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If you’re at the end of your fixed rate and want to keep repayments down, you might want to consider remortgaging. You can also borrow against your property by remortgaging.
If you can’t take your existing mortgage to your new home, you may need a new mortgage. But make sure you’re aware of any charges for leaving your mortgage early.
A buy-to-let mortgage is for someone who is looking to buy a property as an investment to rent out. They are usually interest-only mortgages, and you will typically need a deposit of at least 25% to be approved.
There are many different factors that lenders will look at when working out how much you can borrow. This includes your salary, your spending, any regular outgoings and debts. Use our affordability calculator to see how much lenders might be willing to lend you.
A fixed rate mortgage has an interest rate with is set for a specific period of time. This means your mortgage repayments won’t change during the duration of your fixed rate. This can bring peace of mind when it comes to budgeting and means you can lock in a good interest rate if the Bank of England base rate is low. However, if the base rate drops during your fixed rate period, you won’t benefit from lower interest rates. You can typically get a 2-year fix, 5-year fix or a 10-year fix.
A variable rate mortgage has an interest rate which can go up or down depending on the base rate or at the lender’s discretion. This means your repayments will change throughout the course of your mortgage term - sometimes a variable rate mortgage may beat a fixed rate mortgage, but you could also end up paying more. The two most common types of variable rate mortgage are tracker mortgages and standard variable rate mortgages.
As the name suggests, a tracker mortgage sets a fixed interest rate and tracks it to the base rate. For example, you might get a tracker mortgage which is set to track 2% above the base rate. This means when the base rate fell to historic lows of 0.1%, your mortgage rate would have become 2.1%. When the base interest rate rises again, your tracker mortgage will adjust to the new base rate plus 2%.
Standard Variable Rate mortgages
If you have a fixed rate mortgage that is coming to the end of it’s initial period, you will move onto your lender’s standard variable rate. These tend to be more loosely tracked to the base rate and will usually cost more. If you don’t want your repayments to increase after your fixed rate deal ends, you should consider remortgaging to a new fixed rate.
Use our whole of market mortgage comparison tables to find deals from the entire market and compare across all the available rates.
You’ll unlock better deals at lower loan to value bands. If you have a deposit that covers 12% of a property, try saving a bit more to reach 15%.
High consumer debt will limit the number of mortgage deals available to you. Keeping debts low will also improve your credit score.
You may be tempted to go directly to your bank to secure your mortgage, but not shopping around could cost you thousands in the long run. To ensure you get the best mortgage rates, you should compare mortgages across the whole market.”Nisha Vaidya, Mortgage Editor
The best mortgage rate will depend on your personal circumstances and the state of the economy. Sometimes the lowest interest rates are the best, but make sure you factor in additional product fees before choosing a rate.
The amount that you can borrow for a mortgage is based on a number of factors, including your salary, your monthly outgoings, your credit score, and any existing debt or loan agreements you may have in place. You can use our calculator to get an idea of how much banks and other mortgage companies may be willing to lend you.
Lenders will usually expect you to provide a minimum of around 10% of the property price in the form of a mortgage deposit. Some mortgages are available without a deposit, but you usually need a guarantor. For first time buyers, there are some buying schemes you can use to get on the property ladder with a 5% deposit.
On top of your deposit and mortgage, there are many fees and costs associated with buying a house, including solicitor fees, arrangement fees, house surveys and stamp duty. You can work out the total amount by adding up all of the costs of buying a home, listed in our guide.
With a repayment mortgage, each monthly payment pays off some of the capital (the loan itself) and some of the interest applied.
Example: You take out a mortgage of £170,000 with a 2-year fixed interest rate of 2.2% and a standard variable rate of 3.89% for the remaining 23 years.
You’ll pay off some of your mortgage plus the 2.2% interest for the first two years, amounting to 24 monthly payments of £727.13.
If you don’t remortgage, for the remaining 23 years you’ll pay off the remainder of your loan plus the 3.89% interest. This amounts to 276 instalments of £876.59.
In total, at the end of your mortgage, you will have paid £259,388.82.
Last updated: 3rd September 2021