Mortgage Jargon Buster

Before entering into any mortgage agreement it is advisable to get independent financial advice to ensure your ability to pay the monthly amounts, as your home can be repossessed if you cannot keep up your payments.

The first step could be to try one of the many mortgage calculators available online, most major lenders will have one on their website (there’s one on the A&L mortgages page for instance.) Prospective borrowers would also be well advised to check out a mortgage comparison site, again there are plenty to choose from.

At the time of writing the A&L fixed rate mortgage was offering the best initial rate of 5.59% until August 2009 with Hinckley & Rugby offering the best overall rate for comparison of 6.3%.

Full text