How cheap could my mortgage become?
With the base rate recently falling for the seventh consecutive time - and the fourth time in as many months - there is inevitably speculation as to just how low mortgage rates could fall. While at the height of the market the best mortgage rates on offer stood at around 6% to 7%, some mortgage lenders are now offering rates of closer to 4% or 5%.
Remortgage: interesting Bank of England figures
When house prices are falling, finding a remortgage can be difficult. Today, most experts seem to agree that we're about halfway through a house price slump that's expected to start turning around once prices have fallen 25-30% from their peak values - and house price trends are a major factor when it comes to remortgage deals.
Lenders don't want to offer a remortgage that's worth more than the property might be worth in a year or so, so most of them are only offering remortgage deals to homeowners who owe less (in secured debt) than 60-80% of their home's value.
The pre-budget report and repossession
The credit crunch has seen the housing market face increasing difficulties - and homeowners from all backgrounds are feeling the effects.
Mortgages have been in short supply, as providers have tightened their lending criteria, while financial problems have forced many homeowners to sell below market value - causing average house prices to fall.
Mortgages, remortgages & grace periods
For homeowners facing cash-flow problems, a remortgage can be one way out of a difficult financial situation. Someone who can no longer afford their monthly mortgage payments may be able to remortgage over a longer term, reducing the size of their payments by effectively spreading them out over a longer time period.
So a remortgage can, in some cases, be a sensible solution. For some people, however, there may be no need to remortgage: they may be better served by a shorter-term solution to their financial problems. If their payments to their unsecured debts are simply becoming too much for them, for example, they may be very interested to hear of the 'grace periods' which mortgage providers are offering people with mortgage arrears.
Remortgage: repayment or interest-only?
Are you thinking about a remortgage? Whether you`re coming to the end of your current mortgage deal or looking to get a better deal, the remortgage market might be able to offer you something interesting.
What is a mortgage collar?
If you`ve been keeping an eye on the mortgage market in recent weeks, you may have heard a new term: `mortgage collar`. A mortgage collar, also known as a `mortgage floor`, is a lower limit on the amount of interest you pay on your mortgage.
Lowering LIBOR - the real cost of mortgages
When the base rate (or `bank rate`) came down, why didn`t the cost of mortgages come down as far and as fast?
Bank of England base rate: how are mortgages affected?
The Bank of England's base rate is a very important figure at the heart of the UK economy. It determines how expensive it is for banks to lend and borrow money, and it influences interest rates on consumer loans and saving accounts.
With the current economic situation looking uncertain, there has been much talk about which way the base rate will go. On the one hand, the Bank of England recently dropped the base rate to encourage mortgage lenders to offer cheaper deals and reignite demand for mortgages.
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