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These mortgages are the most widely used by customers and are considered to be very reliable and straightforward. Once a policy has begun, the customer will repay a portion of the initial capital plus interest until the loan has eventually been completely repaid.
Monthly repayments for this type of mortgage deal can be expensive, but as long as the agreed payment schedule is maintained the customers is generally guaranteed to own the property completely at the end of the term.
Interest only mortgage deals are not as common and may be more suited to customers who wish to pay comparatively less on a monthly basis. Using this agreement, the customer will only be expected to repay the interest on their mortgage every month.
Once the term of the mortgage has ended however, the initial loan must be repaid in full, and so the customer will be expected to put money away into a suitable investment vehicle such as an ISA or endowment during the course of their mortgage.
Customers should also be aware that although cheaper in the short term, interest only mortgages are generally seen as a higher risk option due to the need for such a significant long term investment.
To find the most competitively priced mortgage quotations from providers, it is always recommended to contact several different mortgage lenders before committing to a particular policy.
To get mortgage quotations from a wide range of providers, click on the link and fill in our quick enquiry form. A mortgage adviser will then call you back to provide:
- A comparison of the market to find you the best mortgage deal
- Expert and impartial mortgage advice
- Quick and easy service – just fill in one form and they do the hard work for you
- Some mortgage quotations and deals that are not available on the high street
Click on the link to get started and find quotations for mortgage deals that suit your needs and circumstances: