Home Mortgages
The dangers of interest only mortgages |
| 30 August 2008, DirectSpace Ltd. |
| On interest-only mortgages the borrower merely pays the interest due each month and the entire capital borrowed from the lender is repaid as a lump sum at the end of the mortgage term. This means that monthly payments are lower than they would be for a repayment mortgage making it a more affordable option for some. |
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UK home mortgages - the basics |
| 20 August 2008, DirectSpace Ltd. |
| A mortgage is a borrowing that is structured to be paid back over a period of time with interest. As all mortgages are “secured” against a property, failure to keep up with monthly payments may result in the lender repossessing your home to recover money that is outstanding. In the UK banks and building societies provide residential mortgages although specialist finance companies tend to cater for the sub prime sector (i.e. people with poor credit rating). |
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Benefits of using an independent mortgage broker |
| 29 July 2008, DirectSpace Ltd. |
| Buying a home is a huge monetary commitment therefore getting the financing wrong can prove to be very costly in the long run. With over 4,000 mortgage products being offered in the UK by over 120 lenders, finding the best mortgage product to suit your particular circumstances can be a daunting task. The obvious benefit of using the services of an independent mortgage broker is to help you navigate your way through the mortgage maze! |
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