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Copyright Glaric Consultancy Ltd. 2019
Which type of mortgage should I choose?
Today there is more choice than ever when it comes to
choosing a mortgage. Fixed rate, variable rate, capped rate
the list goes on and on, but which one is right for you?
A mortgage is probably the largest financial commitment
most of us will make and it is vital that we take professional
advice before committing to any one mortgage deal.
A mortgage is in reality a loan from a financial body or
institution to you in order that you may secure the purchase
of a property. This loan is generally secured against the
property and is repaid over a period of time, usually twenty
five years.
But how do we decide which type of mortgage to go for?
The good news is that along with the extensive choice of
mortgages available there is a huge choice of companies
wanting to lend you money.
There are very strict rules that all financial companies must
adhere to when they offer us a mortgage which is designed
to ensure you receive the best of advice. Do not accept the
first deal you are offered, shop around and be sure the deal
on offer meets your work and lifestyle commitments.
Choosing the wrong mortgage can be a costly mistake and
is definitely an experience you can do without. There are
banks, building societies, loan companies and independent
mortgage brokers all ready to help you, take their advice, but
do not rush into a decision.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP
UP REPAYMENTS ON YOUR MORTGAGE.