We are not allowed to advise or promote any financial services. We do not hold ourselves out as qualified to do so. This note is intended simply to provide some useful generic information to those who are inexperienced in dealing with mortgages.
There are two principal types of mortgage:-
Each month you pay interest and a small sum of capital – the idea is that over the mortgage term the amount outstanding gradually reduces (and with it the monthly interest) and the monthly capital element increases – so that the mortgage is fully redeemed at the end of the term.
Each month you pay interest only. The mortgage lender will require you to have an alternative savings mechanism to raise enough money to repay the mortgage at the end of the term – this might be, for example, savings or a pension scheme.
A conventional mortgage may be for a term of 25 years. Longer mortgages are sometimes available for younger purchasers – or shorter ones for older buyers to ensure that the loan has been repaid before retirement.
There are a variety of further permutations possible, for example:-
- Should the mortgage be for a fixed interest rate – or a variable one?
- Sometimes discounted mortgages may be available – but these often involve the risk of paying heavy penalties if the mortgage is redeemed before a specified date.
- Always be cautious and consider “affordability”. What would be the impact of:-
- A rise in interest rates and/or
- A reduction in your income
We would always urge you to take advice from an independent mortgage broker – rather than simply speaking to “your” bank (who will only offer their own products) or relying on online “comparison” websites who cannot offer the depth of experience of an experienced specialist advisor.
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