MortgagesMortgages
The mortgage market is a complex area, at any one time there can be over 3000 different mortgage options, only some of which will meet your needs. We also have access to unique schemes which are not available on the high street. As Independent Financial Advisers we have access to the whole of the market, so we are able to research the options on your behalf to find a mortgage to suit your requirements. We offer our service as a complete package, using some of the latest innovations and technology in the market to ensure that we can meet your needs and make the process as hassle free as possible for you.
Types of mortgages and services
There are many different types of mortgages available. We can help you with the following:
- Home purchase
- First time buyers
- Remortgages
- Buy to let
- Equity release
- Capital raising
- Commercial mortgages
- Divorce/ equity transfers
- Self certification mortgages
Please contact us to discuss your mortgage- call or send an email today.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Types of Mortgage
You can choose to pay your mortgage back in the following ways:
- repayment;
- interest-only; or
- a combination of the two.
You'll need to decide which is best for you.
Repayment mortgages
Every month, your payments to the lender go towards reducing the amount you owe as well as paying the interest they charge. So each month you're paying off a small part of your mortgage.
The pros: It's a simple, clear approach - you can see your loan getting smaller.
The cons: In the early years your payments will be mainly interest, so if you want to repay the mortgage or move house in the early years, you'll find that the amount you owe won't have gone down by very much.
Interest-only mortgages
As the name suggests, your monthly payment only pays the interest charges on your loan - you're not actually reducing the loan itself. This is why it's very important you arrange some other way to repay the loan at the end of the term; for example, through an investment or savings plan.
If you choose this option you will need to check that your investment or savings plan grows accordingly, so that at the end of the term you'll have enough money to pay off the loan. If it doesn't grow as planned, you will have a shortfall and you'll need to think about ways of making this up. See How to make up a shortfall.
The pros: Because you're only paying off the interest, and not the loan itself, your monthly payments will be lower.
The cons: That debt is not going to go away. Throughout the life of the mortgage, you'll need to check your investment or savings plan is on track to repay your loan at the end of the term. If you can't repay it at the end of the term you could lose your home.
So, choosing a repayment or interest-only mortgage is one decision. The other will be to choose the interest-rate deal. In our Types of interest rate deals section we explain the main types of deals available and in Mortgage features we highlight a few things to watch out for.
