Choosing a Mortgage

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Choosing a Mortgage Back to Guide

Fixed or Variable Rate?
In the current climate of interest rates slowly rising, it seems mad to choose a variable rate mortgage. We were explained the choice very simply - do you like to know exactly what you are paying every month, even if it means you may loose a little if interest rates go down or would you get frustrated if the interest rate dropped and you were paying above the base rate?

Interest Only Mortgage?
This is an attractive solution when you are first buying a house as it gives you more cash to spend on diy and all of the other things you have to think about when you first move. You should be investing the money you would normally be spending into an ISA savings account or a pension fund, not just spending it!!
Interest only is also attractive as for the first few years of any mortgage you are only paying off the interest.

Mortgage in Principle
Using all of the details, the Financial Adviser will work out how much you should realistically be able to borrow providing you are approved by the mortgage provider. You can then confidently go and visit lots of houses knowing that you should be able to borrow the money.

Mortgage Best Buy Tables

Whatprice have teamed up with Moneyextra to produce up to date Mortgage Best Buy tables