Guide to Residential Mortgages
Mortgages are very important aspects of many Briton’s lives because they enable them to get onto the property market and further their quality of life.
Whether you are looking to move home and need a bigger mortgage to buy a more expensive house or whether you are trying to purchase your very first home, it is all determined by a residential mortgage.
In layman’s terms, it is the name given to a loan secured on a property and it is the fundamental process of buying a house. Arranging a mortgage can be stressful and time-consuming but the return on investment far outweighs any negatives.
Here is an expert guide on mortgages from the specialists at Cheshire Mortgage to help you understand the procedure.
Now firstly, it is a financial advisor and mortgage broker’s role to find the right mortgage for you. They will learn whether or not you are able to secure a mortgage and how much of a loan you can borrow and on what terms.
There are thousands of mortgages available on the market but depending on your circumstances, i.e. your income and how many people are on the mortgage, this will determine the type of mortgage you receive and therefore what type of residential property you can buy.
Questions which you need to ask yourself are; how much interest do I want to be repaying, how much can I afford to pay on a monthly basis, how long do I want to be repaying the loan back? All these factors are important because mortgages can vary from seven to 30 years and the difference is that one that has a shorter contract has higher monthly repayments in comparison to one that has a lengthy time-span with lower monthly payments.
Your financial advisor or mortgage broker will be able to help you decide which mortgage product is most suited to your personal circumstances. Your choice may vary from a mortgage with a high street bank to one with an alternative lender such as Cheshire Mortgage Corporation who may be best suited to meet your current or future needs.
Visit the website at www.cheshiremortgage.co.uk