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mortgages

Mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage.

Finding the right mortgage to suit your needs can be a challenge, especially with so many different deals available. This is where Friends Financial Advisers can be of help by giving you the very best advise available.

We will not only help you secure a mortgage but we will access the whole market to find you the best product for your circumstances and requirements.

We will deal with all of the administration for your mortgage and insurance to ensure that you can move into your new home as fast as possible.

What is a mortgage and how does it work?

  • A mortgage is a loan given specifically to buy a property. The property you buy is used as security against the loan while you repay it.
  • If you borrow a sum of money to buy a property over a set number of years then you need to make monthly payments to pay off the interest or both the interest and loan.
  • If for any reason you cannot repay the loan, the mortgage lender can sell the house to recover the debt.

What you need to consider when looking for a mortgage

  • the size of deposit you are able to put down;
  • the amount you can afford to borrow;
  • mortgage term;
  • up front costs – e.g. solicitor / conveyancer fee; valuation / survey fee, higher lending charge, mortgage arrangement fee, mortgage booking fee, mortgage adviser fee*, stamp duty, land registry fees;
  • ways of repaying your mortgage:
      • capital and interest mortgage, or
      • interest only mortgage;
  • mortgage interest rates – mortgage rates are linked to the Bank of England base rate, and they are also linked to the rates at which banks lend money to each other. Most popular mortgage rates:
      • fixed rate,
      • variable rate,
      • other mortgage rates available: e.g. discounted, tracker, offset, collar or capped;
  • mortgage related insurance – building and content insurance, life cover, critical illness cover or MPPI.
    There are other providers of Payment Protection Insurance (Short-Term Income Protection) and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk.

To book an appointment with one of our advisers please contact us today. We will be more than happy to help you.

 

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