YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE
A mortgage is a loan:
A mortgage is a loan you take out to buy a property. You borrow money from a lender, which you repay over a set time, typically 25-30 years.
Interest rates:
When you take out a mortgage, you’ll need to pay interest on the amount you borrow. The interest rate can be fixed or variable, and it can significantly impact the total cost of your Mortgage.
Deposit:
Most lenders require a deposit of % of the property’s value. The more you can put down as a deposit, the better the mortgage deal you’ll likely get.
Affordability:
Lenders will assess your income, expenses, and credit history to determine how much you can afford to borrow. It’s essential to be realistic about what you can afford to avoid getting over your head.
Repayments:
Mortgage repayments are typically made every month. The amount you’ll pay each month will depend on the size of your Mortgage, the interest rate, and the term of the Mortgage.
Fees and charges:
There are many fees and charges associated with mortgages, such as arrangement fees, valuation fees, and legal fees. It’s important to factor these into the total cost of your Mortgage.
Suppose you’re feeling overwhelmed by the mortgage process. In that case, please speak to Ro, our independant mortgage broker Derby; we can guide you through the process and help you find the best mortgage deal for your circumstances.
Mortgage protection
If you’d struggle to keep up your monthly mortgage payments if you could not work due to illness, injury or death. A mortgage protection plan can protect your Mortgage. You may explore income protection, critical illness coverage or life insurance to cover your Mortgage.
