Home Loans
- Author Matthew Bourne
- Published October 27, 2005
- Word count 448
Approvals of home loans in January 2005 fell to their lowest
level since January 1999. Only 126,300 mortgage loans were
approved throughout the month, representing a 28% year-on-year
drop in mortgage loan approvals. With competition between
lenders in the home loans market remaining strong, and fewer
mortgage applications to go round, now is a good time to take
stock of your mortgage with a view to moving your home loan to
a more competitive home loans provider.
Are you paying too much for your mortgage?
Many home owners across the UK do not realise that they are
paying too much for their mortgage. A recent survey conducted
on behalf of one of the major high street lenders who have a
presence on the Internet concluded that at least a third of
home owners are paying as much as 2% more for their home loans
than they should be. If you're on a standard variable mortgage
rate or have been on a discounted loans product or fixed rate
loans product where the preferential rates period has expired,
then you too could be paying more than you need to for your
home loan.
How to get the best deal on home loans.
To see if you are paying over the odds for your mortgage you'll
need to dig out your last mortgage statement. On the statement
it will quote the interest rate you are paying and will most
likely quote the loans product that you are signed up to. To
see if you can get a better deal all you need do is search the
Internet for UK mortgage loans and take a look at the products
on offer.
Some of the best loans can currently be found in fixed rate
mortgages. Interest rates are as low as 4.44% in some
instances, fixed for 3 years or more. Even a five-year fixed
home loan may be taken out with some lenders for around 5%.
Some important points!
Before transferring your home loan to another provider it is
important to consider the following points…
- Restrictions on current mortgage loans - do you have any
penalty clauses in your home loan that would be charged if you
were to swap mortgage provider? Penalty clauses are common on
discounted home loan products and fixed rate mortgage loans,
tying you in to that product for a set period of time.
- Arrangement fees - Many loans providers who offer low
interest rates to their customers compensate for their loss by
increasing their credit arrangement fees and other additional
charges such as valuation fees. It is a good idea to look out
for loans companies that are running offers of reduced
arrangement fees and/or free valuations, enabling you to get
the best deal.
Matthew Bourne has been working in the loans,
mortgage and life insurance industry for over 10yrs and is
currently working for
http://www.loansgalaxy.com/secured-loans/uk/home/
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