UK Mortgages and RemortgagesWelcome to Mortgage Rates Online's mortgages section – the best place on the web to find the cheapest mortgage or remortgage in the UK. We compare 8500 mortgage rates within our data bank, you can rest assured we will find the right one to fit your needs. You can find all the information you need, right here, no need to spend hours searching 1000's of websites or calling round numerous financial institutions. This information is FREE, so what do you have to loose?There are many different types of mortgage available, offered by a large number of financial institutions. At Mortgage Rates Online we list them all to ensure you can find exactly what your looking for. We can even put you in touch with a qualified mortgage advisor who speaks your language and will guide you through the mortgage maze to a mortgage that suits your circumstances. Just fill in our application form and one of our advisers will call you shortly. Mortgage Advice If you’re confused about all the different options and want mortgage advice then speak to a professional mortgage advisors. Apply Bad Credit Mortgage Don't worry if you believe you have a bad credit history, if you have defaulted on previous credit arrangements or have CCJ's. We have a range of specialist bad credit mortgage lenders with mortgage products designed specifically for you. Just fill in our simple form and a specialist broker will be in touch. Apply Buy To Let Mortgage Fill out our application form if your looking for a buy to let property and need a mortgage, or if you are looking to find a more competitive rate than your current provider, one of our advisors will call you back. They will guide and advise you on this growing, competitive market with a wide choice of tracker, fixed and discounted rates available you'll be suprised at how much you could save. Mortgage Calculator Use our mortgage calculator to calculate what the monthly payments will be on your mortgage. The calculator will search through 8,500 mortgages to find the cheapest deal for you. Fill in the short form and find a deal to suit your budget. Fixed Rate Mortgage A Fixed rate mortgage allows you to fixed your rate of borrowing for a set period of time with a lender. This means that your monthly payments will be fixed for the agreed period, which will normally be 2, 3, 5 or 10 years. This is great news if interest rates go up as your payment will stay the same, however if interest rates go down your payment will not reduce. Self Cert Mortgage If you are self employed, a contractor or don't have several years of accounts to prove your income, a self cert mortgage could be for you. A self certified mortgage as it is otherwise known, allows you to certify to the lender what your income is, do make sure it is sufficient to make the repayments. A self certified mortgage will generally be at a higher rate. Self Employed Mortgage This differs from a self certified mortgage as it is directed towards self employed people who are able to prove their income. The Lender will need proof of income as part of the application process. 100% Mortgage A 100% mortgage allows you to borrow 100% of the property value. This can help in situations where the buyer has no deposit of their own to put down. Some lenders may lend more than 100% i.e. 105% of the property value subject to the borrowers ability to make repaments. First Time Buyer Mortgage A first time buyer mortgage means that there may be some special discounts availble only to first time buyers. Flexible Mortgage A flexible mortgage is one where the lender may allow the borrower to make overpayments or take payment holidays within predetermined limits. The benefit is that by making overpayments the borrower may save money in reducing the overall interest charged over the term of the loan. The interest rates are usually slightly higher as a result. Tracker Mortgage A tracker mortgage as the name suggests, tracks the bank of englands base rate of interest. The mortgage rate will usually track above, below or at the base rate of interest for a set period of time. Offset Mortgage An offset mortgage allows the borrower to offset savings and current account balances against the morgage debt and interest is only charged on the outstanding amount. What you are allowed to offset and how much varies between lenders but the outcome should be reduced interest payments for the borrower. This can be a good way to reduce interest if you have money in saving accounts that pay less in interest than your mortgage rate. Discount Mortgage A Discount Mortgage is a variable rate mortgage that is discounted against the lenders standard variable rate (SVR) for a fixed period of time. This type of mortgage will often have an early redemption penalty if you redeem the mortgage during the discounted period. Some lenders may also apply a penalty if the mortgage is redeemed after the discounted period has finished for a set period of time. Mortgage Lenders A mortgage lender is traditionally a bank or building society, but more recently it can be any company with suitable FSA authorisation. At Mortgage Rates online we list them all, so you can be sure to find the best mortgage rate from the cheapest lenders. Mortgage Broker A mortgage broker is an FSA authorised intermediary who sells mortgages on behalf of a lender. A mortgage broker can work for one Lender, a panel of lenders or for the whole of the market. At Mortgage Rates Online you can get in touch with brokers that can search the whole of the market saving you time and money. Compare Mortgages Mortgage Rates Online allows you to compare 8500 mortgages at the touch of a few buttons. You can search all the cheapest lenders in the UK to find the best mortgage rate, it's FREE so why not give us a go! Mortgage Rate The mortgage rate is the interest rate or Annual Percentage Rate (APR) that you will pay on your loan. These are driven by the Bank of England base rate which at the time of writing (December 2006) is at 5%. Mortgage Protection Mortgage protection is designed to ensure that your mortgage is paid in the event of you dying or becoming critically ill. In essence it is usually a combination of life insurance and critical illness insurance. Other forms of mortgage protection include accident, sickness and unemployment insurance. Remortgage A remortgage is when you redeem your current mortgage and refinance with another lender, this is mainly done to save money buy getting a better rate. It can also be done to increase the loan value releasing equity from the property. Cheap Mortgage If you’re looking for a cheap mortgage then look no further. At Mortgage Rates Online we list almost every mortgage from nearly every lender so you can be sure to find the cheapest one for you. Mortgage Quote Click here for a free mortgage quote. Just complete our simple application form and one of our brokers will contact you. We find quotes from a wide range of UK banks and lenders. Commercial Mortgage A commercial mortgage is one for a commercial property as opposed to a residential property. Overseas Mortgage This is a mortgage for a foreign property. Best Mortgage Deals Finding the best mortgage deal is very much an individual process, taking into account your current circumstances, future plans and aspirations. Filling out our simple form is the easiest way to to get in touch with an experience advisor who can guide you to the best deal for you. Right to Buy Mortgage Made available to Local Authority Tennants who require help to buy their home. Mortgage Refinance Mortgage Refinance is the same as a remortgage. Remortgaging if you are on your lenders standard variable rate, if your fixed or discounted rate is coming to an end or if you need to raise additional capital, may be the right move for you. Fill out our short form and an advisor will contact you shortly, you maybe suprised at how much you could save. Second Mortgage A second mortgage is generally speaking a second loan secured on one property. There are a wide variety of names associated with this type of lending, however it is cheaper to look at a remortgage with your existing lender. The amount that you are able to borrow depends on your personal circumstances. Repayment Mortgage A repayment mortgage is a mortgage where you pay back the capital you initially borrowed and interest over the term of the mortgage. These have become the most popular type of mortgage following the problems experience with endowment mortgages. Equity Release Mortgage An equity release mortgage is a specialist product designed for the retired. The lender takes a legal charge over part or all of the property in exchange for releasing some of the equity from the property. This is a complex product and we encourage you to seek professional advice - fill out our simple form and a specialist will contact you shortly. Mortgage Interest Mortgage interest is what the lender charges you for the loan of the money used to buy your property. Mortgage Interest Rate The mortgage interest rate is usually expressed as the Annual Percentage Rate (APR). It represents the cost of the mortgage per year. The APR takes in to account other costs and includes these as well as the interest rate. Interest Only Mortgage An interest only mortgage is a mortgage that allows you to pay only the interest on the money borrowed. This means that the money you borrowed will not be paid back over the term of the mortgage in the way it is with a repayment mortgage. You will normally have to put in place some form of repayment vehicle like an endowment or pension fund, which will repay the capital at the end of the mortgage.
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