A rate of interest that stays the same for a set period of time.
The Financial Services Compensation Scheme was established under the Financial Services and Markets Act 2000. Its purpose is to protect your deposits should your financial institution be unable to repay them. Your eligible deposits are protected up to a total of £85,000 per depositor.
The FCA is the Financial Conduct Authority, a regulatory body in the UK. The FCA regulates financial firms providing financial services to consumers and operates independently of the government.
A flexible mortgage deal allows you to overpay, underpay or even take a payment holiday from your mortgage. This can help you pay off your mortgage early and save money on interest, but flexible mortgages are usually more expensive than conventional ones.
The mortgage interest rate stays the same for the initial period of the deal. This means you can be sure of exactly what you will be paying on your mortgage each month, as your rate won’t go up – or down – with the Bank of England base rate.
Used by family members (usually parents) who want to help first-time buyers get onto the property ladder. Either the parents savings are balanced against the child’s (or family member’s) debt, so the amount they owe and pay in interest is reduced or the parents may offer an additional property as security. This would mean that […]