The Mortgage Market Review released earlier on this year caused a major drop in borrower appetite in acquiring new mortgage loans. However, with a mortgage broker, you can access some of the new mortgage deposit plans available. Mortgage brokers understand the housing market better, and when seeking mortgage advice, they will definitely mention the fixed rate deposit plan to potential homeowners.
The Bank of England doesn’t want to be generous anymore with borrowers, and they are not to be blamed. The new measures have taken some steam off the skyrocketing mortgage market prices. However, even with the looming fears of housing interest rising in future, potential home owners can still make their monthly installments affordable.
Financial institutions have released new interest rate plans to ease the pressure of digging deeper each month to furnish a loan. With the fixed interest rate plan, there are three deposit options to home owners; bigger deposits, mid-range deposits, and low monthly deposits.
Fixed Rate Bigger Deposit Plans
Fixed rate interest plans covers a five year term. Within this period the homeowner is liable to interest rates between 2.99% to 3.34% and monthly deposits can be as low as £975 and all the way to £1675. The interest rate gets cheaper for a two year fixed plan which attracts an interest rate of 1.84% to 1.98% with a monthly deposit starts as low as £975 to as high as £1295. This plan is available for those homeowners wanting to give bigger deposits each month to furnish their mortgage.
Fixed Rate Mid-Range Monthly Deposits
This re-mortgage deal is suitable for those homeowners who wish to sit between the upper and lower deposit brackets. The interest rates are fixed at 2.99%-3.3.4% but the deposit can be as low as £975 to £1495. A two year fixed plan for the rate of 1.84% attracts deposits as low as £975. This will also depend on the financial institution you seek mortgage advice from.
Fixed Rate Low Monthly Deposits
This deposit plan doesn’t take more than two years to complete repayment. While the monthly deposits are as low as £350 but will attract interest rates of 2.79% up to 4.24%. If coming up with regular monthly checks is a hassle in your current mortgage plan, your financial office should suggest this option as part of the mortgage advice.
These are the most common fixed rate deposit options available to UK homeowners who want to save their houses from repossession. It is important to consult a broker to determine which deposit plan best suits you.
If you need more info please visit us @ www.mortgageadviceservices.co.uk or call us on telephone number 01332 257 087 for a free quote today.
Labels: fixed rate mortgages, independent mortgage advisers, mortgage advice, mortgage advice nottingham, mortgages, the re-mortgage process