Choosing a mortgage is probably the biggest financial decision you will make. However, with thousands of mortgages to choose from, it can seem like an impossible maze to find your way through. A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property. The money is then paid back to the lender over a fixed period of time, together with accrued interest.
There are many different types of mortgages and there will be one out there that best suits your requirements. If you’re going to make the most of your mortgage, you need to minimise the amount of interest that you pay. We can find a mortgage product to suit your individual requirements. Whether you are a first time buyer, or wish to remortgage, we will endeavour to recommend a product to suit your needs.
There are basically two major types of mortgage repayment methods available in today's market:
Repayment - We would normally recommend a repayment mortgage, which is structured so that the monthly mortgage payments (comprising partly of capital and partly of interest) pay off the original amount borrowed, as well as the interest that would be accrued over the mortgage term, by the end of the term.
Interest only - So-called due to the fact that you only pay interest to the lender each month. The original loan amount remains the same for the term of the loan. Therefore a suitable investment is required to run in conjunction with the mortgage in order to repay the loan balance at the end of the term. The most common investments used for this purpose include Pension, Endowment and ISA.
At Simply Mortgages Plus, we aim to offer our clients a regular mortgage review because the market is always changing. People’s circumstances and requirements do not stay the same, and in the current economic climate it is worth taking the time to review your arrangements. As independent mortgage experts, we give advice for the benefit of our clients, not the lenders, and can search a comprehensive range of mortgages from across the market to get the product that is right for you.
Allan Connochie Mortgage Consultancy Ltd T/A Simply Mortgages Plus is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd, which is authorised and regulated by the Financial Conduct Authority.