Not only do you need to consider which mortgage interest rate is right for you, you also need to think about the product that best suits your individual needs.
We understand how important getting your property is to you. We know that a mortgage is something you just want sorted and as cheaply as possible so that you can focus on getting the keys to your new home, paying a lower amount each month or adding to your property portfolio.
We will help you with your mortgage decisions and the application process every step of the way.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Mortgages should be straightforward - you borrow money to buy a house and pay interest on the loan. In a hugely competitive market, building societies and banks are continually updating and extending their range of mortgages.
The most important points to consider are how you pay back the capital you borrow and how you pay the interest on it.
You can either pay the capital a little at a time as you go (repayment mortgage) or pay it all off at the end (interest only mortgage).
Paying back the capital on your mortgage
You either pay a small amount of the capital back each month until this is all repaid at the end of the mortgage term (repayment mortgage) or you pay back the capital at the end of the mortgage term (interest-only mortgage), normally using an investment, of various types, to do so.
Each monthly payment pays off a little of the underlying debt, as well as interest on the loan. At the end of the repayment term, providing all payments have been made in full and on time, the mortgage will be repaid in full.
Interest only mortgages
With this type of mortgage, you pay-off the interest on the loan but not the capital. At the end of the mortgage term, it is then your responsibility to repay the capital outstanding.