Buying the home of your dreams.
From buying your first home, to re-mortgaging to another home we are here to assist you with your needs.
There are two main types of mortgages:
Capital and Repayment
This is the most common type of mortgage that people have access to for buying a residential property. This is where each monthly payment pays the interest of the loan and part of the capital from the original loan. By the time you reach the end of the mortgage term you will have paid off the original loan and the property will be yours.
These loans are not as easily available now and are usually only offered to people who are buying a rental property or releasing equity from their homes under the life-time mortgage range. Under this type of mortgage, you only pay the interest each month and at the end of the mortgage term you need to have the capital in place to repay the loan.
The interest rate you can obtain on a mortgage is based upon the amount of deposit you can afford to put down on the house and also your own credit rating.
The interest rate can be a fixed rate for a set period, to help with budgeting, or you can choose to pay a variable rate which will change as the bank interest rates change
We can advise you on which mortgage type would be the most suitable for you and guide you through the process of buying your home.
As well as having a deposit for the house purchase there are many other costs to consider and you need to take these into account when budgeting.
Examples of these are:
- Survey fees
- Application costs
- Home and Contents Insurance
- Life Assurance