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Repayment / Capital & Interest Mortgages
Under the repayment method 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. This method ensures that the mortgage is repaid at the end of the term providing all payments are made on time and in full.
Interest Only Mortgages
As the name suggests, with the interest only method you only repay the interest on the amount borrowed. 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 money to repay the mortgage 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.
First Time Buyers Mortgages
Before you start looking for a property to buy, it makes sense to take advice. We can help you work out how much you’re likely to be able to borrow and give you useful hints and tips that will help you prepare for the mortgage application process. Buying your first home can be both an exciting and nerve-racking experience.
The exciting bit is having your own front door and space to call your own; the nerve-racking part can be finding somewhere you can afford, saving enough for the deposit and getting a mortgage product that’s right for your financial circumstances. We know what’s happening in the market, so we can help you make your mortgage application to the most appropriate lender when the time is right.
A remortgage is where you take out a new mortgage on the property you currently own, either to replace your existing mortgage, or to borrow additional funds against your property. In some cases, homeowners can save hundreds of pounds a year by moving their mortgage to a more attractive rate.
Remortgaging can also work if your property has increased in value and you want to release some money from the equity tied up in your home, or if you want to reduce the term of your mortgage by increasing your monthly payment.
Commercial finance requires a tailored approach and we offer in-depth experience and expertise in this area. Commercial mortgage rates are not standardised in the same way as residential mortgages are, instead the rate offered by a lender reflects the strength of the proposal put forward and that’s where we can offer valuable help and advice.
The cost of borrowing can be a significant cost for any business, so it’s important to get the right impartial advice and a mortgage on the right terms and at competitive rates.
If your mortgage needs aren’t as straightforward as those described above, don’t worry, we can still potentially help you find the mortgage you need. Perhaps you are self-employed and concerned about how your income will be calculated for a mortgage.Or maybe you need a larger than normal mortgage, say for over £1m. If that’s the case, then we can advise you on lenders and private banks we use which specialise in catering for larger, more complex financing deals.
Equity release can be a financial lifeline for older people who find themselves in need of cash, often living on small incomes despite living in properties worth hundreds of thousands of pounds. Moving house can be an expensive and stressful process at any age. Many older people would prefer to stay put to and benefit from the ‘equity’ or value tied up in their homes, and equity release schemes allow them to do that. There are various types of plan available to homeowners aged 55 and over. With Lifetime Mortgages where the interest is rolled up, a loan is taken out on the property to provide a lump sum, an income, or a combination of the two.
No interest is payable until the home is sold which could be when you and your partner have both died or gone into long-term care. With a Lifetime Mortgage with a drawdown facility, you can take your cash in stages. This can be useful as it gives flexibility and the reassurance that you can access further funds at some point in the future should you need them. Interest is also only charged on funds when they are drawn down. More and more people are using equity release to help enjoy a comfortable retirement, pay off debts, boost their income or plan capital expenditure. Professional advice is essential; equity release isn’t the right solution for everyone as these schemes are expensive and inflexible. Releasing cash from your home reduces the value of your estate and the amount of inheritance you leave, so you should involve your children and dependants from the outset.