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MORTGAGES

Mortgages are repaid in many different ways, but the most popular are the following.

Annuity
This is the traditional mortgage where each monthly payment is split between paying interest on the outstanding loan with the remainder being set against the capital balance.

Interest Only
Interest only mortgages are those where your monthly repayments to the lender consist of the interest only (hence the name) and no contribution is made to reduce the amount borrowed.Where 'interest only' loans come into their own is with "buy-to-lets" or rental properties. By using this method of mortgage, one can keep repayments low in the initial years of the mortgage where usually the most problems will arise.

Pension
Pension mortgage is a tax efficient way of buying a property that suits the self employed and proprietary directors. It involves building up a fund through a pension plan and using that to pay off your mortgage.



No matter which type of mortgage you decide upon, you will be faced with the following questions:

How much can I borrow ?
How do I claim Mortgage Interest Relief ?
What Term of Mortgage ?
Fixed vs Variable ?
How do I claim my First Time Buyers Grant ?

Our consultants can answer all these questions face to face with you now.


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