Buying a home is probably the largest financial transaction and commitment that you will ever make so making the wrong decision can be extremely costly.
There are so many types of mortgages available and it is so easy to become confused. Taking on the cheapest mortgage now may not always be the cheapest later and can end up costing you thousands of pounds more over time.
We are independent mortgage advisers in Newport, Cardiff and Swansea and are therefore not tied to any lender. We can search the whole mortgage marketplace to find a mortgage that will best suit your needs.
We will also take away the stress and strain of buying or remortgaging your home by liaising with solicitors, valuers and the mortgage lender.
At the present time, the property market in Newport, Cardiff and South Wales in general is buoyant, with property values rising.
We can help you obtain the right mortgage to suit you, providing expert help and guidance.
The main types of mortgages available and choosing the right one for you needs expert help and guidance.
Repayment Mortgage (Capital and Interest): With this type of mortgage you make monthly payments for an agreed number of years until you pay back the loan and the interest.
Offset Flexible Mortgage: With this type of mortgage you make monthly payments for an agreed number of years but this will only pay off the interest on the loan. You will normally also pay into another form of savings or investment plan to pay of the full loan at the end of the mortgage term.
Interest Only Mortgage: This type of mortgage can be used with both repayment and interest only mortgages. It gives you more control to vary the amount you pay each month e.g. pay less one month and more the next, take a payment holiday, pay an additional lump sum, pay off your mortgage earlier.
Please note currently there are a limited number of mortgage lenders who are prepared to lend on this basis. You will also have some form of repayment vehicle in place to pay off the capital at the end of the mortgage term. For example, an ISA, Pension or Savings Plan/Investment.
Mortgage options: There are also many different options when considering which mortgage to choose including:
• Fixed Rate
• Standard Variable
• CurrencyWe can also help provide advice on valuation and legal cost and can refer you to a range of solicitors who can complete the legal process for both house purchase and re-mortgage.
Secured Loans and Second Charge Lending: Secured loans and second charge lending are a secured loan which means that they use the borrowers home as security. Many people use them as a way to raise money instead on re-mortgaging.
We can help you explain how secured loans and second charge lending works.
• Why use secured loans?
• When a second charge mortgage maybe cheaper than re-mortgaging
• Things to consider when taking out a secured loan or second charge mortgage
• The risk to consider and alternative options
To obtain further information on the types of mortgages available please use our contact form or to make a truly informed decision, call us on 01633 246246 and speak to our mortgage adviser.For mortgage advice we are paid by a fee, typically £395. We may also be paid commission from the mortgage lender.
Your home or property may be at risk if you do not keep up payments on a mortgage or secured loan.
Not all forms of Buy to Let mortgages are regulated by the Financial Services Authority.