Types Of Mortgages
Mortgages are one of the largest single transactions in most people’s lives. Buying a property can be a stressful and time consuming experience, although nowadays the financing of a mortgage is a case of finding and selecting the most suitable mortgage, rather than simply accepting a lender’s offer.
Banks, building societies, and smaller niche lenders compete for your business, all offering a variety of interest rate deals, associated fees and other enhancements to attract borrowers.
The main methods of repaying a mortgage are capital and repayment and interest only. It is also sometimes possible to set this up using a combination of the two. A description of these methods is provided below.
Choosing the right sort of mortgage to meet your needs and circumstances can seem a bit overwhelming. There are many different types to choose from, all meeting the needs of different types of borrowers. The good news is that we’ll be on hand able to help you, explaining what’s on offer, what the key features are, and what type of mortgage best meets your individual circumstances.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments