Novahomes_publication 2016

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 in our lifetime 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.