What Makes A Good Mortgage Interest Rate?

Interest Rates???

A number of factors will determine if a mortgage rate is a good rate, and these factors always relate directly to your circumstances. A mortgage rate that is good for you, may not be good for someone else.

Interest rates show the price at which you can borrow money and there are different types of rates with each mortgage having the following three:

Initial Rate:

An initial rate is the amount charged by a lender to a borrower at the beginning of the mortgage. This is usually a promotional rate that is over a short-term period before then changing to the subsequent rate.

Subsequent Rate:

This is the rate that you will end up paying after the promotional period. It is usually the lender's Standard Variable Rate (SVR) and releases you from any early repayment charge that you may have to pay if you were to remortgage during the initial rate period.

Overall Rate For Comparison/APR:

This is simply the overall rate if you combine the initial rate with the subsequent rate and includes any fees that may have been added.

Typically, having a lower overall rate is the better option as this means that you will pay less interest over the life of your mortgage. However, there are circumstances where you may benefit from a lower initial rate, though this will result in bigger repayments further down the line.

Your property may be repossessed if you do not keep up repayments on your mortgage

We will charge a fee of £395 for a residential mortgage & £495 for a buy to let mortgage on application. In addition we will also be paid a procuration fee from the lender.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

We will charge a fee of £399 for a residential mortgage & £599 for a buy to let mortgage on application. In addition we will also be paid a procuration fee from the lender.

Progress FS Ltd. t/a Progress, registered in England at 283 Church Street, Blackpool, FY1 3PG (number: 04217039). Progress FS Ltd. t/a Progress is an appointed representative of First Complete Limited (number: 05416236), which is authorised and regulated by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment insurance advice. The Financial Conduct Authority does not regulate conveyancing and surveying services, commercial mortgages, wills, trusts and some forms of Buy to Let mortgages.

We offer advice on residential and Buy to Let mortgages, Mortgage Protection and Home Insurance. *Should you have a need for advice on commercial mortgages, conveyancing and surveying services, wills, trusts and investment planning you will be referred to a third party provider. Neither Progress FS Ltd. t/a Progress nor First Complete Ltd. is responsible for any advice provided by a third party.

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