The housing market has been booming recent years. According to the Land Registry, the average cost of a home in February 2007 was £174,827 – up 7.7% in just one year. There are some interesting regional differences too, with the average price in the north-west at £131,294, while in London the average is more than twice that at £316,296.
Of course, if you are looking to buy your own home – whether for the first time or you are thinking of moving to somewhere bigger – then it’s likely that you are going to need a home mortgage. These days there are so many different types of mortgages available, they can become confusing. That’s why, at Direct Line, we prefer to make the choice more simple by offering you two types of home mortgage – either a fixed rate mortgage or a tracker mortgage.
With our fixed-rate mortgages, the interest rate stays exactly the same for two, three or five years, whichever one you choose. That way, you know exactly what your monthly payments will be for that time.
As for our tracker mortgages, they are linked to the Bank of England’s interest rate. If that rate goes down then so will your mortgage rate – of course, if that rate goes up, your mortgage goes up too.
Whether you are a first-time buyer or thinking of switching from your current lender, why not find out what Direct Line can do for you? You can check out how much our mortgages will cost using our mortgage calculator, and you can find out more online too.
What’s more, if you take out a Direct Line mortgage, we’ll give you a discount off our best home insurance price.
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