Mortgages Time to re-mortgage?
In terms of your family budget, your mortgage is probably the area
- Mortgage - does it give the best deal against your home
- A basic intorduction to the different types of mortgages available and their uses.
- ReMortgaging is it still worthwhile
- Rate Tart is the name coined by the mortgage industry for borrowers who switch mortgage lenders chasing lower interest rates. Call them Rate Tarts if must, but they'll be the richer for it!
- Mortgages. First time buyers let down by the governments Homebuy scheme.
- At this stage, the Governments Homebuy mortgage scheme for firsttime buyers seems a waste of time. This article explains why.
- Buy to Let Mortgages. Boom time returns.
- Buy-to-let mortgages are booming again. What's changed and what, as a new landlord, do you need to look out for?
- Mortgages. Higher Lending Charges are outrageous.
- Higher Lending Charges are often charged if your mortgage is 90% or more of your property's value. We think the charge is a form of profiteering by the lenders and should be abolished. This article explains why.
- Mortgages. The pitfall of Interest Only mortgages.
- Interest Only mortgages have become increasingly popular. Why, and what are the concerns?
If you haven't re-mortgaged for some time and you're paying your lenders standard variable rate, then you're almost certainly paying over the odds. Of course you'll need to weigh up the costs involved such the administration charge, legal fees and survey fees but a good mortgage broker may well find you a deal where most of those are included in the package or at a special offer rate.
Re-mortgaging could also help elsewhere. It may also be worth looking at any other outstanding debts you have – for example, your credit cards and any other secured or unsecured loans. These could probably be added to your mortgage and make your monthly outgoings more manageable. But if you do this, it would be prudent to overpay your mortgage as soon as possible to pay off the extra debt you added to your mortgage facility.
Did you Know?
Under the 1971 Animals Act, dog owners are legally responsible for their animals. So some pet insurance policies also include third party liability insurance for dogs. This means, for example, that if your dog causes a road accident which damages a vehicle, the insurer will pay for the damage.
Did you Know?
If you smoke, the cost of your life insurance will be about double. And it's no use just giving it up a few weeks or months before you apply. Most life assurance companies say you mustn't have smoked for a least 12 months prior to the application – and some insurers extend this to 5 years!
Did you Know?
The concept of medical insurance was proposed in 1694 by Hugh Chamberlen. In the late 19th century, early medical insurance was actually disability insurance, in the sense that it only covered the cost of emergency care for injuries that could lead to disability. This insurance model continued until the early 20th century when patients were expected to pay all other health care costs out of their own pocket under what is known as the fee-for-service business model. Modern medical insurance programs emerged mostly after the 2 nd World War.
Today in the UK, most comprehensive private medical insurance programs cover the cost of routine and planned health care procedures, although emergency care is still largely the province of the National Health Service.
Did you Know?
Over recent years, the cost of moving house has risen at more than twice the rate of house price inflation. The main offender has been stamp duty.
Today, a move from the average semi worth £174,750 to an average detached house costing £293,250, will cost some £12,500. Five years ago the same move would have cost just £4,500. These costs include Land Registry costs, local authority searches, estate agents, solicitor's fees, and of course, stamp duty. This means that house moving costs have increased by 176% whilst house prices have themselves risen by 70%.
This increase in home move costs has been greatly influenced by the fact that the average price for a detached house has now burst through the £250,000 level above which stamp duty jumps from 1% to 3%.For some homeowners, these costs have influenced a decision to stay put and remortgage. That's one of the reasons why remortgages have become so popular.