In your best interest?: For a fee, 'accelerator' mortgage companies can save you money on your mortgage - but their fees are huge

Article Abstract:

Some companies offering accelerator mortgages charge large fees for their services, although there are several ways to repay the loan that will not cost thousands of pounds. Century Mortgages will reduce the overall mortgage cost, shortening the repayment period, by moving the mortgage to a different lender and setting up an accelerator, whereby the monthly instalment together with an extra amount is paid into a savings account. The mortgage payment is then deducted from the savings account, and extra cash accumulated is transferred once a year to the mortgage. However costs of around 2,500 pounds sterling and a monthly management charged are involved.

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Move to a best buy mortgage

Article Abstract:

There are over 100 UK mortgage lenders offering thousands of deals, so it is important to decide in advance what is required from a mortgage. Fixed rate mortgages mean that the same interest rate is paid for a specified time, while with a capped rate mortgage, the interest rate will not rise above a certain level during the period. Many lenders offer cashback as a percentage of the loan, but these involve being tied into the lender's standard rate. Some telephone lenders offer low standard rates and no penalties for repaying some or all of a loan.

Commercial Banks, Mortgage and Nonmortgage Loan Brokers, Consumer Mortgage Loans

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