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The best rate for a five-year mortgage with a 25 per cent mortgage is currently 4.18 per cent with NatWest. The best two-year deal with the same deposit is at 4.29 per cent with Santander. The ...
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/base rate. There may be a direct ...
Sometimes the discount is expressed as a margin over the base rate (e.g. BoE base rate plus 0.5% for 2 years) and sometimes the rate is stepped (e.g. 3% in year 1, 2% in year 2, 1% in year three). A cashback mortgage; where a lump sum is provided (typically) as a percentage of the advance e.g. 5% of the loan.
Discount rate – where the interest rate charged is lower (e.g. 2% per year lower) for a short fixed period (typically 1 to 5 years), after which the full rate is charged. Sometimes the rate is stepped (e.g. 3% in year 1, 2% in year 2, 1% in year 3).
Average mortgage rates for popular terms are finally inching down week over week as of Monday, December 2, 2024, with the 30-year fixed purchase rate retreating from 7.00%.
Meanwhile, people tied to a tracker mortgage, which directly track the Bank of England’s base rate, will see around £50 added to their typical costs, according to calculations by the trade body.
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