Chris Borthwick asked:


Moneyfacts has revealed the number of mortgage products offered by mortgage lenders for new borrowers is at its lowest value since the start of the credit crunch.

One year ago mortgage lenders offered 10,726 mortgage products to new borrowers; last Friday mortgage lenders offered only 3,281 according to the financial website Moneyfacts. In July last year when the market was buoyant mortgage lenders offered 13,027 offers to new borrowers and at much better rates currently available from mortgage lenders.

One of the mortgage lenders, Abbey has also confirmed that they won’t be passing on the Bank of England half point interest rate cut to borrowers meaning the interest rate on all Abbey’s tracker mortgages will remain the same unlike many other mortgage lenders. However if you mortgage is currently with Abbey your will automatically receive the rate cut. Other Mortgage lenders have also decided to leave their rates the same, including the now nationalised Northern Rock and Bradford & Bingley.

Potential new borrowers have welcomed the half percent rate cut to 4.5%, many expecting their mortgage lenders to cut the rates however as we have seen with Abbey and many others not all mortgage lenders are passing the savings onto their customers.

Mortgage lenders Lloyds TSB and Cheltenham and Gloucester, which Lloyds TSB owns, have announced new customers, will now require 25% deposits to secure new tracker mortgages as opposed to the previous 10% asked for by these mortgage lenders.

However it isn’t all bad news; many mortgage lenders have passed the FULL rate cut onto borrowers. These include the following mortgage lenders; Royal Bank of Scotland, NatWest, Lloyds TSB, Halifax, the Woolwich and First Direct. These mortgage lenders standard variable rates (SVR) will be reduced in the near future, shortly after the cut.

Very few mortgage holders have their repayments with mortgage lenders based on SVR however many find themselves paying this rate when their fixed-rate deal runs out to their mortgage lenders. Mortgage lenders transfer you onto this rate unless you sign up for a new fixed rate deal. SVR is more often than not the most expensive way to have a mortgage with mortgage lenders with repayments to mortgage lenders predicted to rise by as much as 10%.

Although the number of mortgage products offered by mortgage lenders is at their lowest, mortgage lenders are still offering competitive rates that can save you hundreds of pounds in repayments each year over current mortgage lenders. By planning ahead, first of all checking what rate your current mortgage lenders will charge you once your current rate ends and then by searching the market to see the offers available from other mortgage lenders; you can ensure you are getting the best rate for you. Using the services of a mortgage broker can save you time and most will search all mortgage lenders giving you whole market advice and allow you to make an informed decision and give you piece of mind to know you have chosen from the best mortgage lenders offers.

Brigitta Schwulst asked:


s particularly easy to find and choose the lowest mortgage loan. The internet makes research into a mortgage loan as easy as clicking a button. Here are some tips on how to find the best mortgage loan and the mortgage loan that is right for you.

1. Choose the right type of mortgage loan

Decide if you want a fixed rate mortgage loan or a variable rate loan. A fixed rate loan is where the payments are fixed for a certain period of time or for the entire loan period. A variable rate loan is where the repayments fluctuate with the interest rate.

A fixed rate mortgage loan is best when bank interest rates are low. Then you can protect yourself against higher payments when the interest rate increases.

A variable rate loan is best when interest rates are higher.

Today, applying for a mortgage loan is made extremely easy by the advent of the internet. There are a multitude of brokers and mortgage loan companies who offer home mortgage loan and loans online. They also offer a host of information, mortgage calculators and tools online to calculate the lowest home mortgage loan rates.

Before you choose a mortgage loan company or broker though, be sure to shop around for the lowest mortgage loan rate and make sure you ask about those hidden costs. Using a mortgage broker, instead of a loan company can be a great way of getting extra quotes, which can save you some time in shopping for the lowest home mortgage rates.

A mortgage loan company will review your application and will either deny or approve the loan, but a brokerage will send your application to several home mortgage companies and you will then receive multiple offers for lowest mortgage loan rates from various loan companies, so when searching for the lowest mortgage loan rates, it is advisable to choose a mortgage loan broker, rather than going directly to a mortgage company. But before you send your details to just anyone, make sure that the broker you’re using is an accredited home mortgage broker.

Before you shop, you need to decide if you are looking for the lowest mortgage loan rates for a fixed home mortgage loan or the lowest mortgage rates for a variable interest home mortgage loan. There are pro’s and con’s to both types of loans.

A fixed rate mortgage loan is a loan where the interest rate is fixed – therefore payments on the loan are fixed for a period of time or for the entire loan period. This mortgage loan is good for when interest rates are expected to climb, since if the rate climbs, you are protected from higher repayments. The downside is that if rates fall below you rate, you payments do not decrease. This type of loan does however make it a lot easier to budget and can be a godsend when the rates suddenly fly up.

A variable rate mortgage loan is a loan where the interest and therefore the payment fluctuate along with the mortgage loan interest rate. This home mortgage loan is good where you are taking out a mortgage loan and the current mortgage rate is very high. If the rate falls, then your payments will fall accordingly. The downside is that if the rate climbs then your repayments will climb as well, and you may be out of pocket if you did not budget correctly.

But whether you’re looking for a fixed rate mortgage loan or variable rate home mortgage loan, be sure to shop around for the lowest home mortgage rates. The lowest mortgage rates could save you thousands in the long run.

To find the lowest mortgage loan rates search for a broker in your area.