loan?

Committing to a home loan provider is one of the biggest financial decisions you will make so ensuring you have got the best deal available is very important. Knowing which type of mortgage you want to take out is the first step in deciding if you have received the best deal. Have you decided whether a fixed rate mortgage or tracker mortgage is more suitable for you? A fixed rate mortgage is great for you if you want the security of know exactly what your monthly repayments will be. The mortgage provider will provide you with a fixed interest rate that will not change for the duration of the mortgage term. A tracker mortgage is slightly more risky as your interest rate could change each month. Your repayments will be dependent on the base rate so you must ensure that you will be able to make the repayments should you find that the interest rates increase. Remember that if you are not able to make the home loan repayments you risk your house being repossessed.

What are the things to watch out for when taking out a home loan?

Watch out for any special offers that home loan providers may promote when you are looking for a home loan or mortgage. When these offers expire you might find that your mortgage deal has high interest rates and fees which you could have otherwise avoided. Stay on top of this by reading the terms and conditions of your mortgage deal carefully and if you are in any doubt you should seek independent financial advice.

You should also be aware of any early repayment charges that you might have to pay should you wish to move house during the term of your mortgage or if you wish to repay your mortgage to avoid the high interest rates. It could make moving house or paying off your loan more expensive than you think.


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