Topic: Mortgage Finance

Longer-Term Fixed Rate Mortgages

Understanding the difference between ‘deals’ and ‘terms’ is crucial

Are you pondering over whether to get a long-term fixed rate mortgage? The choice can be overwhelming, with lenders offering two, three, five and even ten-year deals, while others provide options that last even longer. This article will guide you through the different aspects of long-term fixed rate mortgages.

When it comes to mortgages, understanding the difference between ‘deals’ and ‘terms’ is crucial. The mortgage term refers to the loan’s lifespan, indicating how long it will take to pay off the entire mortgage. Traditionally, a 25-year mortgage was standard for first-time buyers. However, due to rising house prices, many are now opting for a 30-year term or longer.

Embracing Sustainability With ‘Green Mortgages’

Promoting and facilitating environmentally friendly home enhancements

The worldwide shift towards sustainability has permeated various industries, and real estate isn’t immune. As we all aim to shrink our ecological footprints, ground-breaking solutions are emerging to make sustainable living a reality.

One such innovative idea is the ‘green mortgage’. Here, we’ll explore the concept of green mortgages, their workings and their benefits to homeowners and the environment.

First-Time Home Buyers On The Rise

Various tactics employed to secure first homes

The housing market has witnessed a surge in first-time buyers, with mortgage searches for this group rising by over 20%, according to data[1]. This trend suggests that first-time buyers are capitalising on the current slowdown in the housing market to make their initial foray into homeownership.

Despite the steep rise in property prices during the pandemic, first-time buyers employ various tactics to secure their first homes. The House Price Index reveals that first-time buyers need an additional £7,500 in earnings to climb the property ladder. As a result, many of them are choosing longer mortgage terms.