A Tracker Mortgage “tracks” (follows) the Bank of England Base Rate (BoEBR) usually plus a certain figure eg 0.5%.At the moment the BoEBR is 4.5%, so you will pay 5% interest.
If the BoEBR falls to 4.0%, you pay 4.5%
If it rises to 5% you pay 5%.
This is where for 2-5 years the interest rate will be a small fraction above the BoEBR.
After it will revert to a higher figure, usually the Standard Variable Rate (SVR, around 6.5% currently).
Note the caveats at the bottom of the page!
IT Software consultant Tim Almond has suggested some really good consumer tips by email.
A Fixed Interest Mortgage guarantees the mortgage interest rate for typically 2,3,5 years.
Every time there is a major bank robbery, there is speculation how the money will be laundered. The culprits of the recent bank robbery in
What the robbers are trying to do is give the money a legitimate source. This can be done by buying investments & surrendering the money early. The money is then routed through a complicated route of other financial institutions.
When make contact with a financial institution or adviser for the first time, you have to give 2 forms of identity. The reason….Money Laundering legislation.
UpdateThing I don't understand is how 2 very nice ladies I met recently in their late 20s said they really liked him!!
Tags: martin lewis, jump the shark, ifa, swindon,
Well done to Scotland for beating England at Rugby 18-12.
You are in the pub & you hear a loud voice, always male, he's sounding off about mortgages, home insurance or something similar. (Think Al Murray's Pub Landlord on the other side of the bar).
Other favourite topics:
1 Jose Mourinho: "Arrogant, but you've got to hand it to the man"
2 Tony Blair: "Liked him when he started....."
An interest only mortgage is where you pay only the interest on the loan. You do not pay off any of the amount owed (the capital)
3.5 million home buyers are paying £6 billion a year too much for their mortgages. 30% of borrowers are borrowing at their bank/building societies Standard Variable Rate (SVR) according to the Daily Telegraph.For the biggest lender (Halifax) the SVR is 6.5%, while there are lots of deals @ 4.5 % for fixed or discounted interest mortages.
Eg a £100,000 mortgage.
Annual interest on SVR @ 6.5%= £6 500 per year
Annual Interest on @ 4.5% =£4 500 per year
To pay for this you must earn an extra £2,560 a year gross (£3,300 higher rate tax)
Who benefits? Not you.
Add to this that you could also be paying to much for your Home & Mortage Insurance.
Switching to a cheaper mortgage could be the best financial decision you’ll make this year.
Tags: save, money, mortgages, remortgages,
Related: , What is....home insurance?
1X Alliance & Leicester Debit Card. Current Account pays 5% AER interest plus 0% overdraft for a year
Consumer Organisation Which? says policies insuring against identity fraud are not worthwhile. Policies cost around £7 a month. They work by making regular credit checks for patterns of unexpected borrowing.
Many financial providers are offering products via the phone & internet without advice. However you are ineligible for compensation if you buy a financial product without advice and it is unsuitable.
Rob at Money Watch looks at the cost of smoking.
Where one partner in a marriage or civil partnerships is not in full time employment or paying less tax this can be used to the couple’s advantage.Savings can be put in the name of the person of non-taxpayer or the person paying a lower tax rate, the result less tax is paid.
Assets (property, shares) can also transferred between partners without paying Capital Gains Tax (CGT)
Additionally a non-tax payer can get hefty tax relief by putting money into a Stakeholder pension. The maximum contribution £2 808 (net) becomes £3 600 after tax relief
There is an upside to all the expense when you get married or enter a civil partnership.
Nearly a third of people lie to their partners about their credit card spending the FSA (Financial Services Authority) reports.
A typical Wedding costs £17 000 according to Alliance & Leicester. What happens if the wedding is cancelled and you still have to pay out for it? Most people would prefer not to think about it.
For 75% of couples, the hardest thing to discuss in their relationship is….money, an FSA (Financial Services Authority) survey reports.
Using 0% Balance transfers on Credit Cards has become popular in recent years. Credit card lenders have realised this & have introduced a subtle new charge.
A report by Scottish Widows Bank has revealed that 1/3 of families face potential Inheritance Tax (IHT) liabilities. 
This weekend you may be calling family or friends abroad.
1 Remortgage your House
There is a guaranteed way to make voice calls for free. It is VoIP (Voice over Internet Protocal).
