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Buyer
Help Mortgage Advice
Getting
Mortgage Advice
If you are a first time with no experience of getting
a mortgage, professional advice from a mortgage broker who
can
use
the market as a whole may potentially assist you make an informed
decision on the most suitable mortgage product to meet your
current needs and circumstances. This will be probably, the
biggest financial commitment you will make so helpful guidance
is essential. It is important not to over stretch yourself
and plan that your future borrowing can be met and suits your
needs.
Subject
to satisfying the individual lenders criteria a lender may
offer to lend money to purchase a property in the form of
a mortgage. A residental mortgage which is a loan secured
on your new home means that if you are unable to service the
loan they own a large percentage of your home and can repossess
that property if you are unable to service that loan correctly.
You will only receive a mortgage if you match their lending
criteria.
This
is unlike a unsecured loan for example a personnel loan from
a bank. There are many issues and components to a mortgage
that should be understood. For example what is loan to value,
early repayment charge, stamp duty, debt consolidation, self
cert, disbursements, deposit and mortgage arrears. Take note
that some mentioned are actual mortgage products and options
which may not be included within a mortgage as a component.
You
can potentially save a lot of money by choosing the right
mortgage for you, insuring it is the most suitable mortgage
to meet your current needs and circumstances. . But your mortgage
is a long term commitment and the deal that you take out should
match your requirements. For example if you plan to only live
at the property for a while due to job transfer you may consider
having a portable mortgage or a home loan without early repayment
charges. If you redeemed the mortgage early high penalty could
be charged. As guidance how an early repayment charge can
apply for example by taking out an incentivised product such
as fixed rate, discounted and capped rate these could incur
early repayment charges after the incentive has expired.
| The
following APR relates to the above products only.
THE OVERALL COST FOR COMPARISON IS :-
8.9%
APR
The actual rate available will depend upon your circumstances
ask for a personalised illustration. |
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