Mortgages

Choosing the right mortgage can be one of the most important financial decisions you make. It can also be one of the most complicated. 

You might be a first time buyer, upsizing or downsizing, or even buying a second home - Whatever your level of experience, allow me  to guide you to the most suitable solution for your needs.

Mortgage Types

There are 3 main types of mortgage arrangement, based on how you agree to pay back the loan amount: This can be either a ‘repayment’ style mortgage, meaning each month you will pay an amount which reduces the capital plus interest owed; an ‘interest-only’ mortgage, under which you will pay off only the interest amount, and the loan amount will remain the same to the end of the term; or a combination of the two. With an interest-only mortgage you will need to be able to show how you will repay the capital at the end of the term.

Mortgages also come with fixed or variable interest rates.

• If you have a fixed-rate mortgage your repayments will be the same for a certain period of time regardless of changes to interest rates elsewhere.
• If you have a variable rate mortgage, the interest rate (and therefore monthly amount) you pay could go up or down

Your mortgage is likely to be one of the biggest financial commitments you will undertake in your lifetime, it is, therefore, essential to ensure that it is right for you.

Remember: A mortgage is loan taken out to buy property or land. The loan is ’secured’ against the property, which means that if you fail to keep up the repayments on the mortgage, the lender could repossess your home.