The other day I happened to drive by the most amazing estate. It was perfect! Large wrought iron gates, a long drive, and impressive façade. Too bad the house is about ten times beyond what I intend to pay.
It seems that it is a good time to invest in property. Mortgage rates are more reasonable than ever. We have a list of the best mortgage rates around, including fixed and variable schemes. Our list includes offers from Nationwide Mortgages, First Direct, HSBC, and others.
It will benefit you to look at several (or all!) of the mortgage companies as adverts rarely tell the whole story.
If you are considering taking out a first or second mortgage, you need to consider these points:
· Offers may not apply to second or refinanced mortgages.
· Low interest rates might be offered as an introductory enticement. Some are for a limited time and then go up to a higher rate, even if the interest rate is fixed. A fixed rate means that the mortgage payment will stay the same. Variable rates fluctuate with the market.
· Some companies offer the opportunity to fix your mortgage payment. HSBC is running such a programme, offering the opportunity to fix a rate for 2, 3 or 5 years.
· Fixed rates are the way to go unless you want to take advantage of a deal that will require you to refinance in a few years.
· Also note that some companies charge additional fees. As always, read ALL of the paperwork before you sign.
Tags: First Direct, HSBC, mortgage, Nationwide
