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Are we a nation of "rate tarts"? Yes!

When it comes to home loans UK borrowers are rate tarts. Because interest rates vary over time, canny customers switch their mortgages every few years to make sure they're paying the lowest possible amount of interest. If you want to do the same, read the small print carefully and watch out for redemption penalties.

According to the papers, when it comes to home loans UK borrowers fall into two categories: inert borrowers, who take out home loans and stick with the same lender for the life of the loan, and so-called "rate tarts". Rate tarts know that if they change their mortgage provider every few years, they can pay rock bottom interest rates and save a packet in the process.
With home loans UK rate tarts choose their mortgages carefully. They tend to go for variable rate mortgages, because these offer the lowest interest rates, and they make sure their chosen package doesn't include severe penalties for switching to another mortgage provider. Such penalties are common and can wipe out the savings you would make by switching to another provider.
Switching your mortgage every few years is a lot of hassle, but it can save you thousands of pounds in interest over the life of your loan. When it comes to home loans UK rate tarts seem to have the right idea. helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.

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