Mortgage finders network

WHAT IS A MORTGAGE??
Mortgage is a conveyance of property as security for debt until is repaid. The key thing about a mortgage is that you are borrowing money to buy a house and that house is collateral against you defaulting (not paying) your debt each month. If you find yourself in difficulty with the repayments and unable to repay the loan, the lender can take you to court and repossess the house in order to repay the money owed to them. If you do ever find that you get into trouble repaying your mortgage, because of redundancy or long-term illness, always contact the lender and tell them about your problem. Try to negotiate temporary payment terms that you can afford which keep them happy. After all, no lender really wants to repossess your property; they would far rather have your regular monthly premium.

On a mortgage the period of borrowing is over a long term, typically twenty five years, the interest rate can fluctuate from month to month in line with the Bank of England rate changes. The rate you will be charged for your mortgage will always be a percentage point or so above the rate set .The current typical interest rate for a mortgage is around 6%, although this will vary depending on each lender and ones own personal circumstances.

There are two types of Mortgages:

either repayment or interest only.
Repayment mortgage-In this kind a certain amount of your capital and interest will be paid back.
Interest-In this only interest will be paid. It is adviced to take up some endowment plans for this type.Endowment plan is a life assurance plan so if you were to die during the term of the mortgage then the loan would be paid off.

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