Standard and Base Mortgage Rates
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When you reach the end of a fixed or tracker deal, you will automatically move onto either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR), depending on when you reserved your original fixed or tracker deal.
If you reserved your fixed or tracker product through Nationwide on or before 29 April 2009, through Derbyshire on or before 30 May 2009 or through Cheshire on or before the 14 June 2009, you’ll move on to the Nationwide BMR. If you reserved your product after those dates, you’ll automatically move on to the Nationwide SMR.
Both are variable rates which we may vary in accordance with our mortgage terms and conditions. The BMR is guaranteed to be no more then 2% above the Bank of England Base Rate, whilst the SMR has no upper limit or cap.
If you choose to switch from our BMR to a new product, it isn’t possible to switch back to our BMR at a later date.
CLICK HERE TO GO TO CHECK OUT NATIONWIDE MORTGAGE DEALS
Further details of our BMR and SMR can be found in the table below:
|Applies to fixed or tracker deals reserved:
||On or before 29 April 2009 – Nationwide mortgages
On or before 30 May 2009 – Derbyshire mortgages
On or before 14 June 2009 – Cheshire mortgages
|On or after 30 April 2009 – Nationwide mortgages
On or after 31 May 2009 – Derbyshire mortgages
On or after 15 June 2009 – Cheshire mortgages
|Upper limit or cap:
||Guaranteed not to be more than 2% above Bank of England base rate
When deciding which mortgage is right for you, at HSBC we generally offer three types of mortgage – Fixed, Tracker or Discount. For all HSBC 4mortgage products the greater your equity or deposit, the lower your Loan to Value (LTV) ratio is, and so the better the rate HSBC can offer you.
A Fixed rate mortgage provides the security of fixed mortgage repayments until an agreed date, no matter what happens to interest rates.
With a Tracker mortgage, the interest rate is set at an agreed percentage above the Bank of England Base Rate. The interest rate payable will rise and fall in line with changes to the base rate.
Discount mortgages offer an agreed discount off the HSBC Variable Rate. As the HSBC Variable Rate is variable, repayments go up and down as the HSBC Variable Rate changes.
If you have savings, why not take advantage of them? Linking your savings or current account to your mortgage could save you thousands of pounds in mortgage interest or reduce your mortgage term. You can still access your savings when you need to – but you won’t pay tax on them as they won’t be earning interest.
Linking your savings to your mortgage helps to make your money work harder. You can choose to link any of your Barclays Personal current accounts or ISAs and most of your Cash ISA to your offset mortgage to reduce the mortgage balance you’re charged interest on. This could help you reduce your mortgage term or your monthly mortgage payments. Since interest is calculated on a daily basis, even savings held for a few days will reduce the mortgage interest in the following month.
- Use the offset benefit to reduce your monthly mortgage repayments or the term of your mortgage
- Only pay interest on the difference between your mortgage amount and the balances in your linked offset current, savings and ISA accounts
- Keep instant access to your savings and your historical tax-free ISA allowance
- Cash ISA accounts can be offset against a Woolwich offset mortgage – it could be ideal if you want to transfer in cash ISA balances to offset against your mortgage
- Even though your current and savings accounts don’t earn interest, they do reduce what you pay on your mortgage – you won’t pay tax on your savings because it’s not earning any interest
- Overpay as much as you like, whenever you’re able (early repayment charges may apply on full redemption of your mortgage)
- Offset up to 12 eligible Barclays accounts for your different savings needs and use them all to reduce your mortgage payments or mortgage term
- Manage your mortgage online and make transfers when it suits you
There are many mortgage com companies around the UK, to give you best idea about mortgage market you can research the fallowing websites.
Moneysupermarket.com and Money.co.uk both offers services that covers the entire market, and, once you’ve answered a few simple questions, it will can help narrow down the field on your behalf.
A mortgage is just a specific type of loan that is given in order to buy a property. Given the size of the loan, it is secured against your home to protect the lender giving it the right to repossess the property if you can’t keep up with your monthly repayments.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank or credit union, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The term is mainly used commercially in English-speaking countries such as the United Kingdom and the United States, though what it describes is not unique to any one country. Often the purpose of switching is to secure a more favorable interest rate from a different lender.S
Here are the links to some of the Top UK remortgage solutions:
The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, usually to reduce the overall monthly mortgage payment amounts. However other reasons may include to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other more expensive short term debts.
Homeowners often mis-use the expression remortgage when they are simply switching from one product to another with the same lender; this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender.
The ability to remortgage is very much based on an individual’s circumstances and as the costs involved can be very large it is always best to take advice from a suitably qualified individual.