Is it Right Time to take Mortgage?

admin · Joined: 15 Dec 2008 Posts: 4 2.72 Dollars($)

Hi,

Living in the UK, Sometimes I am very confuse with yearly rate fixed, and change of rate? as I am not guru in Financial and how to calculate the mortgage along years.

Also, if there any one could help or advice about taken a mortgage in this time with economy crisis.

Would Appreciate your help,

Many Thanks,

F. A

adonis · Posted: Mon Dec 15, 2008 11:38 pm Post subject:

Welcome admin,

In a fixed rate mortgage, the payments towards the mortgage dues are fixed for a period of time. In UK, two year fixed rate mortgages are quite popular but people are now even looking forward to longer term fixed rates of five or ten years.

A variable rate mortgage is also known as floating rate mortgage. The interest rate will normally vary according to the changes in the base rate of the central bank and reflects cost changes in the credit markets. Check out the following link to calculate and compare between fixed rate and variable rate mortgage:
http://www.mortgagefit.com/calculators/frm-arm.html

As far as taking loan in a period of economic crisis is considered, you should check out the rates and terms of the mortgage. Do some mortgage shopping before you take a loan. This will help you in getting a fair idea of the market situation. If you find that the rates and terms suit you, you can then apply for the loan.

Guest

Thanks for your time and consideration...will look forward to paticipate in this forum.

is it possible to post here topic related to Maketting and Networking, or there is a special forum for those topic as well

Many Thanks,

F.A

Niicss · Posted: Wed Dec 17, 2008 1:35 am Post subject:

Hi Astala

This is a mortgage community and forum discussions are mainly held on mortgage and related financial issues. You will find off-topic discussions at the pub section. If you want to discuss anything that is off-topic, you can visit the pub section.

Thanks.

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