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Beware as Mortgage Lenders dangle that mortgage carrot
It pays to
With the spotlight ever more closely on interest rates, many would-be homeowners or those remortgaging might be tempted by a bargain headline rate advertised by the lenders.
But borrowers should look further than the carrot dangled in front of them, as there could be a stick not too far away. High arrangement charges, lengthy lock-in periods and high exit fees are just some of the ways in which lenders recoup money lost through a headline-grabbing low rate.
"Tying yourself in for longer than the fixed-rate period is asking for trouble. After that time, the rate reverts to the standard variable rate, which is higher than average. The borrower is also at the mercy of the lender as the SVR isn't tied to the base rate."
Another stick that often accompanies a carrot is high arrangement fees, which can wipe out any benefit from the advertised lower rate.
There are plenty of products with larger arrangement fees and £1,000 or more is not uncommon. A higher fee can be worth paying if you make savings on interest payments over the term of the mortgage. As a rule of thumb, the bigger the mortgage the more important the rate, rather than the fee, becomes. Conversely, the fee assumes more importance than the rate on smaller mortgages. But the longer you are tied in, the more important the rate becomes as the impact of extra interest increases.
First-time buyers need to watch out for higher lending charges.
If you have any concerns speak to the mortgage man.

The cost of mortgage loans are set to rise
Lenders have started to withdraw their fixed-rate mortgage products in preparation for a possible Bank of England (BoE) interest rate rise.
Alliance & Leicester pulled its fixed-rate deals on Wednesday, and two other major mortgage lenders will now follow suit.

Lenders often withdraw mortgages when interest rates rise.

They base their borrowing costs on money market rates, which in turn are linked to the BoE's rate.

Price growth

On Wednesday, the UK inflation rate rose to 3.1%, which was higher than expected.

Many analysts now believe that a rise in UK interest rates in May is inevitable, with that feeding through into the money market rates, also pushing them higher.

This will result in higher costs for lenders and they will pass these on to consumers.

"Many lenders are currently offering rates below the money market rate and this cannot go on forever
http://www.the-mortgageman.co.uk/best%20fixed%20rate%20mortgage.html

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BOOM OR BUST

Global bubble?

But there is a doomsday scenario; if you are a homeowner with a large mortgage that could well be beginning to play itself out.

Mortgage Man

Hey and welcome to our blog.
The blog has just started so will have more mortgage content for you to browse soon.

so speak to David at www.the-mortgageman.co.uk
to find a great new deal for you.