- Types of Mortgage Explained
- Which Mortgage Type Is Right For Me?
- Mortgage Repayment Guide
- Remortgage Guide
- First Time Buyer Mortgages
- House Price Comparison
- How Much Can I Borrow
- Joint Ownership
Specialist UK Mortgages...
Product changes you need to know about
Mortgages
Julia Harris, Mortgage Analyst at Moneyfacts.co.uk – the money search engine, comments:
Fixed rates on the up and disappearing
- This week 11 lenders have increased their fixed rate mortgages by up to 0.30%
- Kent Reliance BS & Alliance & Leicester and Skipton BS have withdrawn some of their fixed rate products.
“With inflation hitting a 15-year high, the chance of at least one more base rate increase looks almost a certainty. While many borrowers have already opted for a fixed rate deal, those that haven’t will feel the pinch of any further rate rises.
“As fixed rates rise and lenders begin to withdraw their products, is this the start of the trend we saw following the January rate rise, with rates making a significant move upwards and whole mortgage ranges being withdrawn and replaced?
“For anyone looking to fix their mortgage in the short term, it may be better to do so sooner rather than later.”
How free are Abbey’s fee free deals?
“According to moneyfacts.co.uk, 38 lenders offer fee free deals so it is far from a new option for borrowers. ING models its mortgage range on simplicity and fee free packages, and more recently HSBC announced its whole range would be fee free for April.
“Typically a fee free deal comes with a higher interest rate, but not only does the Abbey deal do this (compared to best buy rates), some options also tie borrowers in for an extended period of 18 months, charging its standard variable rate of 7.34%.
“While it cannot be disputed that these deals offer a solution for those struggling to pay the upfront costs of moving, perhaps there are more competitive solutions for many borrowers, especially as this mortgage is designed for second time buyers who may have equity within their property.
“Don’t be lulled into fee free deals without first checking out the total cost of the deal. You could find yourself paying for your fees and perhaps a bit more. Lenders will not be giving you fees for nothing. You will usually have to pay in other ways.”
Savings
Rachel Thrussell Head of Savings at Moneyfacts.co.uk – the money search engine, comments:
Fixed rates keep on climbing
- Eight providers have increased fixed rates by up to 0.55% in the last week
- Providers include Birmingham Midshires, Capital One Savings, Halifax, Heritable Bank, NatWest,Anglo Irsih Bank, Cumberland BS and Nottingham BS
- Highest fixed rate deal is now 6.20% from Nottingham BS
“The fixed rate market has been rising for some time but with further rate rises on the horizon it could rise further still. While rates in exess of 6% are currently very competitive, instant access rates are not far short of this mark, making the reward for tying up your money relatively low.
“So while these rates will offer a great return and piece of mind, perhaps the maket has not yet reached its peak, and better rates may still be yet to come.”
Here is a link to the Moneyfacts.co.uk savings best buy charts: http://www.moneyfacts.co.uk/savings/bestbuys/savings_fixed.aspx
Anglo Irish: best buys just got better
- Easy Access Deposit account now pays 5.56% (+0.10%)
- 7 Day Notice account now pays 5.70% (+0.10%).
“These best buy accounts have just got better. Easy Access now pays the top rate for no notice accounts, and 7-Day Notice is only marginally beaten by Nottingham BS’s 60-day account at 5.80%.
“The beauty of these accounts is not only their great interest rates, but their simplicity. The accounts don’t require savers to jump through hoops to get a decent return. It’s certainly a thumbs up from Moneyfacts.co.uk.”
Here is a link to the Moneyfacts.co.uk best buy charts:
http://www.moneyfacts.co.uk/savings/bestbuys/savings_no_notices.aspx
http://www.moneyfacts.co.uk/savings/bestbuys/savings_notice.aspx
Rising rates for over 50’s
- Northern Rock - Silver Saver Online rate increased to 5.81% (+0.10%)
“Specialist accounts for those aged over 50/60 offer some of the best rates in the market, with rates in the high 5% and even 6% to be found.
“The news that Northern Rock has increased its already competitive over 50s offering to 5.81% is great news, making it the top paying account for over 50s.
“Providers may be looking at this potentially affluent, niche market for increased savings balances, or as a tool to raise their profile as a ‘good’ savings provider without the need to extend their offer to the whole market.
“However consumers opting for niche market accounts should not assume they will always be getting the best rates. Some specialist accounts will not be as competitive as those available to all consumers.”
Here is a link to the Moneyfacts.co.uk best buy charts:
http://www.moneyfacts.co.uk/savings/bestbuys/savings-over-50-accounts.aspx
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349