1 GBP = 1.3047 USD

Updated a few seconds ago

Time period

48 hours

1 week

Amount

1,000

GBP

Converted to

1,312.70

USD

£1.000 GBP

$1.313 USD

Mid-market rate on

21st October

12:24

Compare prices

Updated

1 January, 2024

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Written by

Christopher Dowling

Editor-in-Chief

Christopher Dowling combines a communications degree with over 10 years experience in the financial services industry in London – with focus on educating people on a wide range of money topics in an easy to understand way. He writes about savings, investing, pensions, mortgages, insurance, banking, loans, business finance and other money topics.

Written by

Edward Savage

Personal Finance Editor

Edward Savage is a leading expert on money, with a background of 8 years working in financial services in London, has a business, accounting and finance degree, runs an investing community, and teaches people about money. He writes about all aspects of personal finance, including pensions, investing, mortgages and insurance.

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We're experts in all things investing, with many years of combined experience writing and talking about investing and trading. Some of our team were top financial advisors. We understand and love helping people learn more about both short term trading and investing for the long term – investing can be a great way to grow your money over time.

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Written by

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Need to save more? Open a pension in 5 minutes with PensionBee today.

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Current ISA savings

£3,000,000

Monthly contributions

Yearly contributions

£2,400

Duration

5 years

Interest rate

(per year)

Increases annually by

(the average is roughly 5%)

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Repayments

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(Monthly)

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Cost - 5 years

£24,686

Set-up fees

£999

Monthly cost

£2,064

Initial rate

4.49%

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Nuts About Money: personal experience

I moved my pension (from my old job) over to PensionBee, over 3 years ago, and have been continually saving into it since.

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I found the fees far cheaper than a financial advisor, and I’m able to manage things myself via their pension plan options.

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£100

11.5 million people have savings of £100 or less

1 in 3

1 in 3 people could save up to £4,000 per year on their mortgage

£877

People are overpaying by £877 on their savings and bills

8 in 10

8 in 10 people are paying too much on bills

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Article contents

Contents

In a nutshell

PensionBee is easy to use, and low cost

Get £50 added to your pension with Nuts About Money.

Visit PensionBee¹

Capital at risk.

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Introduction to mortgages

Not sure where to start with mortgages? They can feel complicated when first trying to understand them, but don’t feel overwhelmed, be patient and spend some time reading this guide and you’ll be confident in no time.

What actually is a mortgage?

Mortgages aren't as confusing as the word might suggest, a mortgage is just a loan, but a loan specifically used to buy property or land.

The property or land purchased is then held as security for the loan. Which means it's part of the contract between you and the loan provider, (otherwise known as lender, normally a bank or building society).

If you cannot repay the loan in the form of monthly repayments, the lender will take back (repossess), the property or land and would then typically sell it to get their money back.

The contract also includes things like what interest rate you are paying, how long the loan is and of course how much you are repaying each month. We’ll cover these in more detail too.

How do mortgages work?

A mortgage works by having a lender and a borrower, the same as any loan. But the length of time is far higher than a typical loan, as high as 40 years in some cases, although typically start at 25 years.

Repayments are made monthly, and normally a set amount per month from the start of the mortgage but changes after a number of years. More on this below.

You are also normally required to put a deposit of your own money down, a minimum of 5%, to buy the house, and the loan is for the remaining share, so 95% of the house value.

1 GBP = 1.3047 USD

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Need to save more? Open a pension in 5 minutes with PensionBee today.

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Pros

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£24,686

£999

£2,064

4.49%

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H4A

H3B

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H3C

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Nuts About Money: personal experience

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£100

1 in 3

£877

8 in 10

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In a nutshell

PensionBee is easy to use, and low cost

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