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| A mortgage is the name given to a loan secured on your home. |
| It is usually used to buy the home
although it is becoming increasingly popular
for existing home owners to consider a new
mortgage, to access a more competitive product
or to raise additional capital for home improvements
or other purposes, such as school fees or
business investment. |
| A mortgage
is a long-term loan and traditionally runs
for a fixed period, typically 25 years. However,
most mortgages are flexible enough to allow
for early repayment or, if your circumstances
dictate, the term can be extended beyond
the original loan period. |
Mortgages
were once the preserve of building societies
and the high street banks, however recently
far more competition has entered the market
and there is now a raft of lenders offering
mortgage loans on residential property.
This expansion in the number of lenders
has lead to a vast array of different loan
packages.
|
| Nowadays
there are loan deals to suit most people's
needs, whether you are buying your first
home, a retirement cottage or perhaps an
investment property. |
| Nowadays
there are loan deals to suit most people's
needs, whether you are buying your first
home, a retirement cottage or perhaps an
investment property. |
| You
should note that in year 2000 the Government
removed Mortgage Interest Relief (tax relief)
on mortgage interest. Although it is still
possible to invest into tax efficient savings
or investment plans to assist you to repay
your mortgage debt at the end of its term. |
| For further help and
free advice please email us. |
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