Summary

Mortgage companies have been hitting customers with high exit charges ( best mortgages ) for years, and they've been getting even higher recently. Until now, as we explain in this article.

Mortgages. FSA moves to cut exit fees. Part 2

Author: Anna Richardson

So which lender offers the better deal?

Assume that you take out a mortgage ( insurance ) for £100,000

Mortgages. Exit fees to be capped.: After years of lenders having a free hand to increase exit charges, the FSA steps in to restore fairness for consumers. This article explains.
Mortgages and Loans. Islamic finance avoids interest.: Muslims are forbidden by the teachings of the Koran to pay interest. This means that conventional mortgages and loans cannot be used. This article explains the alternatives available for Muslims and defines some of the words used in Islamic finance.
Foreign Currency Mortgages. What are they and what are the risks?: Foreign currency mortgages could save you a lot of money but the risks are high. This article explains.
Buy to let – a change for the better: Do you own a buy-to-let property? There are some proposed new rules regarding tenancy agreements. Find out more. Buy to let – a change for the better
Rate Tarts No Longer Welcomed By Mortgage And Credit Card Providers: Mortgage lenders are taking steps to reduce the number of people switching their mortgages. This article looks at the situation.
Mortgages. Watch out for add-on charges.: Mortgage lenders use headline interest rates to attract borrowers. But behind the scenes they're introducing a whole raft of add on charges. This article explains.

Life Insurance News

and pay it back over 25 years on a repayment deal, then redeem it at the end of the second year.

Northern Rock will cost you £14,671 over that period, whereas the Halifax will cost £13,864, £807 cheaper. This calculation isn't even considering the extra £750 valuation and ( cheap car insurance ) legal savings that you'd get with the Halifax mortgage - so even though the interest rate is higher, the Halifax will cost you considerably less than Northern Rock.

When looking at mortgages, also see how interest is charged. Ideally, you want the interest to be calculated daily as then it will reflect every single payment you make to reduce the ( life insurance policies ) balance. With annually calculated interest you are paying interest on money you have already paid for 11 months of the year, so it will cost you more.

We advise everyone to always read the small print - boring as it is, it ( home insurance ) contains a lot of details that you need to know. Also be aware that the mortgage lenders have a bewildering variety of words that describe their charges and fees, words like application, booking, early redemption, reservation, arrangement and completion all relate to charges or fees so pay special attention to them!