"It is the most important long-term monetary commitment you will make and it is vitally important you obtain the mortgage best suited to your requirements."
Mortgages
Buying your first home or moving home should be the best investment ever.
With access to thousands of mortgages from the UK’s leading Banks, Building Societies and Specialist lenders, we are guaranteed to find the most suitable mortgage, and suitable insurances to protect you, your family and home. All you need to do is decide on your dream home and leave the rest to us.
Below are two examples of the main types of mortgage available today:
Repayment Mortgage
You pay off the capital each month as part of your regular payment. With the ‘repayment’ method, your monthly payment will contain an element of repayment of your capital in each payment alongside the interest due. The proportion of each will change through the term of the mortgage. Repayment mortgages have certain advantages; the debt will reduce with each monthly payment you make, albeit that the reduction will be gradual in the early years. As the debt reduces, the amount of capital repaid increases; this would normally increase your equity in the property. Making payments in full as they fall due guarantees the mortgage will be repaid in full at the end of the term. Lenders tend to be more flexible about rearranging payments and altering terms when necessary.
Interest Only Mortgages
This is a mortgage where interest-only is payable and the capital is intended to be repaid at the end of the term by an appropriate repayment vehicle such as ISAs, PEPs, pensions or endowment policies. Occasionally, people will take out an interest-only mortgage, utilising a number of methods of ultimate repayment, which may even involve selling a property to repay the loan.
The above descriptions represent only fairly basic guidelines. We are unable to give advice in regards to repayment vehicles.
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Your home may be repossessed if you do not keep up repayments on you mortgage.