Page 7 - link magazine

Advertising Feature
7
FIXED MORTGAGE RATES
INTEREST
ARE THEY A GOOD mi&?

With mortgage rates at a 15 year low, Mike Rees
of local mortgage and pension advisors Mansfield Begbie RATES DOWN
Associates suggests that they are worth considering
Following the interest rate reduc- There are however conditions to 'VET7 1411 V/
tion during last year, we now find all fixed rate offers and these vary
ourselves in a position where rates according to the lender selected. For
are at their lowest for over 15 years. example arrangement fees vary from
The average mortgage rate of £150 up to £300 and you need to be CAN WE HELP YOU
8.55% can be reduced with dis- really sure that you will not be likely
counts, from various lenders, rang- to move house in the fixed rate term
ing from 1% to 2% for up to 15 because of the 'early redemption MAKE THE RIGHT
months. This is because they are penalty. We can overcome this by
obviously keen to attract new busi- selecting a lender where fixed rates
ness. However, as I have stated in are 'portable'. MOVE?
The Link before, it is worthwhile As an example, a mortgage of
adding up the true cost of the £50,000, interest only, at the begin-
'discount' because there are usually ning of 1992 at the rate of 10.25%
'conditions' attached. For example, would have cost you £363.02 per Whether you are moving house or
a fee payable to the lender, or you month net of MIRAS, excluding insur- thinking of re-mortgaging
have to take on buildings and/or ance.
contents insurance. It is therefore Now, on a fixed rate of 5.99% (to your present property,
useful to seek advice from a broker 1.9.93) it would cost you £212.14 per we may be able to help you.
not linked to any one lender to have month. Alternatively, a longer term
a choice of schemes. fixed rate of 7.95% (over 5 years)
We at Mansfield Begbie Associ- would cost you £281.56 per month, a We have special discounts available
ates have been advising our clients saving of £81 per month. NOW for First Time Buyers!!
over the last three to four months Another option open to purchas-
that fixed rate mortgages are well ers and those of you likely to consoli-
worth looking at. Rates are rela- date your position by re-mortgaging We can arrange fixed rate mortgages
tively low now, but they are likely, your present property, is a capped
in the next two to three years, to rise rate where the lender guarantees to at very competitive rates
again. So if you can take advantage charge you no more than a certain e.g. 7.25% for 2 years or 8.25% for 5 years
of a good fixed rate loan with a rate, for example 7.25% for 2 years;
reputable lender now, you can guar- but if the variable rate goes below We can also arrange new loans
antee your payments stay level for 7.25%, your rate reduces accordingly.
a period of your choice, ranging However, the choice of capped rates at a variable rate of 6.55% with no deferral
from 1 year to up to 10 years, or is more restricted than those of fixed of interest (discounted rate which is 2% below
over the full 25 year mortgage re- rates. the base rate of 8.55% for 12 months),
payment period. If you have any queries on this
The rates on offer are continually subject, please ring Mike Rees on subject to status, e.g. a mortgage of £50,000
changing due to the allocation of 873369 for a free no obligation quote. could cost £231.98 per month at 6.55%.
money being used up by people You could remove your worries about
anxious to take advantage of them. interest rate increases in the future by There are NO HIDDEN CLAUSES!
The usual reason is that if you can acting now.
afford the payments now then you
will hopefully not have a problem All loans are subject to status. Re- You tell us what your requirements are
in one, two or three years time, as rnemberyour home is at risk ifyu do and we will try to provide the arrangements
the worry of the payment increas- not keep up repayments on a mort- to suit your individual needs.
ing has been removed. gage or any other loan secured on it.
Swindon 873369 (2 lines)
Fitzgerald Travel Limited
14 Wood Street, Swindon Mansfield
Luxury Holiday Homes and Apartments in Begbie
Florida. Choice of Orlando or Gulf Coast, M
inclusive of Fly/Drive at affordable prices Associates
all year round. We
For example: From £240 per week
per person for a family of 6. Child MORTGAGE
reductions up to 50%. Competitive
travel insurance rates. & INSURANCE SERVICES
"Mansfield Begbie Associates represents only
For more information on these Cornhill Insurance PLC for life assurance and pension business.
properties or any other travel Cornhill PLC is a Member of Lautro."
arrangements, please
contact, Alan, Monica REMEMBER: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP
Photo for guidance only Fully ABTA bonded or Elaine on 615671. REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.