Index tracker mortgage

 

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Index tracker mortgage

The interest rate tracks an index such as the base rate or LIBOR and often has a set percentage added to it. 



Index tracker mortgage

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Secondary Mortgage Market

Secondary Mortgage Market

The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value (par) or above, but are usually sold at discount. The secondary mortgage market should not be confused with second mortgage.


Federal Home Loan Mortgage Corporation (FHLMC)

Federal Home Loan Mortgage Corporation (FHLMC)

See: Freddie Mac


Capped rate mortgage

Capped rate mortgage

As with all variable rate mortgages, the rate follows the lender's SVR up and down. The difference with this type of mortgage is that the rate is guaranteed not to go above the level at which it is 'capped'. This type of mortgage is popular in times of steadily rising interest rates.


Deferred interest mortgage

Deferred interest mortgage

Interest is not paid during the deferral period. When the period is over, the accumulated interest is added to the original loan. Some lenders add this interest to the total of your loan to give a new loan figure and new interest payments. Others calculate your interest payments on the original loan as normal and then spread the repayment of the deferred interest over a set period of time. The latter method is better for you, as adding the deferred interest to the loan means you end up paying interest on the deferred interest!


Foreign currency mortgage

Foreign currency mortgage

It is possible to get a mortgage for your home in the UK in a mortgage denominated in a foreign currency. It sometimes gives you the opportunity to borrow money at a lower rate of interest than is possible in the UK. You do this by choosing a currency whose country has lower interest rates than we have here. Lower interest rates should mean lower repayments of both capital and interest or a shorter mortgage term. The mortgage does not have to be in any single currency. There are lenders who will allow you to spread your mortgage across a range of different currencies. This could be seen as spreading the risk


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