uk mortgages

Different lenders in the UK offer different services with different terms. You can get a greater understanding of how this works by looking at several banks and their particular offerings. For example, if we follow Abbey bank and what they offer, we can start to see what is possible. However, it's equally as easy to do this process with mortgage lenders like Woolwich, Royal Bank of Scotland or Halifax. The process is the same, so try it with several lenders you are considering.

First, Abbey bank offers thirteen different mortgage products. Three are tracker or adjustable loans, while ten are fixed. The initial rates vary from 3.29% to a bit above 7%. When it comes to repayment terms, this is quite a variation. The tracker loans generally have the smallest initial terms, as mortgage lenders know that this will be made up as the loan adjusts throughout the term. Most of the loans Abbey offers have a loan to value ratio of about 75%. Two loans offered have a much higher loan to value of between 85-90%. However, these are also the highest interest loans, so you can see that you are paying for the increased loan amount.

Finally, each loan has it's own fees, including arrangement fees and early repayment. Don't forget to look at these as well, as they directly affect your up front costs. By picking apart different loans from different companies, you can understand the process much better.

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