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Mortgages Types Available

There are a multitude of options when it comes to thinking about mortgage types and it can feel impossible to know which one is right for you. As a prospective home buyer, it’s as vital to research types of mortgage loans as the area you want to live in.

From APR, APRC, cost per £, fixed, capped, discounted and tracker to offset, there’s a lot you have to take into account before making, what is for most, the biggest financial commitment of your life.

Mortgage Types

Affordability has to be the most important factor when considering what kind of mortgage types you should get, especially if you’re a first-time buyer.

Choosing the right type of mortgage loans for each specific circumstance could save you thousands of pounds, making it really important to understand how they work. Choosing the right mortgage types for your situation can lower your initial payment and decrease the overall interest payment over the term of your loan. The best mortgage types for you will depend on your future plans and whether you’re choosing to live in, or rent out, the property.

A mortgage is a long-term agreement so it’s important to take time to think about the different types of mortgages, and how much you’ll be able to afford. It’s important to always bear in mind, your home may be repossessed if you’re unable to meet your payments

What is the best length of term for your mortgage?

The average repayment term length of a mortgage is 25 years, but the number of first-time-buyers taking out a 30 to 35-year mortgage term has increased over recent years.

Additional financial constrictions mean new house buyers are often deciding to take out longer-term mortgages, meaning the lower repayments leave them with more money to spend day to day.

With so many different mortgage types and terms out there, deciding which one is right for you can be daunting, so give us a call to discuss your options.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.

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