Introduction To Mortgages
A mortgage is loan used to buy property, the property acts as security for the debt. Mortgages are usually the biggest financial commitment most people make, so it’s important to get the right advice.
Mortgages are offered by banks and building societies and some specialist lenders and obviously if you wanted to contact them all individually they would be happy to tell you what they could offer you, but imagine how many you would have to contact to get a true picture of who would offer you the most competitive mortgage that meets your needs. This is why using a mortgage broker to help you in your search, will ensure you have searched the market quickly and easily.
How much can I borrow?
Finding out how much you can borrow is the first step to finding your dream home. This is calculated based on your income, outgoings, and credit history to ensure that borrowers can comfortably afford repayments now, and in the future.
Our team of mortgage advisers will help guide you through this process, using their extensive knowledge of the market and understanding of each individual lender’s criteria. Their experience working with a range of lenders means they will be able to present your application in a positive light, reducing time and stress for you.
There are three options for making mortgage repayments, with repayments made payable in the form of monthly instalments. Your mortgage has two parts – capital (the money you borrow), and interest (the charge made on the amount you owe).
Repayment mortgages allow you to pay back both capital and interest each month over a set amount of time, known as the term. A mortgage balance on a repayment mortgage gets smaller every month, until the mortgage is fully paid off at the end of the term.
Interest only mortgage you only the interest charged on the loan. Generally, the monthly repayments are lower, while the capital sum remains the same throughout the term of the mortgage. You will have to pay back the capital at the end of the mortgage term – your lender will make sure there is a repayment strategy in place to ensure you can make all payments.
Part-Repayment, Part-Interest Only Mortgages offer the mortgage on a part-repayment, part-interest basis. As with an interest only mortgage, at the end of the term, there will be some capital to pay back.
We are not tied to any particular lender;we also have access to exclusive deals that are only available through some mortgage brokers.
At Tarleton Mortgage Centre our role is to make the job of you choosing and applying for a mortgage as simple and as straight forward as possible whilst also ensuring you get the most competitive mortgage deal.
If you require Independent mortgage advice then call Tarleton Mortgage Centre Today on 01772 846147 or alternatively use our online diary to arrange an appointment.