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Mortgage Basics - part 1
Choosing a mortgage can be hard. There are so many products available and so many good deals out there, that knowing which one is right for your circumstances can be extremely difficult.
You need to go back to the basics and re-look at mortgages and how they work. You can then start looking at the type of mortgage that best suits your circumstances and take it from there.
So, what is a mortgage? Basically, a mortgage is a loan for the purchase of a property which you pay back over a set period of time. The loan is secured against the property, so should you stop making the monthly repayments, your house can be repossessed in order to settle the outstanding debt.
While that sounds a bit scary, you should note that should you get in to financial difficulty, the key is to speak to your mortgage lender as quickly as possible so that situation can be resolved.
A mortgage typically runs for 25 years, but it can shorter or longer depending on your individual circumstances. When you take out a mortgage, the amount you borrow is called the ‘capital’. You have to repay the capital as well as the interest charged on the capital.
There are basically two ways that you can repay the capital, by a Repayment method or by Interest Only.
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