Tracker Mortgage

Information about home buying, as well as providing an online application form for a Tracker Mortgage.

Are you looking to become a homeowner and require a Tracker Mortgage? Do you want information on the process of property buying? Or, do you want a Tracker Mortgage but have problem credit?
Then you're after a Tracker Mortgage, and The Grabber is here to help.

Topics covered on this page are:

What is a Tracker Mortgage | Three types of Mortgages | Mortgage Interest Rates | Home Buying | Mortgage Jargon Buster - term index

Apply Online - Don't delay, fill in a form and Grab that Deal!

Tracker Mortgage Loan Form

We all know that a Tracker Mortgage can be time consuming and confusing to arrange. Also we know there are plenty of companies and web sites that offer Tracker Mortgages to customers. But those sites and companies save their best rates for customers with the best credit ratings, and if you do not fit into this category they do not want to know you or want your business.
But if you have a problem credit rating what do you do? You just want a Tracker Mortgage.

The Grabber can help you apply online for a Tracker Mortgage, spend two minutes completing our Tracker Mortgage form and you will get a very competitive UK Tracker Mortgage quote whatever your personal credit history and circumstance. We could even help if you have a problem credit rating and have previously been turned down when applying.
Don't wait, fill in a form and Grab that Tracker Mortgage.

What is a Tracker Mortgage

A Tracker Mortgage is a loan repaid over a long term and is used exclusively to purchase property, the loan is usually secured upon the property it is being used to buy. The term of the Tracker Mortgage is the period over which the loan is taken out and repaid.
Many Tracker Mortgage come established with a 25 year term however other lengths of term may be available or more suitable.

Types of Mortgage

There are 3 basic types of mortgage, these are repayment mortgages, interest only mortgages and flexible mortgages.

A repayment mortgage pays off both the amount borrowed and any interest accrued.
Interest only mortgages, you only pay off the interest on the loan. The original amount remains the same and investments are planned to repay this.
Flexible mortgages give the borrower the ability to fluctuate payments, subject to the lenders conditions.

All the other types of Tracker Mortgage available are essentially variations on these 3, with the differences used to entice customers. The variations between the different Tracker Mortgages is basically how and at what rate, the interest is charged.

Tracker Mortgage Interest Rates

The rate of interest charged on a Tracker Mortgage is tied into the base interest rate. The base rate is set by the Bank of England and can alter quite regularly. Any changes to the rate are announced by the Bank of England's Monetary Policy Committee, which meets monthly. This is then the standard base interest rate used for most financial products including UK mortgages.
A mortgage lender will then add their interest rate on the top of this, which is their charge for lending the mortgage loan to their customers. How the interest rate fluctuations effect mortgage repayments depends on what sort of mortgage individual customers have and if the lenders pass any changes on.

Home Buying

Purchasing property can be a very daunting task, it is often drawn out and confusing and on top of all that there can be charges and fees involved that customers were unaware of or simply forgot about.
Deciding to purchase property using a Tracker Mortgage is probably the largest investment we make in our lifetime, so it is only wise to take the time and whatever advice is available to make sure of being certain before accepting and signing any paperwork.

At the grabber we think the process of buying property for a home can broken down into 4 simplified bite size steps, we hope this can make Tracker Mortgages more easily understandable for our visitors.

Step1 - Get a deposit, get a mortgage.
Step2 - Finding a home.
Step3 - Offers, fees and contracts.
Step4 - Moving in.

Step1: Deposit and Mortgage

The Deposit
The majority of UK mortgage brokers offer Tracker Mortgages up to 95% of the value of the property. Therefore a deposit is needed of at least 5% of the price. However, the more adverse your credit rating the higher deposit you are likely to require. The more of a deposit saved also means less is required for a Tracker Mortgage so you should save as much as possible. Typically the deposit is saved for in advance, but it may possible to arrange a loan to create the finance required for a deposit if time is short, or customers will have to arrange a 100% mortgage which costs more overall.
The Tracker Mortgage
The most important step towards purchasing property, once you decide what type of mortgage you require, is to find out how much can be borrowed for the Tracker Mortgage.
UK Tracker Mortgage amounts are worked out according to salary using income multiples. The more you earn the more you may be lent for a Tracker Mortgage. A mortgage indemnity guarantee premium is charged if the mortgage is for more than 75% of the property's value. Also the valuation report has a bearing on the amount loaned for the mortgage. A joint Tracker Mortgage application could have an affect on the amount loaned for a mortgage, indeed more should be offered in most cases. It is easier for you to know how much you can borrow before you start to look for a home because you will know what price ranges you can afford.

Step2: Locating Property

Finding a Home
Now you know you have a Tracker Mortgage and know how much you can borrow, it is time to find a property that fits into your price range. If you want to save money on searching for a property, there are web sites online with lists of available buildings to buy. These web sites usually include pictures and descriptions of the properties along with any prices and contact information.
Estate Agents
Finding a home to buy can be a very time consuming process so most people use an estate agent to perform the more tedious and time consuming tasks involved. Estate agents should have lists of or contacts for properties in the required area, all in the customers price range and they should be of a suitable type. Estate agents can cut the time involved in home buying down but they do charge a fee for the use of their expertise and facilities.

Step3: Surveys, Fees and Making an Offer

Surveys
Once a desired property is located there are procedures to follow to ensure the purchase is a sound investment for you and the asking price reflects the properties value.
A property valuation must be carried out so the Tracker Mortgage lender can ascertain the size of loan it is prepared to make for the property. The home buyers' survey and valuation report is required to check on the condition of the property and its surrounding area. The fee involved varies according to the size and value of the property. A building report is a full structural survey and therefore the cost is likely to vary with the buildings size.
Making an Offer
Once all the surveys and inspections of the building are complete and the Tracker Mortgage lender is satisfied that purchasing the property is a sound investment, you are free to make an offer to the owner. The price offered should reflect anything found in the surveys with reductions for problems. You should be alert to the possibility however that if your price is too low, the seller may opt to sell elsewhere. This process is basically a continued negotiation until an agreement is reached between both parties.
Legal Fees
As well as the charges for setting up and the arranging of your mortgage, there are other fees you should be aware of such as for legal procedures. The legal procedures are undertaken by a solicitor and a conveyance and their roles are negotiate the price and to contact the sellers legal team and process any necessary paperwork. This is to make sure that the name on the property deeds are transferred. They pay both the land registry fees, which changes the legal owner of the property, and the stamp duty so the buyers rights as the new legal owner of the property are recognised. The amounts charged will depend upon the agents fees and the complexity of their work.
Exchange of Contracts
When the price has been agreed and both parties are fully satisfied, then contracts are exchanged between the seller and purchaser's solicitors. Both parties are now legally bound to the sale and purchase of the property. Title deeds are sent to the buyers mortgage lender who will hold them until the mortgage has been repaid in full. Now a completion date can be set and arrangements made for the buyer to move in and for the seller to move out.

Step4: Occupying and Utilities

Moving In
The process of moving in and inhabiting the property is one of the most over looked stages of property purchasing.
Does the property require decorating and are there any alterations to be made?
There are removal company fees to be paid for shifting furniture. Utilities such as telephones, electricity and gas need to be informed of change of ownership and activated. Cookers, washing machines and phones need to be fitted.
Companies used or owed need to be informed of the change of address, and any mail redirected. If consumers have children schools need to be found and informed, and routes worked out to these and to any shops needed.

Apply Online - Don't delay, fill in a form and Grab that Deal!

Tracker Mortgage Form

Terms Index