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Whether it's a purchase, remortgage or further advance, we are here to offer a helping hand. As you can see, with so many different mortgage types available, it is important to have the right people to assist you.
We can guide you through the variations of repayment which include:
A portion of your monthly repayment will go to paying for the interest on the loan and some will go to repaying the capital you have borrowed. At the end of the mortgage term the loan will be fully repaid providing you meet all the repayments.
The monthly repayment only pays the interest on the loan you have. At the end of the term the original amount borrowed will still be outstanding and will need to be repaid..
The principle is simple: most mortgage borrowers also have savings, even if they are small, and using this money to cancel out mortgage debt makes sense. Savers avoid paying tax on interest that their deposits would otherwise have earned. And because offset mortgage lenders calculate interest daily, every pound on deposit works hard to reduce the cost of borrowing.
There are also a number of options available for the initial pay rate. This normally takes the form of an introductory interest rate for a specified number of months or years. The benefits and draw backs of these are very different. The following is an explanation of the main types of introductory rates:
A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
A mortgage with an interest rate that is usually linked to a particular rate that is set independently from the lender and moves up or down with it.
The mortgage interest rate is lower than the current normal standard variable rate for a certain period, usually shown as a fixed percentage reduction to the lender's normal variable rate eg. 2.00% discount for 2 years.
The mortgage interest rate will not exceed a specified value during a certain period of time, but it will fluctuate up and down below that level.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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Partners: Keith Bevan & Ross Bevan Sterling Mortgage Specialists 12 Church Street Welshpool Powys SY21 7DP
email: info@sterlingmortgagespecialists.co.uk
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