• Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions
Monday, March 8, 2021
No Result
View All Result
ABC Money
PR Fire Press Release Distribution
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
ABC Money
No Result
View All Result
Home Finance

Comparing Mortgage Products from the High Street Banks

by Claire James
23/01/2019

From buy-to-let investors to first-time buyers, there’s no purchase more major than a new home. It’s one of the more expensive assets most people will ever acquire. Not to mention, one of the most complex processes to negotiate smoothly.

Even if you know what you need and what you can afford, you still need to compare mortgage deals from dozens of banks and specialist lenders. Stick with the High Street alone and you’ll need to perform an in-depth mortgage comparison involving thousands of possible options.

Under no circumstances is it ever advisable to sign on the dotted line, before considering every available option.

The Value of a Full Market Mortgage Comparison

In order to illustrate the value of a full market mortgage comparison a little more clearly, you’ll find a series of current offers from major High Street banks listed below. The following rates were correct as quoted in January 2019, based on borrowing £170,000 over a period of 25 years:

Compare Lloyds Bank Mortgages

2 year fixed mortgage

Maximum LTV – 60%

RelatedPosts

5 online side hustles that could boost your income in 2021

National Governments Keen to Use Blockchain Technology

How to save money on your heating bill and get help with energy debts

5 Best Applications for Finance You Can Use in 2021

Load More

Initial rate – 1.39% fixed until 28 Feb 2021

Subsequent rate (SVR) – 4.24% variable

Overall cost for comparison – 3.8% APRC

Completion fee – Zero

Product fee – £1,499

 

Compare Yorkshire Building Society Mortgages

2 year fixed stepped cashback mortgage

Maximum LTV – 65%

Initial rate – 1.53% fixed until 31 Mar 2021

Subsequent rate (SVR) – 4.99% variable

Overall cost for comparison – 4.3% APRC

Completion fee      – £995

Product fee – Zero

 

Compared Halifax Mortgages

2 year fixed for first time buyers

Maximum LTV – 60%

Initial rate – 1.49% fixed until 28 Feb 2021

Subsequent rate (SVR) – 4.24% variable

Overall cost for comparison – 4.0% APRC

Completion fee      – Zero

Product fee – £995 with an option to add to the loan

 

Compare Virgin Money Mortgages

2 year tracker

Maximum LTV – 65%

Initial rate – 1.68% base rate tracker until 01 May 2021

Subsequent rate (SVR) – 4.99% variable

Overall cost for comparison – 4.4% APRC

Completion fee – Zero

Product fee – £995

 

Compare Chelsea Building Society Mortgages

2 year fixed stepped

Maximum LTV – 75%

Initial rate – 1.68% fixed until 31 Mar 2021

Subsequent rate (SVR) – 4.99% variable

Overall cost for comparison – 4.3% APRC

Completion Fee – Zero

Product Fee – Zero

 

Additional Tips for Choosing a Mortgage

A quick glance at the above is enough to drive home the importance of a whole-of-market mortgage comparison, before making such an important final decision. In addition, there are steps that can and should be taken when considering a mortgage application, in order to ensure you access the best possible deal for your needs.

Get your credit score in shape

The stronger your credit rating, the more likely you are to be approved. Not only this, but your credit score also has a direct impact on the overall borrowing costs you’re likely to face, if your application is successful. There’s not a lot you can do to boost your credit score in the short-term, but if you’re planning ahead, it’s an important point to consider.

Consider how much can you afford

Just because you can qualify for a certain amount of money doesn’t mean you can necessarily afford it. Remember – a mortgage is a long-term commitment, which you’ll be stuck with for 15, 20, 30 or even 35 years. Make sure you can afford the loan and avoid borrowing more than you need. Check loan comparison sites to get the best rates and financial advice.

Look beyond the High Street

Consider High Street banks by all means, but also compare mortgages from the UK’s specialist lenders. There are dozens of independent specialists in business up and down the UK, which may be able to offer you an exclusive deal you won’t find on the High Street.

Previous Post

Plumbing: could you tap into the trade, or is it just a pipe dream?

Next Post

The ABC of Business Finance

Related Posts

5 online side hustles that could boost your income in 2021
Finance

5 online side hustles that could boost your income in 2021

05/03/2021
National Governments Keen to Use Blockchain Technology
Finance

National Governments Keen to Use Blockchain Technology

05/03/2021
How to save money on your heating bill and get help with energy debts
Finance

How to save money on your heating bill and get help with energy debts

02/03/2021
Next Post
The ABC of Business Finance

The ABC of Business Finance

Technical analysis vs fundamental strategies

Technical analysis vs fundamental strategies

How To Kickstart Your 2019 In Retail

How To Kickstart Your 2019 In Retail

Latest News

Advancements of Bitcoin and Cryptocurrency

Advancements of Bitcoin and Cryptocurrency

08/03/2021
A Bitcoin Emerges as a Big Boom

A Bitcoin Emerges as a Big Boom

08/03/2021
Protect Your Retail Store with These Easy Steps

Protect Your Retail Store with These Easy Steps

08/03/2021
Blinds, Types and Materials Used: You Must Know

Blinds, Types and Materials Used: You Must Know

08/03/2021
5 ways attackers exploit your resources

5 ways attackers exploit your resources

08/03/2021
POST-PANDEMIC READINESS

POST-PANDEMIC READINESS

08/03/2021

Social

Contact

For editorial enquiries:

editorials@abcmoney.co.uk

For advertising enquiries:

advertise@abcmoney.co.uk

Top Topics

  • News
  • Business
  • Finance
  • Property
  • Technology
  • Investment

Guides

  • Best UK Bridging Loans
  • Best UK Secured Loans
  • Best UK Commercial Mortgages
  • Best UK Business Loans
  • Best UK Payday Loans
  • Best Sites for International Money Transfers
  • Best Press Release Distribution Service

Social

  • Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions

© 2020 ABC Money

No Result
View All Result
  • Write for us
  • Contact
  • About Us
    • Authors
  • News Desk
    • Business
    • Finance
    • Property
    • Technology
    • Investment

© 2020 ABC Money

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.