What you need to know when getting mortgage advice
If you are hoping on taking on the responsibility of a mortgage, you have many options available you should investigate all the options on offer before signing into any contracts with a mortgage lender. See which mortgage advice has the best offer that suits your needs, situation and lifestyle. Plan where you’ll be a couple years from now and how your personal life may change as things do. Consider these options before jumping into the deep end and signing into a mortgage.
[box font=”arial” fontsize=”22″] The most commonly used mortgages are: [/box]
[icon type=”vector” icon=”momizat-icon-65″ size=”32″ icon_color=”#f7ce00″ ]Repayment Mortgage
Is where the monies borrowed is repaid slowly over a period of the loan. The capital is paid in monthly installments along with a percentage of the interests. The capital paid back will increase over the years while the interest rate will be lower.
[icon type=”vector” icon=”momizat-icon-65″ size=”32″ icon_color=”#f7ce00″ ]Interest only mortgage
When using this type of mortgage you only repay the interest of the loan to the mortgage lenders. You will only pay into a long-term investment or a savings account where you should build up enough capital to pay the remainder of the loan when the mortgage term ends. You may even save an additional lump sum to put down on a new home.
[icon type=”vector” icon=”momizat-icon-65″ size=”32″ icon_color=”#f7ce00″ ]There are three types of interest only mortgages they are:
[icon type=”vector” icon=”momizat-icon-65″ size=”32″ icon_color=”#f7ce00″ ]Islamic Mortgage
Is a mortgage where you will not have to pay of any of the interest on your monthly repayments. The lender will Bill you for lending your the capital to buy your new property, the lender will charge you the rent on the property to recover the capital.
[icon type=”vector” icon=”momizat-icon-65″ size=”32″ icon_color=”#f7ce00″ ]How can I get my mortgage
You can purchase a mortgage from a number of places. Here are some useful organizations you can try:
Specialized mortgage firms
Insurance Companies (will only provide endowment mortgages)
New building site’s.
Due to the government help to buy scheme most people like first time buyers and selected workers can borrow capital they need to get the home of of their dreams, from government funding. For the rest of the money you will need to arrange this with your mortgage lender, bank or building society.
[icon type=”vector” icon=”momizat-icon-65″ size=”32″ icon_color=”#f7ce00″ ]Using a mortgage broker
A broker could be used if you are having problems getting a loan through your lender ( building society). A broker will an estate agents or insurance broker who will be your agent and try and match you up with a mortgage loan ti help you buy your new home.
You will only use a mortgage broker if you are finding it difficult ti purchase a loan form a mortgage lender. Double check with your lender as they are limited to how much they can charge for the services offered.
[icon type=”vector” icon=”momizat-icon-65″ size=”32″ icon_color=”#f7ce00″ ]Can I afford a mortgage
When choosing a mortgage for your new home because of the amount of money involved you have to be sure that all repayments can be paid on time, so it’s best to borrow as much capital that you will be able to pay back. If however you cant keep the repayments then the property could be repossessed by the lender.
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