Business Mortgages Interest Rate and Payment Schedules

A part of every business mortgage loan is the rate of interest. There are two main interest rate selections that a borrower must consider. A business mortgage can use a fixed rate, or a variable rate.

The way that a business mortgage works that has a fixed rate interest is that an interest rate is the same for a certain period of time. When this period of time is over with, the borrower has to pay the variable rate. In addition to the interest rate fees, the commercial mortgage lenders will also charge an arrangement fee.

Another charge that you might see with a fixed rate is an early redemption charge. This kind of charge can go over the fixed period of the loan. A lot of people have not agreed upon this extra charge, so most business mortgage lenders are now offering commercial mortgages that have no charges for any extra payments or changes the contracts after the fixed period of time is over with.

You most likely want to borrow a commercial mortgage that has a fixed rate when you think that the interest rate might increase or you want to make sure that what you pay each month pretty much stays the same over a longer period of time.

The other type of commercial mortgage is that which has a variable interest rate. This type of commercial mortgage carries an interest rate changes based on when the Bank of England's base rate changes. A lot of times, the variable interest rate can be lower than the rate on a fixed rate mortgage.

You actually have the possibility to save your money with a variable interest rate mortgage when the overall interest rate of the market goes down. If that same rate does go up, your monthly payment will also go up because your interest rate will increase.
If you compare business mortgages to residential mortgages, you will find that the interest rates run a little bit higher on the commercial mortgages. The terms of the arrangement will also run less than that of the residential mortgages. The rates whether fixed or variable are all based on the Bank of England base rate. You will find that the rates tend to be anywhere from one to 7 per cent higher than this base rate.

Once you have been approved for a business mortgage, you will negotiate the repayment terms. The terms that you will negotiate will be either a monthly repayment schedule or an interest-only payment schedule. The interest-only terms mean that you will also need to have another product that will handle the principle portion of the commercial mortgage.

If you are ready to talk to a business mortgages specialist, make sure that you get the specific details surrounding a fixed rate commercial mortgage versus a variable rate commercial mortgage. You'll also want to make sure that you get the details on any extra fees that might be added to your business mortgage.

Visit Business Mortgages Broker today to get a quotation for your business mortgage.

Visit http://www.businessmortgagesbroker.co.uk today to get a quotation for your finance. In addition, we also offer free business plan templates, which are available to download from our website.

We would be very happy to help with any questions which you may have.
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Car Loans for Self-Employed Workers

Self Employed people often find it really difficult to get car loans, whether for the purposes of their business or simply for themselves. But by putting in a bit of research and choosing wisely it is possible to find a number of new and innovative brokers, finance companies, banks and financial institutions who are now prepared to offer car loans to self-employed workers. The reason for this is that because the loan market has opened up and there are more companies and banks permitted to lend money, the market for lenders is less cosy and more competitive and they are forced to be more amenable to a wider group of borrowers, This makes things a lot easier for the self-employed workers. So if you need a car for your business and you need a loan, you need to do the research and look for the most suitable loan from the most suitable broker for your needs.

Car loans will be divided into two groups, The first group will be unsecured loans which you can get without having to offer up anything as security for the loan. All you will need for an unsecured loan is proof that you have your own business and that the business earns you a sufficient monthly salary to enable you to repay the loan. Normally statements from your bank account will suffice as proof. The second group of loans are secured loans. These are loans where you do need to provide a fixed asset for security, and normally this will be your home, so it is worth thinking very carefully about whether you want to put your home up for collateral. Other than that the other thing to consider is the rate of interest. Normally the interest rate will be much lower for secured loans so unsecured loans offer the advantage that your house is not at risk but the disadvantage that you'll end up with higher monthly repayments.

Once you have decided which loan to go for all you need do is gather together the correct paperwork and proof of income. Even if you are self - employed all they wish to see is that you have a regular monthly income and that you have had that income for a long and consistent period of time. If you are self- employed but can show consistent income and a good credit history, you will be fine. It is even possible to find such loans on the internet which might be useful for self-employed people who are busy working from home. Not only do you not have to waste time going around town looking for the best brokers but the response time is normally extremely quick too. Do your research and you should be able to find brokers who specialize in loans for the self -employed. Normally they will be companies who sell all kinds of products to the self-employed, from self employed or contractor pensions to contractor tax solutions or umbrella companies to self employed mortgages. Do your research and find companies such as these and you will normally find better rates for self-employed car loans.

Greg Dickson is an expert in contractor and self-employed tax issues. He currently works for the Bedouin Group.

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0% Credit Cards

These days, credit cards in the UK are competing with each other on two very attractive offers with a headline rate of 0%. These 0% credit cards will be either balance transfers; introductory purchases offers or a combination of the two. This article looks at how to get the best out these types of card and the things to that the credit card companies want you to do and therefore the things to avoid. There is a school of thought that believes that these types of card will soon be a thing of the past as they cost the credit card companies too much profit, as consumers get wiser to the pitfalls.

A balance transfer credit card is basically an offer of either a zero interest rate or very low interest rate for a set period. The typical period is 6 months although there are variations on this and there have even been some low rates set for the lifetime of the balance. However, these are becoming rare. Once, the offer period expires then the outstanding balance reverts to the standard rate on purchases. This is very important, as at this point the credit card company will hope the consumer will not take any action and so the company can begin to earn money on the balance.

A 0% purchase offer credit card has many similarities to the balance transfer offers. The introductory rate and period are usually 0% and 6 months in the same way as the balance transfer. Also, once the period expires the outstanding balance is subject to the standard rate on purchases. It is an important point to note that the introductory rate does not apply indefinitely on purchases made in the period, but only applies for the duration of the introductory period.

It is often the case that credit card companies will offer both the balance transfer and 0% on purchases on the same card. When this is not the case it is wise to keep balance transfers and purchases separate. This is because the balance transfer portion of an outstanding balance will be paid off quicker than the standard rate purchases. Therefore an increasing portion of the balance will be subject to the standard rate and the balance transfer portion will decrease at a faster rate. There is nothing to stop a consumer obtaining a credit card with a balance transfer and a separate low interest credit card for any purchases to be made. That way the benefits of the offers are maximised.

In summary the balance transfer and 0% purchase offers can be of great benefit to the consumer provided that the consumer understands how to use the offers to their advantage. A degree of discipline is required in managing repayments. Also, the cardholder should be aware of any penalties that may cause the offer to be cancelled. Armed with this knowledge then these cards can be made to work for the consumer, but remember that when comparing credit cards to pay close attention to the typical APR, which is, always stated where UK credit cards are promoted.

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Choosing A New Credit Car

1. Choosing A new credit card

There are many reasons for applying for a new credit card. It may be your first card or you may wish to reduce the amount of interest you\'re paying each month or if you\'re lucky enough to pay off your balance each month you may wish to take advantage of one of the many reward schemes around.

To help you choose we have compiled a set of questions and answers. One thing to consider is that you need more than one new card. For example if you have an outstanding balance and use still make purchases you should consider switching to a balance transfer card for the outstanding balance and a seperate card for the ongoing purchases. This is provided you pay off the ongoing purchases of course.

2. What To Ask - Standard Questions

Scenario : You pay off your existing balance each month

Solution : Choose a reward scheme card. These will either pay be cash or may be points that can be used to purchase certain products.

Scenario : You have an outstanding balance but still make ongoing purchases

Solution : Transfer the existing balance to 0% balance transfer card and at the same time get an introductory purchase offer card. This way you can allow the introductory purchase card balance to build up, while you pay off the balance transfer card. You need to be very disciplined with approach though. If you have taken up a balance transfer then try to avoid new purchases on this card as repayments are weighted towards the lower interest part of the balance.

Scenario : You have a large purchase coming up

Solution : Apply for an introductory purchase card and then pay off the balance over the period of the offer.

Scenario : You have a poor credit history

Solution : There are some high interest cards around for people with a poor credit history. If you do obtain one of these cards then make sure you always make your repayments. This way you will slowly build up your credit rating, which will eventually make the lower interest cards available to you.

3. Can your existing card be improved

This is one option that most people completely ignore. It is entirely possible that you may be able to negotiate a new rate on your card, especially if you have another card with a lower rate. They can only say no, so what have you got to lose.

4. Should I close my existing card

Not neccessarily is the answer. You may be able to use this card in the future for a balance transfer. Also, don\'t forget that you normally get around 58 days interest free credit. So you may be able to make the odd one-off purchase and spread the cost over a couple of months.

5. Finally ...

Please remember the golden rule. Only borrow what you can avoid to borrow. If you are careful you can make the credit cards work for you, but if the credit card companies make a lot of money out of people allowing the spending to get out of control. Don\'t allow yourself to be one of these people.

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Car loans: access finance at great terms to purchase a car

In today’s fast paced life especially in metros or urban areas cars are very much in demand. It is because these mean machines not only assist the various individuals to commute from one place to another, it also adds a certain glamour factor. With more emphasis being given on comfort and space, the present day car comes in various shapes and sizes. However it is the price factor which makes it an expensive affair. To help those individuals who do not have the necessary financial back up, lenders in the finance market are now offering car loans.

These loans are especially meant to provide finances which in turn enable a person to buy his or hers dream car. The amount obtained under these loans can be obtained to purchase a car of any make or model. Moreover, borrower can also use the amount to purchase a used car provided it must be at least 5-6 years old.

For the convenience of the borrower, lenders offer these loans in secured and unsecured form. Secured form of the loans can be accessed only by pledging any valuable asset such as home, real estate as collateral. In fact, borrower can also pledge the car as collateral to secure the loan amount.

On the other hand, unsecured form of the loans can be accessed by the borrower without providing any valuable asset as collateral. This loan option is beneficial for borrowers like tenants and non homeowners. The interest rates for the loans are slightly higher but if a proper research of the market is undertaken, borrower can find lenders offering these loans at competitive rates.

Individual borrowers with bad credit history such as CCJs, IVA, arrears, defaults etc can also apply for the loans. To avail the loans, borrower must convince the lender that he is capable of repaying the loan amount with his monthly income.

Further using the online mode will assist the borrower to avail these loans at cheap interest rates that too instantly. However before availing the loans, borrower must compare the quotes to select a better deal.

With car loans, borrower can easily purchase a car that too at the best available terms and conditions.

source :
http://www.borrowcarloans.co.uk/

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