Mortgage is basically any loan which is secured against property which you own. For most of us, a mortgage means a loan from a bank or building society which allows us to buy a house, flat or apartment, with the property itself as the security.

Your mortgage will probably be the biggest financial commitment you make so its worth understanding just what it is you're getting into.

There are many different types of mortgages so choosing the right one can be tricky, for example:
Variable rate mortgage  - Discounted  rate Mortgage – Off set mortgage or Current Account Mortgage - Fixed rate Mortgage – Capped rate Mortgage – First Time buyers Discounted Rate Mortgage- Buy to Let Mortgages – Re Mortgages.

Affordability
Fixed rate mortgages or discounted rate mortgages are good where money is a bit tight and budgeting is an important factor for you.

First time buyers can usually benefit from special offers to help keep the initial cost down.

Self certification mortgages are good for people who's income is a bit erratic, for example the self employed or have a large percentage of commission. They allow you to get the mortgage you want by declaring your income, but without absolute proof of what it is.

Attitude to Risk
A repayment mortgage (or capital & interest mortgage) is suitable if you want to be certain to repay your mortgage at the end of its term.  

An interest only mortgage won't pay off the loan itself, you need additional savings or investments to repay the lender when the loan is due.  

Choosing the right mortgage
As you probably expect with any financial product, there are various things to watch out for when choosing any mortgage and a range of key factors to consider in your decision about which mortgage is right for you

To Help you make this decision Call us

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. Written Quotations are available on request. Loans subject to status.