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Mortgagesforhomes.co.uk are able to advise you on mortgages and associated insurance arrangements you may require.
There are three principal types of mortgage to choose from:
Repayment - You pay back part of the loan with the interest each month, gradually reducing the amount you have borrowed.
Interest Only - You only pay interest to the lender each month. The loan amount (capital) remains the same for the duration of the loan. In order to repay the capital at the end of the term, you arrange the appropriate investments when you take out the mortgage. Includes Endowment mortgages, Pension Mortgage and others.
Flexible - A relatively new type of mortgage which allows you to make overpayments and underpayments on your mortgage without penalty, and even to take payment holidays. Although Flexible Mortgages are sold as “Repayment” or “Interest Only” mortgages, their very nature means that if you make regular overpayments and decide not to draw these back, you can repay your mortgage early and save thousands of pounds in interest.
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