Get Under Skeleton

Online Magazine

  • Facebook
  • Google+
  • Twitter
  • Home
  • About
  • Tips
  • Travel
  • WordPress
  • Life Style
  • Blog
  • Finance
  • Home & Garden
  • Contact

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

 

7 Timeless Sports Console Games From The Past Two Decades

March 1, 2023 By Ryan Leave a Comment

Console sports games are still a hit with their core user base and continue to gain ground as newer models outpace decades-old technology like the early Nintendo consoles. Despite the newer tech and better gameplay on offer, a lot of the older sports console games have become firm favourites with newer gaming generations. This post rounds up some of the top sports console games of

[ Read More ]

Environmentally Friendly Cryptocurrencies To Invest In

February 14, 2023 By Ryan Leave a Comment

Currently, it seems like almost every business practice is in some way harmful to the natural environment of our planet. The crypto industry is certainly not exempt from this negative environmental impact as many crypto mining projects consume high amounts of electricity. Industry experts, leaders, and engineers are aware of this problem and are working hard on projects that are more eco-friendly. There are a

[ Read More ]

Useful Sports Betting Tips For NCAA Football Enthusiasts

January 26, 2023 By Ryan Leave a Comment

NCAA college sports, and particularly football, has become incredibly popular in recent times, attracting masses of fans and leading to a huge surge in spectatorship, as well as sports betting. Read on for some pro tips could help give you a winning edge. Taking Advantage In The Early Season Oddsmakers are skilled at predicting how the public will bet and set their lines accordingly. Though

[ Read More ]

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

[ Read More ]
Google Launched New Cloud Security Features – Do You Know Them
How To Drive Safe At Night

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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,

Archives

  • May 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018

Popular Posts

  • NYC Event Planners Make Life Easier For Summer Corporate Conferences, Parties, and More
  • 7 Timeless Sports Console Games From The Past Two Decades
  • Environmentally Friendly Cryptocurrencies To Invest In
  • Useful Sports Betting Tips For NCAA Football Enthusiasts
  • What a Time Lapse Camera can do for You (personally and professionally)

newsletter

facebook

Get Under Skeleton

facebook

Get Under Skeleton

newsletter

  • Facebook
  • Google+
  • Instagram
  • Twitter

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…

© 2023 · Fun Genesis WordPress Theme by, Pretty Darn Cute Design