Buying a house is the biggest investment you're ever likely to make, so it's important to get all the information you need on mortgages and associated financial services such as insurance before you start. At iSold, our expert team of mortgage consultants is on hand to help you, every step of the way. Please contact us for more information
There are thousands of different mortgage schemes on offer but as we are partnered with one of the largest independent mortgage brokers in the country, we can advise you on the most suitable mortgage for your needs and even find you mortgage deals that are not available elsewhere.
Different mortgage providers have different criteria for lending money, but in general the amount you can borrow depends on your income, your employment status, your other financial commitments and the size of the deposit you put down. When calculating your budget, you will also need to include costs such as the loan for a deposit (if you haven't money saved for this), buildings and contents insurance and life assurance. We recommend you don't overstretch yourself because you could find making repayments difficult if interest rates increase or your situation changes.
There are lots of different options, including mortgages which are Fixed Rate, Variable Rate, Discount Rate, Flexible, Capped Rate, Current Account, Offset or offer Cashback. Our advisers can help you select the right one for you.
There are two ways in which you can pay off your mortgage — Repayment, whereby you pay off the interest and the capital (the amount you borrowed) over the full term of the mortgage, and Interest only — where you pay the interest due on your mortgage every month and repay the full amount of the loan at the end of the mortgage term. This can be done by investing in an insurance policy, ISA or personal pension. The money you pay into this is invested for the length of the mortgage term. As with any investment, there is the risk that the final sum that you receive may not be as much as the capital you borrowed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. You can choose how you pay for your mortgage advice. You have the option to pay by a fee, typically 1.95% of the loan amount. Alternatively you could pay by combination of a 1% fee and allow us to receive commission from the lender.
Please note, this is a handy guide and does not constitute financial advice.