YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
At Halifax, we offer a wide selection of mortgages that are designed to suit people who are at all stages of their climb up the property ladder. Whether you are a first time buyer looking to get started, or are a homemover looking to retire, we could have the ideal mortgage for you.
One of the questions many people face when moving to a different property or buying their very first home, however, is how to get the mortgage that suits their financial needs the best. Of course, if you are a new homebuyer, you will need to first of all think about getting together the initial deposit for the property. This will usually be around 10 per cent of the overall value of the house or flat, so you will need to make sure you are saving for this well in advance of actually heading out into the mortgage market or even looking at potential purchases. That said, once you are well on your way to the target amount, why not check out our range of tools to help compare what’s available to you.
Our online mortgage calculator, for example, is a great way for you to not only answer some of the basic questions you may have, it can also allow you to look at a selection of different mortgages to help you figure out which is the best for you. Before you use the tool though, you will need to have some information to hand. Firstly, you will need to know what the value of the properties that you're likely to be looking at, as well as how much you think you will need to borrow; you will also need to have some sort of idea on the length of time you see yourself repaying the mortgage over.
When using the calculator, you will also need to choose between a tracker or fixed rate mortgage. If you need some help, the tool has a little information on the differences between them, but if you need some extra help on this, it might be an idea to contact your local Halifax branch, where you can arrange to speak to one of our mortgage experts. In its simplest terms, a fixed rate mortgage mans the interest rate will not change for a specific period of time, whereas a tracker – which is sometimes known as a variable rate mortgage – has repayments based on the Bank of England bank rate.
After you've filled in the questions on the mortgage calculator, the tool will generate a number of mortgage options from our range – each tailored to the answers you've given. This way, you can compare the features, differences and repayment terms between them and see which is best for you. As the calculator can be used as many times as you like, you can even change the details you input to see if something else might suit better