Residential Mortgages
Found your “Right Move” dream home? Lets talk about it...
Found your “Right Move” dream home? Lets talk about it...
Residential Mortgages Overview:

Unless you are one of the fortunate ones and have the capital to buy your property outright then you will require a mortgage. Most property owners have or have had a residential mortgage but they need not be as difficult to arrange as we are sometimes led to believe.

A residential mortgage is a loan made to the borrower by an authorised and regulated lender which is used to help a buyer purchase a property. The mortgage is ‘secured’ against the property until it’s paid off completely. Typically mortgages run from between 5 and 35 years (the period of time known as the term) but the term can be any period in between or even longer.

The mortgage can be arranged on a Capital Repayment basis which as it suggests, means providing all payments are made on the due date you guaranteed to pay the mortgage off and then own the property outright. You may be able to arrange the residential mortgage on an Interest Only which will keep your monthly payments down but, as suggested, you will only be covering the interest of the loan and not the overall capital the balance does not reduce.

Today Interest Only mortgages MUST  have an acceptable / realistic repayment method to be agreed. Each lender has their own criteria and various options that are very important to consider when deciding on the type of Residential Mortgage that is right for you. The choice is yours but we are more than happy to discuss all the aspects of both.

Finally residential Mortgages can come with fixed or variable interest rates. Fixed-rate mortgage are popular because it gives the borrower comfort knowing even if base rates rise significantly during the fixed rate period the monthly payments will remain unchanged.  Generally, fixed rates are taken for between 2 to 5 years but can be much longer if required. Variable-rate mortgage repayments could move up or down, in line with the Bank of England base rate. A number of different themes of variable rate mortgages are available, such as tracker, discounted and capped rates so the rate & product that meets your specific needs can be arranged.

To learn more about the residential mortgages on offer from Centrado, contact us today.

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