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September 28, 2018 by: Ryan

Should You Opt For 5 Year Mortgages Like The Rest Of The UK

There are a wide variety of mortgage options available but you can generally split the types into two – fixed rate mortgages and variable rate mortgages. With fixed rate mortgages, the interest rate stays the same for the entire term of the mortgage loan. This is unlike variable mortgages where the interest rate changes monthly, going up or down depending on the influence of market forces.

Before you decide if fixing a 5 year mortgage is the right option for you, there are some things you need to take into consideration. For instance, the shorter the term of a mortgage, the larger your monthly payments will be. This means with a five year mortgage, your monthly payments will be less than that of a one year mortgage but more than that of a ten year mortgage. This means your lender will require that your income be high enough to facilitate your monthly repayments, which makes lower income earners less likely to qualify for a five year mortgage.

Other factors to take into consideration include:

  1. With a five year mortgage, your interest rate is fixed for the five year period which means you know exactly how much you are liable to pay every month. This predictability makes for easier financial planning and better ease of mind. But in circumstances where interest rates generally drop below your fixed rate, you will find yourself stuck paying more interest than you should. This is why it is best to enter a fixed mortgage loan when interest is as low as possible.
  2. Five year mortgages typically come with lower rates as compared to a 15- or 30-year mortgage. Said difference in interest rates will greatly influence how much you end up repaying the bank. This means the cost of a five-year loan compared to a loan with a longer term will be in your favour with a 30 year loan possibly costing almost double what you’d pay under a five year mortgage. To help you calculate the cost of a loan, many mortgage providers offer mortgage calculators.

Why you should consider taking a 5 year mortgage?

If you are certain that your financial condition will not change for the worst during the term of a 5 year mortgage, then such a loan might be for you. 5 year mortgages are popular among UK homeowners because of their predictability, convenience and relatively little risk.

If you can secure a low interest rate for your five year mortgage, the merrier as this will free up more money every month that you can put into savings or other investments. At least with a five year mortgage, you know that for the duration of its term the interest rate will definitely remain unchanged.

If you plan on buying a home to retire to or live in for years to come, then a five year mortgage could be right for you. Just bear in mind that each individual’s circumstance is unique and it pays to consult a mortgage expert before making your final decision

 

How do you dispose of medical waste in California?

January 9, 2023 By Ryan Leave a Comment

More than 5.9 million tonnes of medical trash are generated annually by clinics in the US. There is a significant amount of potentially dangerous garbage being rid of in this country when the waste generated by other medical institutions is included, such as veterinary clinics, pharmacies, and dental healthcare institutions so these wastage can be manages on www.medwastemngmt.com Biohazardous garbage is one of the greatest

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What a Time Lapse Camera can do for You (personally and professionally)

December 29, 2022 By Ryan Leave a Comment

As the New Year is upon us, everyone is looking to change something in their life, to make it better. Although you can’t find happiness in objects, you may be surprised how much acquiring a time lapse camera will increase the quality of your life, personally and professionally. Here is the explanation. On a Professional Level Let’s start with work. Whether you are independent or

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Tips to Remember When Starting a Career in Entertainment Journalism

December 21, 2022 By Ryan Leave a Comment

Contrary to popular understanding, journalism is multidimensional career and writing is a skill that can be used in different ways. Not all journalists are the same and different types of journalism require different types as skills – as well as many of the same ones too, of course. While entertainment journalism may be perceived by many as a lesser form of the craft, this couldn’t

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Top 3 Richest Comedians On The Planet

November 23, 2022 By Ryan Leave a Comment

It is clear that when it comes to the box office, action and adventure always seem to be the ruling class. Some of the biggest movies in the past decade have followed the same path as being superhero movies, like the Avengers series coming out of Marvel Studios, are massive canonical remakes and sequels like the new James Cameron Avatar movie that has been long

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About

Hi guys! I’m Ryan. I am a recent graduate from a Journalism program and have a huge passion for writing. I am also the editor of Get Under Skeleton.

A little bit about me is that I love learning about all things and I am always inquiring and asking questions about,

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about me

Hi guys! I’m Ryan. I am a recent graduate from a Journalism program and have a huge passion for writing. I am also the editor of Get Under Skeleton.

A little bit about me is that I love learning about all things and I am always inquiring and asking questions about, Read More…

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