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What is a mortgage exactly? |
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A mortgage is simply a loan that you take out to buy property. Most banks and building societies offer mortgages as well as other specialist moertgage lending companies.If you change lenders but do not move home, this is known as a remortgage. |
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Choosing a mortgage - where to start? |
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Choosing a mortgage can be quite a daunting and overwhelming task simply because there are so many mortgage products available to choose from on the market. It is important that you find the best mortgage deal for you as this could save you a lot of money in the long run.
The best way to start your search for a mortgage or remortgage is to get some help. Speaking to a qualified non-bias mortgage advisor will give you the information you need in order to make the decision about which mortgage to choose.
Our mortgage advisors will be happy to search from thousands of mortgage deals to find a selection that suit your individual needs. There is no obligation to do anything so you can take this information from one of our advisors to help you make your eventual decision.
Get some help and advice over the phone from a qualified advisor free of charge now >>
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Mortgage Repayment Methods |
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The two main methods of paying back your mortgage are 'repayment' and 'interest only'.
A repayment mortgage means that you make monthly repayments for an agreed amount of time (known as the term) until you have paid back the loan and the interest. The monthly payments that you make include interest on the loan and also a portion of the loan itself, so your capital will decrease every month as you make repayments over the term.
An interest only mortgage means that you make a monthly payment which only covers the interest on your mortgage loan. If you pay an interest only mortgage it is commonplace to also pay into another investment or savings plan that will aim to eventually pay off the loan amount at the end of the agreed term. |
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Flexible Features |
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Some mortgage packages will offer you options which means that you can vary your monthly payments , or even combine your mortgage with your savings and other income. These mortgages ar known as flexible, current account and offset mortgages.
To read more about different mortgage types - click here |
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Interest Rates |
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Different mortgage types will also offer you different interest rates and options. For example, 'tracker' and 'variable' rates change with the Bank of England rates. 'Fixed' rates stay the same for a predetermined amount of time after which they normally switch to variable rates. At this time you could remortgage and get another fixed rate deal.
Speak to an advisor about different mortgage interest rates >>
Finding the best interest rates on a mortgage will save you money in the long run so speaking to an advisor and doing some research with an advisor will definitly pay off! Click the link above to talk to us. |
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Insurance |
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Some lenders may require you to take out life insurance to pay off your mortgage should you die. You can also get insurnace to protect your income or just your mortgage payments if you become ill, disabled or lose your job. |
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MoneyMadeClear from FSA |
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The FSA MoneyMadeClear website is a great place to find out more about buying a home whether you are a first time buyer or are looking to remortgage. |
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