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Consider carefully the remortgage options

News that sub-prime lenders in the US are in trouble over granting huge mortgages to people who can’t afford to repay them could make homeowners in the UK nervous about remortgaging.

Sub-prime lenders lend money to people with bad credit histories and who can’t borrow from a standard lender. But rising interest rates and falling house prices in parts of the US have meant that homeowners are increasingly struggling to meet repayments, causing them to default on their loans.

So what does this mean for British homeowners, and should you now steer away from remortgaging?

With an interest rate hike widely expected in May, borrowing costs are likely to become more expensive, so if you are remortgaging and are borrowing more money it’s important to factor in the cost of any future potential increases. The key is only to borrow what you can afford, so you don’t end up overstretched.

Jargon can make finding the right remortgage deal to suit your needs difficult, but it doesn’t have to be complicated.

Fixed rate mortgages usually suit those on a strict budget who need to know exactly what their monthly outgoings will be. Whatever happens to interest rates, you can rest assured that during the fixed rate period, your payments will remain the same.

Capped rate mortgages, for example, get their name because there is a cap on the amount of interest you can be charged by the lender. In other words, the amount of interest you pay is guaranteed not to rise above a fixed percentage rate for a set period of time. But while rates cannot rise above a certain level, they can still fall.

With a discounted mortgage, you get a discount off the bank or building society’s standard variable rate for a set period of time. Remember however, that there is no cap on the amount of interest you can be charged.

As their name suggests, tracker mortgages usually ‘track’ or follow Bank of England interest rates. Rates can either match interest rates exactly, or track them at a set percentage above or below. If interest rates rise your payments will increase too.

Finally, offset mortgages allow you to ‘offset’ your savings against your mortgage. So, although you won’t be credited with any interest on your savings, you don’t have to pay any interest on the equivalent amount of your outstanding mortgage. This offset interest is then used to reduce the amount outstanding on the mortgage.

BeatThatQuote.com enables you to compare lots of different remortgage deals online, so that you can find the best deal to suit your needs.

The other decision you need to make if remortgaging is whether to opt for an interest-only or repayment mortgage.

With an interest only mortgage, as the name suggests, you only repay the interest on the capital you owe. You must then set up a savings scheme, such as an individual savings account (ISA) which you pay into every month, so that you can repay the capital at the end of the mortgage term. With a repayment mortgage, however, you pay both the interest and the capital back each month, so you know for certain at the end of the term the debt will be cleared.

2008-05-20