Choosing the right mortgage can be a confusing and lengthy process which is why it's worth talking to a mortgage specialist like Hawkstone. We'll take time to understand your needs and goals and then explain all the options available in a straightforward and approachable way. With a fixed rate mortgage, the interest rate stays the same throughout the initial rate period which means your payment amounts and the length of the agreement are fixed.
You know exactly what you're paying each month - and changes to interest rates don't affect it. Tracker mortgages work at a set margin above the Bank of England base rate. So if the base rate is 0.5% and you're on a +2% tracker deal, you'll pay 2.5% interest on your mortgage. Tracker mortgage deals can last anything from one year, to the entire loan agreement.
With an offset mortgage, funds are offset against your savings. That means that if you have a mortgage of 250,000 and 50,000 in a savings account, you are only charged interest on 200,000 of your borrowing.
You know exactly what you're paying each month - and changes to interest rates don't affect it. Tracker mortgages work at a set margin above the Bank of England base rate. So if the base rate is 0.5% and you're on a +2% tracker deal, you'll pay 2.5% interest on your mortgage. Tracker mortgage deals can last anything from one year, to the entire loan agreement.
With an offset mortgage, funds are offset against your savings. That means that if you have a mortgage of 250,000 and 50,000 in a savings account, you are only charged interest on 200,000 of your borrowing.
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