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Below are the most frequently asked questions, if you have a question about mortgages or remortgages send an email to questions@mortgagehealthcheck.co.uk and we'll send you a reply and add it to our FAQs page.
LTV stands for loan to value.
An example of LTV is your home is worth £100,000 and you took out a mortgage of £75,000 this would give you a loan to value of 75%.
A Conveyancer is a Solicitor who deals with property transactions.
Yes remortgaging is a good idea if you are paying your Lender’s standard variable rate this is usually their highest mortgage rate and remortgaging could save you significant amounts of money on your mortgage payments.
Check out our remortgage page for more information or arrange a call for free remortgage advice
Mortgages can be complicated with numerous different mortgage products and rates available.
Check out our mortgage rate page for information on the different types of available mortgages or arrange a call with a mortgage expert to discuss the best available product for you.
You are considered a first time buyer if you or the person you’re buying a property with has never owned a home before.
The term is slightly misleading though, if you inherit a property, you will still be considered a first time buyer when you actually ‘purchase’ your first property.
For more information on first time buyer mortgages check out our first time buyer page
Mortgage rates can be quite volatile changing quickly due to changes in the economy, decisions made by the Government or changes to the Bank of England base rate.
Check out our mortgage rate page for the best available mortgage rates.
The Bank of England base rate is usually reviewed 8 times per year by the Monetary Policy Committee (MPC).
These usually take place in February, March, May, June, August, September, November and December.
The Bank can also call emergency meetings if needed as seen during the financial crisis of 2008.
No the Lender’s standard variable rate is usually their most expensive deal.
If you are expecting mortgage rates to fall and happy for your mortgage payments to fluctuate taking out a discount rate or a tracker rate mortgage will be cheaper than paying your Lender’s standard variable rate.
As long as you are aware that if interest rates rise your mortgage payments will increase as well as decrease if interest rates fall.
Our Top Tips
Purchasing a property will be the most expensive financial commitment many us will make and obtaining advice from a mortgage professional could save you thousands of pounds over the lifetime of your mortgage.
When you originally took out your mortgage you would have been offered a deal but these deals are usually only for a set period of time and then your mortgage reverts to the Lenders standard variable rate usually the Lenders most expensive mortgage rate.
There are 100s of mortgage providers offering 1,000s of different mortgage products, by searching the whole of the market you can get access to deals not available form the High Street Banks. Arrange a call and let a mortgage advisor search the whole of the mortgage market on your behalf.
Complete the contact form tell us a bit about yourself and we’ll call you back at a time of your choosing.
