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Mortagages

If you want to buy a property you may be able to borrow money (get a mortgage). The loan is for a fixed period of time, called a term, and you have to pay interest on the loan. If you do not keep up the agreed repayments, the lender can take possession of the property.

Applying for a mortgage takes about 3 weeks from the application for the mortgage, through to the formal offer being made by the lender, however this timescale may vary.

There are several types of mortgage, the most common being 'repayment' and 'interest only'.

Repayment mortgage

This is a mortgage in which the capital borrowed is repaid gradually over the period of the loan. The capital is paid in monthly instalments together with an amount of interest. The amount of capital which is repaid gradually increases over the years while the amount of interest goes down.

Interest only mortgage

With this type of mortgage, you pay interest on the loan in monthly instalments to the lender. Instead of repaying the loan each month, you pay into a long-term investment or savings plan which should grow enough to clear the loan at the end of the mortgage term. However, if it doesn't grow as planned, you will have a shortfall and you will need to think about ways of making this up.

Please contact us for details of local mortgage brokers who can help with the purchase of your new property.