Mortgages - The Basics
Mortgages are the largest single transaction 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 deal, rather than simply accepting a lender's offer.
Hundreds of 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.
At Property Ladder we want to look after our clients and provide them with the very best of service. With this in mind Property Ladder have an in house Mortgage and Insurance adviser. Our adviser has access to the whole of market and works on your behalf, not the lenders to find you the best deals on your mortgage and insurance needs. Our fully regulated adviser has 20 years experience in Financial Services and will be able to advise and guide you from start to finish of your mortgage application. It pays to seek independent professional advice to ensure you get the correct mortgage to suit your needs and requirements. Call us now on 0141 333 1335 and make an appointment to speak to our Financial Adviser, who will, be delighted to help and assist you in anyway.
Let us now have a look at mortgages, read the content on this page to familiarise yourself with the mortgage basics. Remember if you have any questions call us and speak to our mortgage adviser. There remain two main methods of repaying a mortgage loan, and it is possible to set up the loan on a 'part repayment and part interest only' basis. A description of these methods is provided below.
Repayment (capital and interest) mortgages:
Under a repayment mortgage your monthly repayments consist of both interest and capital hence, over time, the amount of money you actually owe will decrease. In the early years your repayments will be mainly interest and therefore the capital outstanding will reduce slowly in the early years.
Whilst this method ensures that the loan is repaid at the end of the term providing all payments are made on time and in full, it is generally more expensive at the start. Call us now on 0141 333 1335 to discuss your needs if you are a first time buyer, homemover or are looking to re-mortgage. Our adviser has access to the whole market and will do everything to help you find the best deal.
Interest only mortgages
As their name suggests, with an interest only mortgage you only repay the interest on the loan. At the end of the term the capital is still outstanding. Therefore you will usually need to take out some kind of investment policy to save up enough to repay the loan at the end of the term.
Traditionally the preferred product for repaying the capital of an interest only mortgage was a mortgage endowment policy (which included a set amount of life cover) - although more recently customers are using Individual Savings Accounts (ISAs) and pensions to build up a sufficient sum and taking advantage of the tax breaks offered by these products.
If you require mortgage advice please call us now on 0141 333 1335, our mortgage adviser has access to the whole market and can help you find the best deal for your circumstances.
Buy to Let Mortgages
Our mortgage adviser again has access to the whole of market when it comes to Buy to Let. With deals up to 80% available, make sure and speak to us first as Buying to Let is a specialist area and it makes sense to get sound mortgage advice before committing yourself to buying a rental property. Call us now on 0141 333 1335 and see how our mortgage adviser can help you whether it’s your first rental property or another addition to your portfolio.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE