Best Mortgages

Best Mortgages 2010 :-



Over the last 12 months research has shown that people with mortgages have seen a 20% drop in their mortgage costs. As the Bank of England has slashed its base rate so have the repayments due on mortgages. The results is more money in the bank of homeowners or faster repayments for those that have chosen to continue to pay the same sum back to their lender.

The largest reductions on repayments were in London, followed by the South West. There is still a complete lack of 100% mortgages available from lenders but if you can find a 20% deposit then there are some banks out there that have offers that look interesting. Currently the Natwest is offering a mortgage rate of 2.99% until February 2012. There is an early repayment charge until February 2010 and the set up charge is £999.

If you can manage a higher deposit you have better offers. One such offer is from the Woolwich offering a tracker mortgage currently at 2.63%. For the term of the mortgage there is an interest rate of 2.13% above BBR. Again the set up fee is £999 and there is an early repayment charge until 30th April 2012.

If you can manage a 40% deposit you can get a mortgage rate of 2.49% on this tracker mortgage. The set up fee is £999 but there is no financial penalty for early redemption, so you can overpay if you wish. This is a lifetime tracker mortgage.

If you have a mortgage is is certainly worth looking at the interest rate that you are currently paying, because even with the high set up fee of just less than a £1000 that many lenders charge to set up a mortgages, you could still make a large saving if you have a mortgage that is still set to run for a number of years.