Getting Cheaper Mortgage Rates
One of the best ways of getting a cheaper mortgage deal, apart from comparing different offers, is to offer the lender a suitably large deposit for your mortgage. Providing lenders with a higher deposit can often result in significantly lower mortgage rates.
If you are already an account holder with a particular bank or building society, they may choose to offer you cheaper mortgage rates in some circumstances. Although even if this is the case, it is still important to shop around in case you find a better mortgage deal.
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Here are two of the more popular mortgage deals that you may wish to consider:
- Fixed rate mortgages – you pay a fixed rate of interest for a set term until the deal reaches its end. After this point, the lender switches the rate to their standard variable rate (SVR), so it is therefore important to shop around and find other cheaper mortgage rates after this point.
- Tracker mortgages – you pay an interest rate that traces the Bank of England base rate and as such, the rate may increase or decrease at a rather unpredictable rate. However it is important to remember that these rates cannot be adjusted by the lender
It is important to find a mortgage provider who offers a cheap mortgage rate that is tailored to meet your individual needs. You should thoroughly compare mortgages in order to find a cheap mortgage rate.