Libor Mortgages Explained
Libor mortgage, like the majority of mortgages on the market track a rate.
Unlike the majority of mortgages that track the Bank of England base rate, Libor mortgage track the london Inter Bank Rate.
These lenders, mainly sub-prime
and self-cert lenders track LIBOR (the London Inter-Bank Offered
Rate), the rate at which banks lend money to each other in the money markets. Most LIBOR mortgages track three month LIBOR.
Most LIBOR mortgages have a three-monthly rate review they are variable rate deals but are not subject to change as often as those based on a lender’s SVR or the Bank of England base rate. Current rates, and more information on LIBOR, are available online at www.bba.org.uk.
Do you want fee free Libor rate mortgage advice?
If you would like to speak to a mortgage and remortgage advisor about Libor mortgage schemes please complete our mortgage enquiry form
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- Mortgage Protection Insurance
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- Fee Free Mortgage Advice
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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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