Mortgages
Choosing a Mortgage?
There are a number of aspects of mortgages that need to be considered, including the nature of the loan itself, and the choice of the means of repayment. These are covered briefly, together with other aspects including legal aspects.
Sources
of Finance
Building societies supply the largest proportion of loans in the housing
market.
Types of Loan
Loans are of two fundamental types, namely repayment mortgages and
interest-only mortgages.
Interest
Rate Options
There are many different interest rate options, and further variations
are continually being introduced.
Repayment
Vehicles
With interest-only loans, the capital will be repaid from the proceeds
of a suitable investment vehicle.
Summary
Summary of Advantages and Disadvantages of Repayment Vehicles
Procedures
and Fees
The process of arranging a mortgage is often lengthy and can be complicated.
Other Costs
There are a number of other types of fee that will need to be paid,
the most common being: