Every Quote Is Free & Confidential  180000 Mortgage - Mortgage ComparisonCompare mortgage plans to get the best rate on a £180,000 Mortgage or Remortgage - Mortgage Comparison |
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Find out costs of borrowing £180,000 with our quick & easy mortgage calculator. Get an agreement in principle for your mortgage. Apply or speak to one of our mortgage advisors today.
If you are looking to borrow £180,000 then First Choice Finance are an experienced mortgage brokers who are professionals who play an important role in mediating between a lender and a borrower. We guide you through the process of selecting a suitable mortgage package with competitive deals & offers. We offer financial advice on mortgage and property, comparing the many different plans available.
Our job is to find a mortgage package that meets the borrower`s needs, and to help the client process and complete their mortgage application form. As a mortgage broker we often have access to mortgage plans not available via the high street and compare the different mortgages to find the one best suited to your needs.
How much do I need to earn to get a mortgage of £180,000 UK - This will vary depending on a number of factors, in years gone buy this was a simple calculation which would be you could borrow around 4 to 5 times your yearly salary so this would be around £45,000. Since the credit crunch mortgage lenders have changed their criteria to take a more detailed look at your affordability, taking into consideration all your outgoings, this means that you could borrow £180,000 on a smaller salary as long as you are able to afford the repayments.
Monthly repayments on 180k mortgage - Your mortgage repayments will be depend on the term of mortgage you choose and the mortgage rate offered by the lender, it is important to note that the better your credit rating the lower rate you are likely be offered, First Choice Finance will compare the different mortgage options and find a repayment schedule that you are able to afford.
If you are contemplating getting a mortgage to buy or construct a house then you should understand that there are 2 types of mortgages which are the most ordinary, variable rate mortgages & fixed rate mortgages.
Fixed Rate Mortgages
With a fixed rate mortgage, there is an interest rate that may remain the same throughout a predefined start period of the mortgage agreement.
Generally speaking, the shorter the duration of the loan is, the less the interest rate will be. This means that with the shorter loan period you`ll pay less in total than what you would pay for a longer term loan even though the monthly payments might be – and generally are – higher.
A longer term loan may be simpler to fit into your budget as the monthly payments will be smaller, than it might be your best choice to go with the shorter term mortgage, but if you`re able to manage the bigger payments.
However long the length of the mortgage that you opt for, a fixed rate mortgage is one that will keep you protected in the even as interest rates increase. In the event the interest rates happen to drop, that said, since the rate that you simply go with will be locked in for the length of the mortgage, you might also be losing money.
Variable Rate Mortgages
A Variable rate mortgage is a form of mortgage loan that allows for the interest rate to be adjusted either upward or down. This may depend on the economic trends which are present. See, the interest rate for a variable rate is often based on the bank of England base rate.
The rate can and will change with the marketplace trends, while an variable rate might be lower than a fixed rate in the start of the outstanding loan. However, there are generally limits to how high the interest rate can go through the life of the mortgage. While these limits might provide you with a little protection in case the market changes drastically, the equilibrium that is inherent in a fixed rate loan is not seen with a variable rate mortgage.
All told, when you are thinking about taking out a mortgage, take a long hard look in the types as well as what your finances are so you will make the choice that is best for you and your family. When you come to First Choice Finance we will be happy to give you comparisons on the different mortgage plans giving you qualified mortgage advice and helping you throughout the mortgage process.
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