Applying for a mortgage can be a stressful time, especially to first time buyers. It is important to correctly chose the lender and not to pay a higher rate than needs be.
It is important to know as much as possible when applying for a mortgage, so that you know that you are getting the best deal possible. This is why working with a mortgage broker can be a good idea, especially for first time buyers. Here at The Mortgage Hut we are able to search the market for the best deal, making the process a lot less stressful for you. We are also able to find options which are not available on the market, giving you more opportunity to find a better deal and better mortgage rates.
What is a fixed rate mortgage?
A fixed rate mortgage is when you pay a set amount each month and the amount you pay will not fluctuate or change. This means that it makes the process of budgeting a lot easier and for first time buyers in particular, it can be a stress to relieve.
What is a Variable rate mortgage?
A variable rate mortgage is when the amount of money you pay each month could go up or down depending on the interest rate movements. This could happen due to the BOE changing their base rate or the lender changing their standard variable rate. By having a variable rate mortgage, it can help those that are not as concerned about fixing their monthly mortgage payment.
If you would like to find out more about mortgage rates, and how The Mortgage Hut can provide you with better deals, then contact us today.