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Mortgages

How Mortgage Brokers Operate

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When you decide to buy a home, you will probably require a mortgage or home loan in order to make the purchase. This means approaching a bank, building society or other lending institution for the money you need to complete the purchase. You can either do this yourself or use the services of mortgage brokers, who act as an intermediary between you and the lender.…

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Tracker Mortgages Demystified

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What is a Tracker Mortgage?

Before getting into the details of tracker mortgages or variable-rate mortgages, it is imperative to understand its basics. Variable-rate mortgage is a type of mortgage where the mortgage interest is governed by the base interest rate set by the Bank of England. The mortgage interest rate will generally be set at a certain percentage above the rate set by the Bank of England.…

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What Are Interest Rates Anyway – And How Do They Work?

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The Interest Rate on a Loan

Most people are familiar with how basic interest rates on loans are calculated. Anyone who knows how to figure out a percent discount can easily determine how much interest will be paid on a simple loan. For a loan with 10% interest paid on a balance of £100, ‘£100 x 0.10 = £10.’…

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Shared Ownership Mortgages

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What are Shared Ownership Mortgages?

This is a special type of mortgage used when you only want to buy a share of a property, typically 25% – 50% initially. This is often referred to as a part buy/part rent scheme. They are particularly popular with people buying for the first time because normally you can do it with a smaller deposit than if you were buying 100% of a property.…

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Offset Mortgages – What Are They and How Do They Work?

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The concept of offset mortgages is relatively new to many people; having entered the UK markets just a couple of decades ago. The scheme can be best explained as just another mortgage option where the mortgage amount is offset by the borrower’s credit balances in terms of savings or current bank accounts. This offset results in a reduced mortgage interest rate as the interest is now calculated and charged on …

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Getting a mortgage for the Self Employed

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Getting a mortgage has never been an easy process, even though all the banks and financial companies may make claims to the contrary. Mortgages are a necessary part of every homeowner’s life; however, the paperwork associated with the process has scared away many homeowners in the past. There are many rules which govern the dispensation of mortgage, and every different profession and credit rating seems to warrant a new set …

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Fixed Rate Mortgages Explained in Plain English

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Fixed rate mortgages have been the most popular type of home loan in the U.S. for many decades. They allow the home buyer to lock an interest rate into place permanently. The size of the payment never changes over the entire twenty, twenty-five, or thirty year life of the mortgage. However, as the home buyers advance in their careers and the value of money decreases through inflation, the mortgage payment …

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