Fixed Rate Mortgage – 2, 3, 5 Year Fixed Mortgages – Tesco Bank #mortgage #payment

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From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

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Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

Fixed rate mortgage

Making your mortgage repayments easier to manage

Our 2, 3 and 5 year fixed rate mortgages (sometimes called fixed term mortgages), give you the certainty of knowing that your repayments will stay the same for a set period of time. The rate of interest you pay is fixed for the agreed period, and so are your monthly repayments, whether interest rates go up or down.

  • We could help you make the move with our 95% loan to value (LTV) mortgages, meaning you only need a 5% deposit. There may be a non-refundable booking fee and a product fee, details of any fees payable will be found on your Mortgage Illustration
  • You could pay off your mortgage early. During the initial rate period, you can overpay by up to 20% of the outstanding balance each year with no early repayment charge
  • Get a great deal more. Earn Clubcard points on your monthly repayments and any regular or lump sum overpayments. You won’t collect points on any fees or charges paid separately from your monthly payment or on any overpayment you make to pay off your mortgage in full
  • Choose between a mortgage with a product fee or one without a product fee

Retrieve a quote

Features of a fixed rate mortgage


Fixed rate mortgages explained

A fixed rate mortgage means that your interest rate stays the same for a fixed period, for example, 3 years. This can make it easier to manage your budget because your monthly repayments will stay the same.

Once your fixed rate period has ended, we will move you to our standard variable rate (SVR). If you’re an existing customer, before your initial offer period ends, we’ll get in touch with details about our current mortgage deals.

Our fixed rate mortgage range

Use our quick mortgage calculator to see what mortgage products we could offer you.

Not sure if a Tesco Bank Fixed Rate Mortgage is right for you? Take a look at our full range of mortgage options.

All of our mortgages are repayment, rather than interest-only. This means that you pay back all of the loan (sometimes called the capital), plus interest.


Benefits of our fixed rate mortgage

Our range of fixed rate mortgages is flexible, so if your life changes your mortgage could too.

Budget more easily with fixed repayments

Our fixed rate mortgages help you budget more easily with the certainty of knowing your monthly repayments will stay the same for an agreed period, even if interest rates go up or down.

Pay off your mortgage early for more years of mortgage-free living

During the initial period (2, 3 or 5 years) you can overpay by up to 20% of the outstanding balance each year and there’s no early repayment charge.

Take your mortgage with you when you move home

Just give us a call about moving your mortgage and we’ll walk you through what you need to know. Just a reminder, you may need to pay a property valuation fee, as well as other fees and charges.

It will all be outlined in your Mortgage Illustration: a document that tells you how much your mortgage will cost, as well as some other important information about the key features of your mortgage.

Have a break with a payment holiday

If you’ve made 6 monthly payments in a row, you can apply to take a payment holiday for 1 month. You can take 2 payment holidays every 12 months, up to a total of 6 payment holidays over the lifetime of your mortgage. But remember, you’ll still be charged interest during a payment holiday, so your monthly payments may go up.

You could increase your borrowing

If you’ve made 6 monthly payments, one after the other, you can apply to borrow more. The minimum amount you can borrow is £5,000 and the rate of interest you’ll pay is our standard variable rate (SVR).

We’re upfront and keep things simple. You’ll find full details of the changes you can make to your mortgage, and our charges, in your personalised Mortgage Illustration.

Just a reminder, you may need to pay a property valuation fee, as well as other fees and charges.

Our fees and charges

Clubcard rewards

We’ll automatically give you 1 point for every £4 you pay on your monthly mortgage payments – including overpayments. It’s easy to keep track of your points too as they’ll show up on your Clubcard account within 6 weeks of each payment you make. You must be registered to Clubcard in order to benefit from Clubcard points.

You won’t collect points on any fees or charges paid separately from your monthly payment or on any overpayment you make to pay off your mortgage in full.

Find out more about Clubcard


First time buyers and moving home

We know that getting your mortgage sorted is important. That’s why we have a dedicated mortgage team. They provide an excellent service and are here to help you through the home buying process, whether you’re just starting out or are looking to move to a new home.

Our UK-based Mortgage Team is available from 8am to 9pm on weekdays, and 9am to 4pm on Saturdays. Call: 0345 217 2050.

We provide a full advice service by phone, or you can apply online.

Our fees and charges


Secure a better remortgage rate

Everyone has their own reasons for wanting to remortgage. Your current deal could be about to end, you might be looking for a better rate or be worried that interest rates might go up. Maybe your situation has changed and you want a different type of mortgage or perhaps you want to increase your mortgage to make home improvements.

We offer competitive rates on remortgage deals, so there’s nothing stopping you from getting a quote and seeing how much you can borrow. If you’re coming to the end of your deal we can arrange for your home to be revalued and pay for your first standard valuation fee.

You could save by switching

When you remortgage with us, we’ll pay your first standard valuation fee and we’ll also cover your standard legal fees.

Our fees and charges


Renew your existing mortgage

If you’re an existing customer, before your initial offer period ends, we’ll get in touch with details about our current mortgage deals. We’ll work it out based on how much you still owe on your mortgage, our current valuation of your home, and the number of years left on your existing mortgage. And because you’re already a customer, we’ve done all the checks we need to, meaning switching to a new deal should be quick and easy.

Contact us – we’re here to help

Need a few questions answered? Want to chat rather than scroll? Our UK-based teams are here to talk to you six days a week. Lines are open Monday to Friday 8am-9pm and Saturday 9am-4pm.

Call 0345 217 2050* to chat about new policies.

* These numbers may be included as part of any inclusive call minutes provided by your phone operator.

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Fixed Rate Mortgages – Compare To Find The Best Fixed Rate Deals #second #mortgage #loans

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Fixed rate mortgages

This means your monthly mortgage payment will remain the same over the period, giving you certainty and allowing you to budget for a major item of expenditure.

At the end of the fixed rate period, the mortgage usually transfers to the lender’s variable rate – although it makes sense to shop around at this point to secure the best deal. To compare the UK’s best fixed rate mortgage deals, have a look at our independent best buy tables. We have all the latest rates and those all-important terms and conditions.

Guide to fixed rate mortgages

Picking from the wide range of mortgage options available can seem a daunting task. With thousands of products available, how do you know which one to go for?

Broadly, mortgage deals fall into two categories – variable and fixed rate. Here we explain how fixed rate mortgages work, and how to pick one that’s suitable for you:

What is a fixed-rate mortgage?

These are mortgage deals that offer you the chance to secure your rate to give you fixed monthly repayments. By choosing one of these, you don’t need to fear fluctuations in interest rates. The rate will remain the same over the specified period, no matter what happens to the Bank of England’s base rate or lender’s standard variable rate (SVR).

You can keep track of how base rate changes will affect your mortgage repayments by using our handy base rate calculator .

A fixed-rate mortgage usually lasts for two to five years, although there are longer terms on the market of ten years or more. At the end of the deal the fixed-rate period the rate will revert to the lender’s SVR.


A fixed-rate gives you the security of knowing exactly how much you’ll pay for your monthly mortgage repayments, irrespective of what happens to interest rates.

This means you can budget for other household costs more easily, without fearing your mortgage repayments could suddenly shoot up.

For first-time buyers or homeowners on a tight budget, fixed-rate mortgages are particularly appealing, as they provide a stable, monthly repayment.


You typically face paying a fee when arranging your fixed-rate mortgage, and rates can be higher than variable options. This is because you’re paying for the security they offer, as variable rates can change, so if the Bank of England puts interest rates up, variable rates will rise while a fixed rate will remain the same.

You may miss out on a more competitive interest rate if the lender’s SVR drops to less than the fixed rate.

It’s important to think carefully about how long you want to lock yourself into a mortgage for. Most will charge you a penalty – known as an early repayment charge (ERC) – if you need to get out of the deal before the end of the fixed term.

Choosing a fixed rate

Consider how long you want to fix your rate for. There are plenty of deals available on the market, ranging from two to five or more years, but there is a big difference in the time these will fix your mortgage repayments for.

The decision depends on how important this security is for you, and what you think will happen to the Bank of England base rate. For example, you may want to set your repayments for five years, but this will see you miss out on a cheaper deal if rates have further to fall. Alternatively, if they rise, you’ll be glad you locked into a fixed-rate deal.

Check how big a deposit you need to have to access the best deal, as many of the cheapest fixed rates will only be available to those with a large deposit of 40% or more. If you have a smaller deposit, then your choice may limited. Look at the maximum Loan to Value (LTV) ratio on offer from each mortgage to work out if you can apply.

Comparing fixed rate deals

Once you know how long you want to fix your mortgage and how big a deposit you have, you can search fixed mortgage rates to find the best and most suitable deal for you.

While you will want to compare interest rates, given this is the determining factor in how much your repayments will be, this isn’t the only consideration. Lenders charge a range of fees for mortgage deals, so check out how much these amount to as it can play a large part in which deal is best for you over a certain time period – particularly if there is little difference in rates.

MoneySupermarket makes it easy to choose the right fixed rate mortgage. There is a wide range of mortgages from a variety of lenders, but we make it easy for you to compare them. What’s more, our comparison service is free, independent and online.

The figures and information provided by this tool are for illustration purposes only

Ready to find a mortgage?

Contact at Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ. © Ltd 2013 Limited is an appointed representative of Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190). Financial Group Limited, registered in England No. 3157344. Registered Office: Moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700

Here’s some important information about the services MoneySupermarket provides. Please read and retain for your own records. About our service

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How to apply for a mortgage – Money Advice Service #mortgage #caclulator

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How to apply for a mortgage

When you apply for a mortgage, lenders have to make sure that you can afford your monthly repayments. Read on to learn everything you need to know about applying for a mortgage.

How do lenders check I can afford a mortgage?

Lenders will add up all your household income – including your basic salary and any additional income you receive from a second job, freelancing, benefits, commission or bonuses.

Checking affordability is a much more detailed process. Lenders take all your regular household bills and outgoings into account, along with any debts such as loans and credit cards, to make sure you have enough left to cover the monthly mortgage repayments.

They also have to ‘stress test’ whether you could still afford the mortgage if interest rates were to rise, or if you were to retire, go on maternity leave or end a fixed-term contract.

In addition, they’ll run a credit report with a credit reference agency to take a look at your financial history and assess how much of a risk lending to you might be.

Use our Affordability calculator to see how much you can borrow.

How to prepare for your application

Before applying for a mortgage, contact the three main credit reference agencies and order your credit reports. Make sure there is no incorrect information about you. You can do this online and it’s often free of charge for up to 30 days.

Start collecting all the documents you will need for the mortgage application. This includes:

  • Your last three months’ payslips
  • P60 form from your employer
  • Bank statements of your current account for the last three to six months
  • Statements from your savings accounts
  • Proof of benefits received
  • Statement of two to three years’ accounts from an accountant if self-employed
  • Tax return form SA302 if you have earnings from more than one source or are self-employed
  • Self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements
  • Utility bills
  • Passport or driving licence (to prove your identity)

Be accurate. Make sure the information on the application form matches the documents you supply. For example, don’t round up your salary if the amount on the payslips differ from this figure.

Provide details of the address of the property, the estate agent and your solicitor.

These are the basics – some lenders may ask for more paperwork. Bear in mind that lenders may have different criteria around income and outgoings. Ask your lender or independent mortgage adviser what else you may need.

Please note, printouts of online statements of your current account and utility bills may not be acceptable. You will either need hard copies or to have copies certified by your solicitor, your bank or your utility provider.

How you spend your money

You might also need to show your outgoings, including how much you’re borrowing on credit cards and other loans, as well as your household bills, including council tax, utility bills, insurance policies, and general living costs such as travelling to work or school, clothing, childcare and entertainment.

Are you remortgaging?

If you want to increase the size of your mortgage you may also have to go through the affordability checks above, and you’ll be given advice around which mortgage products are suitable.

If you have a mortgage and don’t want to borrow any additional money, there are more flexible arrangements. Read more about it in our guide to Remortgaging .

Do you want an interest-only mortgage?

Not all lenders offer interest-only mortgages. If you do apply for one, you will have to show that you have a credible repayment method in place, as well as meeting the necessary income criteria.

Speak to a mortgage adviser

It’s wise to speak to a range of people so you can choose the right mortgage for you. This could include lenders’ advisers or you can speak to an independent financial adviser (IFA) or mortgage broker.

Calculate the total cost of your mortgage

The lender or the broker will do this for you, but do make sure they fully explain all the charges and fees. including. any conditional charges and fees too, such as early repayment penalties.

Some brokers will not charge fees for advice as they may receive a commission from the lender. In-house bank and building society advisers are also unlikely to charge a fee for their advice.

Currently, you’re provided with an Annual Percentage Rate (APR), which shows the total yearly cost of a mortgage and is expressed as a percentage of the loan amount. From March 2016, new rules require lenders to use one or more Annual Percentage Rate of Charge (APRC) calculations instead.

The APRC, although calculated in a very similar way, includes any fees such as valuation or redemption fees associated with your mortgage deal.

This will give you a more thorough comparison between mortgages deals that take into account these additional associated fees.

From March 2016, these fees and charges will be part of the calculation for the annual interest rate. This rate, which is known as the Annual Percentage Rate of Charge (APRC) should enable you to compare the total cost of one mortgage with another.

Comparison websites are a good starting point for anyone trying to find a mortgage tailored to their needs.

We recommend the following websites for comparing mortgages:

  • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
  • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
  • Find out more in our guide to comparison sites

Try our Affordability calculator to see how much you may be able to borrow.

Your next step

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  • How Much House Can I Afford – Home Affordability Calculator #bankruptcy #mortgage #lenders

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    Affordability calculator

    See how much refinancing can save you

    Affordability calculator help

    “How much house can I afford?” is a question we hear frequently from those looking to purchase a new home. The mortgage you can afford depends on many factors, including your target monthly payment, annual income, and down payment amount.

    Zillow’s mortgage affordability calculator helps you determine what you can comfortably afford to pay based on your personal circumstances. It evaluates the percentage of your monthly income that goes toward existing debts to help identify how much extra you have to spend on a mortgage payment. Your remaining income after debt and taxes should be enough to cover living expenses and savings goals, and it is wise to have some cash set aside to accommodate any unexpected repairs or financial emergencies.

    Annual income This is the combined annual income for you and your co-borrower. Include all income before taxes, including base salary, commissions, bonuses, overtime, tips, rental income, investment income, alimony, child support, etc. Down payment This is the amount of money you will put towards a down payment on the house. Make sure you still have cash left over after the down payment to cover unexpected repairs or financial emergencies. Monthly debt

    Include all of you and your co-borrower’s monthly debts, including: minimum monthly required credit card payments, car payments, student loans, alimony/child support payments, any house payments (rent or mortgage) other than the new mortgage you are seeking, rental property maintenance, and other personal loans with periodic payments.

    Do NOT include: credit card balances you pay off in full each month, existing house payments (rent or mortgage) that will become obsolete as a result of the new mortgage you are seeking, or the new mortgage you are seeking.

    Interest rate This is the interest rate for the loan you will receive. It is pre-filled with the current 30-yr fixed average rate on Zillow Mortgages. Debt-to-income (DTI) Your DTI is expressed as a percentage and is your total “minimum” monthly debt divided by your gross monthly income. The conventional limit for DTI is 36% of your monthly income, but this could be as high as 41% for FHA loans. A DTI of 20% or below is considered excellent. Income taxes This is an annual tax that governments place on individuals’ income. It includes federal tax, most states and some local entities. The national average is around 30% but can vary based on income, location, etc. Property taxes The mortgage payment calculator includes estimated property taxes. The value represents an annual tax on homeowners’ property and the tax amount is based on the home’s value. Homeowners insurance Commonly known as hazard insurance, most lenders require insurance to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. All homeowner’s insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off your property. Mortgage insurance (PMI) Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home’s purchase price. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Also known as PMI (Private Mortgage Insurance). HOA dues Typically, owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance. Loan term This is the length of time you choose to pay off your loan (e.g. 30 years, 20 years, 15 years, etc.) Full report Click on the Full Report link to see a printable report that includes mortgage payment breakdowns, total payments, and a full mortgage payment amortization calculation (table and chart). Amortization table includes ability to view amortization by year or by month.

    Mortgage Learning Center

    Searching for your new home?

    Pre-approval ensures you’re ready to make an offer when you find the perfect one.

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    Houston Mortgage Rates – Houston Mortgage – Houston Mortgage Rate FAQs #online #mortgage #companies

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    Houston Mortgage Rates

    Frequently Asked Questions (FAQs)

    What are current Houston mortgage rates?

    2011 saw the lowest Houston mortgage rates since Freddie Mac began surveying interest rates in 1971. 2012 Houston mortgage rates have remained at record-setting low levels. Get started on your Houston mortgage purchase or refinance today: call (800) 308-8503 or (281) 305-9375 or use the form to the right. Houston mortgage rates change daily; call or email for today s rates.

    Monthly Average Commitment Rate And Points
    30-Year Fixed-Rate Mortgages

    Who sets the mortgage rates?

    Houston mortgage rates are ultimately driven by the prices of Mortgage Backed Securities (MBS). Although lenders set their own mortgage rates, those rates are greatly influenced by the current prices of MBS.

    What are Mortgage Backed Securities (MBS)?

    MBS are groups of mortgages packaged into securities for sale in the secondary market. Similar to the stock market, these packaged securities, or MBS, are traded in markets. The amount the investors will pay for them is what drives Houston mortgage rates.

    Why are mortgage rates constantly changing?

    Before mortgages are packaged into securities, they are originated by direct lenders. Then, mortgage lenders sell the loans to wholesale and correspondent lenders. The wholesale and correspondent lenders often purchase the loans with the intent to package and resell the MBS to a secondary market. Therefore, the price for which the loans are sold at various interest levels influence the rate and price a lender can offer to borrowers. Because mortgage loans undergo this process, the value of the mortgages, or the price of MBS, are directly linked to the price for a certain interest rate. Consequently, as the value of MBS increases or decrease, mortgage rates follow suit.

    Who is trading in the MBS markets?

    Major financial institutions in the mortgage industry are frequently trading in the MBS markets. They have the skill to evaluate the value of a MBS, and adjust the prices of MBS based on demand.

    Is there one standard interest rate?

    The Federal Reserve controls the Fed Funds rate, a short-term rate banks charge each other. Investors often use the yield on a 10 to 30-year risk free Treasury bond as a standard for comparison. All other interest rates are alternate investment choices. When rates on the other fixed-income securities go up, Houston mortgage rates will likely go up as well.

    What factor has the greatest impact on Houston mortgage rates?

    There are two factors considered to have the greatest impact on interest rates: economic growth and inflation. As the economy grows, the demand for capital increases, which leads to a higher cost for borrowing money. A higher inflation rate will also increase Houston mortgage rates, but for a different reason. Inflation decreases the value of a dollar; therefore, a lender will demand a greater amount back at a later date to compensate for the lost purchasing power.

    To contact a Houston mortgage rates expert, use the contact form to the right or call (800) 308-8503 or (281) 305-9375.

    Loan Amortization Schedule in Excel – EASY Excel Tutorial #mortgage #quote

    #mortgage loan amortization


    Loan Amortization Schedule

    This example teaches you how to create a loan amortization schedule in Excel .

    1. We use the PMT function to calculate the monthly payment on a loan with an annual interest rate of 5%, a 2-year duration and a present value (amount borrowed) of $20,000. We have named the input cells.

    2. Use the PPMT function to calculate the principal part of the payment. The second argument specifies the payment number.

    3. Use the IPMT function to calculate the interest part of the payment. The second argument specifies the payment number.

    4. Update the balance.

    5. Select the range A7:E7 (first payment) and drag it down one row. Change the balance formula.

    6. Select the range A8:E8 (second payment) and drag it down to row 30.

    It takes 24 months to pay off this loan. See how the principal part increases and the interest part decreases with each payment.

    Mortgage Rates Today – Compare Home Loan Rates at #best #home #mortgage #lenders

    #fha mortgage rate


    Mortgage Rates for September 18

    Last update: 09/18/2016

    The rate you’ll receive on a mortgage depends on several variables: your credit score, the loan type, loan amount, points, location and down payment. And when it comes to mortgage products, the shorter the loan term, the less you’ll pay in interest over the life of the loan. Longer loans – like 30-year fixed-rate mortgages, for example – typically come with higher rates and steeper interest costs. But the monthly payments are lower than for shorter-term products, like 15-year loans. A 30-year loan will cost less each month than a 15-year mortgage with the same loan balance because the payoff horizon is spread over 15 more years. The type of loan product you choose will depend on what you can afford monthly in principal, interest, property taxes, insurance and other costs.

    Mortgage Rates Help

    Getting a mortgage loan is a big commitment. Learn about all the variables involved in getting a mortgage and the impact these variables have on your interest rate. Before buying your new home, you can find the most common variables that go into calculating estimated monthly payments and interest rates provided here.


    Click “Purchase” if you are buying a home. Click “Refinance” if you own a home and you want to replace your mortgage with another loan at a different rate and terms.

    Loan type

    Select which type of mortgage you are shopping for: a 30-year fixed-rate loan, a 15-year fixed, an FHA-insured loan, an adjustable-rate mortgage (ARM) with an introductory rate lasting 5 or 7 years, a 20-year fixed, and 10-year fixed or a 30-year Veterans Affairs loan.


    Type the amount you want to borrow. The default is $165,000, but you should enter your own number.

    Down payment

    Select the percentage that is closest to your down payment. If your down payment is between these numbers, select the lower one. Example: If you are making a 12 percent down payment, select “10% down” and not “15% down.”

    Credit score

    If you know your credit score, select the range that your score belongs to. The best rates and terms go to borrowers with credit scores of 740 and higher, and borrowers in the 720 to 739 range can get very good deals, too.


    Select the range of discount points that you are willing to pay. Discount points are an upfront fee that you pay to get a lower interest rate. One point is 1 percent of the loan amount. On a $100,000 mortgage, if you pay 1 point, you pay an upfront fee of $1,000.


    Write your city and state. You might see a bigger selection if you choose the nearest large city.

    Mortgage Calculator – Tools UK #bankrate #loan #calc

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    Other mortgage enquiries

    Amend your existing online application

    If you’ve recently applied for your first direct mortgage online and wish to make any amendments to your application, you’re able to change the following online:

    • loan amount
    • mortgage term
    • mortgage type (i.e. change from offset to repayment only)
    • interest rate (e.g. change from fixed, tracker or standard variable)

    In order to make amendments, you’ll need to:

    1. Use our ‘Find a mortgage for you’ tool to find the mortgage you would now wish to change to – remembering to select ‘Amending an existing application’ in the ‘I am..’ field.

    2. Once you’ve selected the mortgage, you’ll then need to click on ‘Full details’. followed by ‘How to Apply’ .

    3. Then simply follow the on-screen instructions.

    Please Note: You’ll need to complete a new mortgage application if you want to make any other amendments to your online mortgage application or if your application was submitted over five months ago. If you do not wish to amend your interest rate, but cannot find the interest rate you originally applied for, please call us on 03 456 100 103 .

    Important Notes

    first direct Offset Mortgages are interest only mortgages. The monthly payments shown on the next screen will cover only the interest charged on your mortgage.

    This payment does not cover an amount that you need to pay to a repayment strategy. You are responsible for making your own arrangements to repay your mortgage at the end of the mortgage term.

    You must demonstrate that you have a suitable repayment strategy in place. You may choose to use an endowment policy or another investment or savings plan.

    Mortgage Calculator

    Mortgage broker fees explained: Commission and costs to watch out for – Mirror Online #can

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    Mortgage broker fees explained: Commission and costs to watch out for

    There s no such thing as a free mortgage

    A qualified mortgage adviser – also known as a mortgage broker – can help you find a mortgage with low rates that suits your finances and guide you through the paperwork.

    And at a time when lenders are tightening their rules, a good mortgage adviser can also help you jump through the hoops. In some cases they will find mortgages for you that you cannot apply for directly.

    But however good your mortgage adviser, they are not doing it for free. They may help you save money in the longer term, but it’s important you know what you’re paying them.

    You can search for mortgage advisers on the directory Unbiased. We’ve also got tips on comparing them here.

    How is a mortgage broker paid?

    On average, you pay 500 for a broker to arrange your mortgage. But different firms charge in different ways:

    • Fixed fee. Your adviser will agree to arrange your mortgage for a fixed amount of money. This should be agreed in writing so there isn’t any room for dispute.
    • Hourly rate. Some advisers will charge per hour. Make sure the adviser gives you an estimate of how long the work will take.
    • Commission. If a mortgage adviser is ‘fee free’, they may be receiving payment in the form of commission from the lender. Make sure you ask about it right at the start so you can’t be misled.
    • Percentage. Some advisers will charge you a percentage of your mortgage. For example, if you agree a 1% charge for a 300,000 mortgage, the fee will be 3,000. Some advisers will cap fees to a certain percentage.
    • A combination. Some advisers will charge fees but still receive commission. Others will charge fees, but agree to cap them at a percentage of the mortgage.

    You should be able to find information about payment from the mortgage broker’s terms and conditions. You should also receive a document at the start explaining the key facts and costs.

    Other fees

    When taking out a mortgage, you will also have to pay fees to the lender. These vary, but may include arrangement, booking and valuation fees. The Money Advice Service has a helpful guide on the full range here .

    Do I have to pay all these mortgage fees upfront?

    You’ll have more money to spend in the longer term if you pay the fees upfront

    You may be able to add some of these fees to the mortgage. This can save you paying all at once – but it has a major downside. You will then be paying interest on the fees AND your original debt.

    You can cut down on fees by taking out a longer term mortgage, such as a five or ten-year fix. You can read more about the pros and cons of fixing here .

    Personal – Equity Bank Ltd Kenya #best #home #loan #rates

    #equity mortgage


    What’s New?

    Equity Bank Kenya reduces the rate of interest on credit facilities to 14.5% p.a focuses on digitization and innovations to deliver returns

    Nairobi 14th September 2016……In line with the new regulation, Equity Bank has with effect from 14th of September 2016 adjusted interest rates to 14.5% p.a being the current base rate set and published by the Central Bank of Kenya vide Banking Circular No 4 of 2016 dated 13th September 2016 of 10.5% p.a + 4%. At the same time, interest on deposits held in local currency interest earning accounts will earn interest at a minimum of 7.35% being 70% of the current base rate as set by CBK at 10.5% p.a.


    The University of Nairobi honoured Equity Bank Founder with the Award of the Honorary Doctor of Letters (honaris causa), for his role in entrepreneurship and his remarkable accomplishment in nation building.

    Nairobi, 5/9/2016: Equity Group Holdings Limited Chairman, Dr. Peter Munga has been conferred an honorary degree by The University of Nairobi.


    Investment groups, chamas and joint account holders can now withdraw cash from their Equity Bank accounts in a more convenient and secure way through a new feature on the bank’s Equitel mobile money platform.