Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

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Compare Low Rate Mortgages - Search the Whole of Market for Best Deals in 2008

Perhaps the most important purchase you’ll ever make is buying your home. There are a number of details to keep in mind when looking for a new mortgage, or even a remortgage. In today’s market there are 100’s of UK financial institutions including banks, building societies, and special credit lenders all competing for your business.

Here at the MoneyOutlet we realise that the majority of people seeking a mortgage or remortgage are simply overwhelmed with the choices available or may not be aware of all the special rates which can be difficult to find. Apply now to compare over 8,000 cheap mortgages.

Simply fill in your requirements in the form above and you’ll get a free, personalised mortgage quote from a CeMAP certified mortgage broker to help you find the perfect deal instantly! Using a mortgage broker in the beginning is perhaps one of the smartest choices you can make in addition to saving you a lot of time.

There are over 8,000 mortgage products available to you and this is when the confusion sets in. With such an important decision to make, you’ll want to compare the market for the best deals from the beginning. See what's on offer in 2008 - Save Time & Money and Apply Now!

The most common UK mortgage schemes – A General Guide

• Repayment Mortgage: Also known as a ‘capital and interest’ mortgage, means each monthly payment is credited toward both the capital (amount you borrow) and the interest on that capital. In the early years, the majority of your repayments will mostly go to pay the interest.
• Interest Only Mortgage: The borrower pays to pay only the monthly interest on the capital borrowed according to terms set at the beginning of the mortgage. These monthly payments will be lower than a repayment mortgage however, the borrower is then responsible for paying the entire capital borrowed at the end of the term in one lump sum.

Most people opt for a repayment mortgage because they will want to pay off part of the capital they borrowed along with the interest. The first several years during a repayment type mortgage you’ll notice that the majority of payments are only paying off the interest. However, toward the latter years of the term each payment will be paying off more of the capital than the interest.

With an interest only mortgage, you can expect lower monthly payments as you are only paying back the interest on the capital. One word of caution, you must decide from the beginning how you will pay the amount you borrow as the lender will expect a one lump sum payment at the end of the interest only term. Speaking to an Independent Financial Advisor to set up an investment scheme, endowment policy or a pension such as an ISA is recommended and may be required by the lender.

Once you decide on the type of mortgage you will pursue, you must then consider your preferred mortgage interest rate plan. Below you’ll find some helpful examples.

Mortgage Interest Rate Schemes:

• Fixed Rate Mortgage: Here you are able to secure your repayment amount each month as the interest rate will be the same over an agreed period of time. For example, your mortgage repayments will consist of a fixed interest rate for a specified period, typically ranging from 1 to 5 years, allowing you to know exactly how much you have to pay each month. After your fixed period ends, your mortgage interest may change to the lender’s variable rate which is based on the Bank of England’s base rate.
• Variable Rate Mortgage: Based on the Bank of England’s base rate, your lender will determine their own variable rate. Your repayments may go up one month and down another, depending on fluctuations with the base rate. Unlike fixed rate mortgages, you won’t always be able to predict your monthly repayments.
• Discount Rate Mortgage: As an incentive to earn your business, lenders may offer a discounted rate which will be lower than their normal variable rate by a percent or two. Just like a variable rate mortgage, your payments may go up or down on occasion however, your discounted interest rate may be lower than any other mortgage product. Keep in mind, if you switch to another lender you may be subject to an early repayment fee.
• Capped Rate Mortgage: The advantage of a capped rate mortgage is that your lender will set a ‘cap’ as to how high your interest will go and you won’t pay above this capped rate no matter the changes in the base rate. So, you’ll know in advance that your interest will never rise above a certain level.
• Flexible Rate Mortgage: This type of interest scheme allows you to either overpay your minimum monthly payments when you can afford it and underpay during those months where you may not have the extra cash. The benefits of a flexible rate mortgage means you can reduce the capital on the loan and save £1000’s if you’re able to overpay each month.

Listed above are the most common mortgage schemes however, there are many more options available to first time buyers, people looking to remortgage, and those struggling with credit problems.

Today there are literally 1000’s of UK mortgage products and locating the best deals, understanding your choices that each lender offers is a difficult task to say the least. You’ll want to spend some time thinking about which mortgage product will suits your circumstances best and it’s highly recommended you consult a qualified mortgage broker to get free, expert advice before making this all important decision.

Here at the MoneyOutlet we work with a vast network of UK mortgage brokers with special access to banks, building societies, and special adverse credit lenders. Worried about having bad credit, CCJ’s, mortgage arrears or filed for bankruptcy or an IVA? We can help! We cater to all credit types and will connect you with CeMAP certified mortgage brokers eager to help you find the best mortgage for your needs. You safely and securely provide your requirements in the form above and we immediately begin searching 1000’s of low rate mortgages based on your specific needs. You’ll receive your free, no obligation quote without a credit check (important!).

Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available mortgage loans in today’s market no matter your credit status

Published on September 24, 2007

Darling's Budget Report Highlights

Chancellor Alistair Darling delivers his first Budget Report yesterday. Highlighted in this article are some of the main points... Read More
March 13, 2008

Lending Falls Again Says CML

The amounts borrowed by first-time buyers and home movers continue to drop as the credit crunch takes further grip on the UK mortgage market. Remortgage activity is on the increase as many switch from fixed-rate deals to tracker mortgages in anticipation of further base rate decreases from the Bank of England... Read More
March 12, 2008

Interest Rates Kept At 5.25%

Yesterday, 6th March, the MPC decided to keep the base rate at 5.25 per cent. This decision was to be expected as the Bank focuses on the pressures of rising inflation and a slowing economy. Analysts are predicting another cut to 5 per cent to happen in May unless economic conditions weaken substantially. Whilst some feel the MPC shouldn't wait too long before the next cut, many agree with yesterday's decision... Read More
March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008

Mortgage Criteria Becoming More Difficult

Mortgage borrowers are once again being hit with more criteria from lenders as the credit crunch becomes solidified in 2008. Not only have 100% and 125% mortgages been pulled from the shelf, now many lenders require a minimum of 10 per cent deposit in order to qualify for credit. It is now highly recommended to save as much as possible for your deposit and improve your credit history before applying... Read More
March 3, 2008

Read all Mortgage Articles

Personal Mortgage Centre - Tips & Information

• Mortgage Basics
• Remortgaging - The Basics
• Reasons to Remortgage
• Interest Only Mortgage - A Quick Guide
• Home Information Packs (HIPs) - A Brief Explanation