Instant Decision Offset Mortgages

Mortgages

In simple terms, a mortgage is a form of loan where you borrow money in order to buy a property. A typical mortgage will run for a longer period than a normal loan – usually 20-25 years. And, like a secured loan, if you fail to keep up the repayments, the mortgage provider has the right to repossess your home in order to get back the money they have lent you.

Millions of people have mortgages – and complain about them! - but it does make sound financial sense. Why rent a property and then leave it empty handed when it’s time to move on, when you could be paying the equivalent amount as a mortgage and building up equity that is yours to keep when you sell the property?

Of course, having a mortgage is probably the biggest financial commitment that you’ll ever have to make – a rather daunting fact! And it can give you the feeling of being tied down.

If you are considering taking out a mortgage, you must make sure that you can easily meet the monthly mortgage repayments – as well as other associated costs such as home insurance, council tax, utility bills and any property maintenance charges.

Once you have worked out how much you can comfortably afford, shop around for the right mortgage. Deals can look great on the surface, but read the small print. Make sure that you are aware of any financial penalties should you decide to move your mortgage after a couple of years.

And, if you are offered a discounted or fixed interest rate, make sure that check out what happens when the deal ends and the rate changes – will you still be able to afford to meet your monthly repayments?

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