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UK Mortgage ProductsMortgages have become rather more difficult for many people to obtain since the financial crisis of 2008, but this is not necessarily a bad thing, and helps to ensure that only those who can really afford a mortgage are able to obtain one; this may be frustrating for some, but does help to prevent people from piling on debt which they cannot afford. Nonetheless, for those able to afford a mortgage, and for those who are able to put down a reasonable-sized deposit, then there are some great mortgage deals available right now, especially with interest rates so low.
However, it still pays to do some homework, since you can easily end up paying a lot more than you need to if you're not careful. For example, the difference between paying 4% and 4.25% on a £150,000 mortgage, over 25 years is around £6,000; the quarter percentage point doesn't sound a lot but, as you can see, over time it mounts up. Additionally, with interest earned on the £6,000 in savings, you would be better off by much more. In the United States you can easily obtain fixed-rate mortgages for the entire term of the mortgage, but unfortunately that is the exception the UK. However, if you are able to obtain a fixed-rate mortgage for a good length of time, so much the better, since you'll not then be subject to the whims of ever-changing interest rates, which - for the near future at least - are likely to be heading up, rather than down.
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