All Mortgages

Leeds Building Society 3 year stepped

Initial rate
0% variable for 3 months
Subsequent rate (SVR)
5.44% variable
Overall cost for comparison
4.7% APRC
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Yorkshire Building Society 2 year discount

Fees
£1,972
Subsequent rate (SVR)
4.99% variable (On December 10th)
Overall cost for comparison
4.2% APRC
Monthly Payments
£593.63 (24 months)

Repayment mortgage of £160,000 with 300 monthly repayments. At end of initial period mortgage reverts to Standard Variable Rate (currently 4.74%, costing £884.21 p/m) for 276 months. Total amount payable £260,260: Interest (£98,288); Application fee (£1,495); Valuation fee (£270); Legal fee (£117); Mortgage discharge fee (£90); Fees are assumed to be paid up front and not included in the amount borrowed. Costs based on assumed completion date of 28/02/2018.

 

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HSBC 2 year tracker

Fees
£1,074
Subsequent rate (SVR)
3.69% variable
Overall cost for comparison
3.4% APRC
Monthly Payments
£620.54

Tracker rate: This means that the initial interest rate you pay is variable and is an agreed percentage above the Bank of England's Base rate. As the base rate rises and falls, your interest rate will track these changes, and this will affect your monthly payments accordingly. You can apply for this mortgage: If you are an existing HSBC Customer or not.

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Barclays 2 year tracker

Fees
£2,240
Subsequent rate (SVR)
3.7% variable
Overall cost for comparison
3.4% APRC
Monthly Payments
£620.54

A capital and interest mortgage of £161,000 payable over 25 years on their variable tracker rate of 1.29% above the Barclays Bank Base Rate (currently 0.25%) for 2 years, and then a variable tracker rate of 3.49% above the Barclays Bank Base Rate for the remaining term would require 24 monthly payments of £646.93 and 276 monthly payments of £812.62. The total amount payable would be £240,923.44 made up of the loan amount plus interest and £999 (product fee), £80 (final repayment charge), £35 (completion fee).

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What type of mortgage is right for me? 

Choosing a mortgage is one of the most important financial decisions you will make in your life. Selecting the right one will depend on several factors including the length of the mortgage, loan type, and interest rate. 

Having a good understanding of the various types of mortgage will help you find the best option for you. It is important to carefully consider all of the options to see which type of mortgage meets your financial capabilities. 

One of the first decisions to make is whether to go for a repayment mortgage or an interest-only mortgage. The vast majority of people choose repayment mortgages as lenders usually need a large deposit to take out an interest-only mortgage.

The next thing to consider is the monthly rate you’ll be paying. This can either be a fixed rate mortgage or a variable rate mortgage. The benefit of a fixed rate mortgage is that you’ll have the security of knowing exactly what you’ll be paying each month. As for variable rate mortgages, these can be either a tracker or discount rate mortgage. Some variable-rate mortgages have a rate at which they can’t fall below or go above to give borrowers further peace of mind.  

The mortgage you choose today will affect your financial position for years to come. It’s important to put careful consideration and research into making the right selection.

FAQs about mortgages

What is a mortgage?

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How much of a deposit will I have to pay?

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What is an interest only mortgage?

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What is a repayment mortgage?

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How do joint mortgages work?

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What are the benefits of a fixed rate mortgage?

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What are the benefits of a variable rate mortgage?

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What happens if I fail to pay my mortgage off?

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