Mortgages: which one suits?
Whether you are buying your own home or an investment property, most people require a mortgage to do so. There are so many mortgage loans available, that it can be difficult to ensure that you have chosen the correct one for your circumstances. Your mortgage is likely to be your most expensive monthly outgoing and a commitment that will remain in place for a significant amount of time. It is therefore imperative that you receive full and comprehensive advice before making a decision. At Cherry Tree Financial, we can ensure that you receive not only the best product available but also the most suitable product for your individual circumstances having considered the varying requirements of individual lenders.
Why use us?
- Free initial consultation – preliminary advice, illustrations and lending decisions in principle will be provided at no charge.
- Impartial advice – unlike high street banks and building societies, we can offer advice on a wide range of products from varying providers.
- Duty of care to you – we are fully regulated by the Financial Conduct Authority and as such are obliged to ensure that customers are treated fairly and recommended best and most appropriate advice.
- Extensive industry knowledge– vast knowledge of the constantly changing mortgage market, proving invaluable within an industry that is heavily regulated and increasingly restrictive.
- Qualified Advisers – as independent mortgage brokers we are fully qualified to industry standard. We work for you and in your best interests, rather than those of the lender.
- Associated services – we have a number of recommended partners that can assist in other aspects of the process, such as surveyors, solicitors and estate agents. Find out more...
The type of mortgage recommended will depend on both your individual circumstances and the specific requirements of the lender. The mortgage options currently available are Fixed, Tracker, Discounted, Variable, Offset, LIBOR, or First.
Whether you require lending for the purpose of purchasing a new home, re-mortgaging an existing property, releasing equity or as a first-time buyer we are able to advise. Please contact us for further information.
There are two main ways you can pay off your mortgage, they are as follows:
Capital and Interest Repayment – the monthly payment calculated would pay back both the interest due on the loan and part of the capital of the loan, ensuring that at the end of the agreed term your mortgage is redeemed in full.
Interest Only – each monthly payment would contribute to the interest due on the loan only. At the end of the mortgage term the original loan amount would remain and be required to be repaid in full. Lenders would expect a suitable repayment vehicle to run in conjunction with the mortgage to ensure that the loan can be repaid in full at the end of the term.
Help To Buy Scheme
Help to Buy is a new government-backed initiative set up to help first time buyers and those looking to move up the property ladder, to purchase a property with as little as a 5% deposit.
Find out more about this scheme and how Cherry Tree Financial can assist you with your Help To Buy Mortgage.
Our basic mortgage interest calculator is designed to give you an idea of what your monthly payments might be for your next mortgage or remortgage.
The results shown are not exact and precise, and are to be used only as a rough guide. For a fully accurate and considered quotation for a product best suited to your needs please contact us for a consultation.
Most people opt for a 25 year term when they take their first mortgage out. However, you can apply for a longer or shorter term. If you go for a longer term, your repayments will be lower, but it will take you longer to pay off the debt and the interest due would be higher. The shorter the term, the sooner you will be mortgage free.