The loan to value ratio, or LTV, of a mortgage, is based on much money you need to borrow to afford a property. For example, if you’d like to buy a £200,000 home, and you need to borrow £180,000 to make that possible, then the mortgage would have an LTV of 90%. (£180,000 is 90%

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Variable rate

What is a variable rate mortgage and should i get one? Variable-rate mortgages, as the name suggests, have interest rates that are variable: they can move up or down and usually do so in line with the UK economy and the Bank of England’s base interest rate (currently 0.75%). There are three main types of

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Fixed rate

With fixed-rate mortgages, your monthly repayments are guaranteed to stay the same for a set period of time. This enables you to budget and plan your finances. What is a fixed-rate mortgage? A fixed-rate mortgage offers a fixed interest rate for a certain period, usually two, three, five or 10 years. The alternative to a

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In general, you should start looking for a new mortgage around three months before the end of your current mortgage’s promotional deal. For example, if you have a three-year fixed rate mortgage, you should start shopping around when you’re 33 months into the 36-month promotional period. When a lender offers you a mortgage, you usually

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Should I remortgage?

Some reasons you might want to remortgage Remortgaging is the process of getting a new mortgage on your existing property either with your current or a new lender. More often than not, the main reason to remortgage is to save yourself some money, but it’s not the only one. Why should I remortgage? Your current

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A mortgage is a type of long-term loan that most people need in order to buy a property. You borrow the money from a lender – usually a high-street bank or building society – and then pay it back (plus interest!) over a period of time (usually 25 to 30 years). To get a mortgage,

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DO I NEED TO USE A MORTGAGE BROKER? If you’re looking for a mortgage, you might be wondering whether or not you should talk to a mortgage broker or go directly to the lender. These days, brokers do more than simply churn out a list of available mortgages for a hefty fee, so it could

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Buying a home is one of the biggest financial transactions you’ll ever make, and on top of the price of the property there are a wide range of associated costs both before and after completion. The costs of buying a house The absolute first cost of buying a home is the deposit. If you’re a first-time

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What are the help to buy schemes? There are four different Help to Buy mortgage schemes: Help to Buy: Equity Loan Help to Buy: Shared Ownership Help to Buy ISA Lifetime ISA Help to Buy: Equity Loan This is perhaps the most well-known scheme and is often referred to as simply Help to Buy. What

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Choosing the right mortgage is a complex problem, but it’s vital for your financial health that you make a sensible decision and don’t get overwhelmed by the options, especially if you’re a first-time buyer. Here’s our list of top tips for choosing the right mortgage: How much can you borrow? How big is your deposit? Repayment

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