| Mortgage
Types |
| |
Endowment
Mortgage: |
Moving
Home ?
It can be
very stressful buying a new home as a lot of us know.
There are a few thing's you can do to ease the pain, and help
make things go just a bit more smoothly.
|
Two
separate monthly payments; An endowment Premium, and the interest
on the loan. The capital is paid off when the policy matures with
hopefully a little left over. The loan is auomatically paid off
if one
of the borrowers dies. |
| Repayment
Mortgage: |
| One
monthly payment gradually paying off the interest and the capital
by the end of the loan period.
Separate life assurance is recommended. |
-
Good Planning
- Detail
exactly how much you can afford
- Shop
around for a good Estate Agent
- Ask
friends for recommendations
- Research
what mortgage suits you
- Find
the hidden costs in advance
- Cheap
is not necessarily the best
- Ask
lots of questions
- If
your not sure ask again
- Don't
spend more than you can afford......!
|
Interest
Only Mortgages: |
| You
only pay the interest on the loan. Suitable for those people who
expect to have a large lump sum in a few years time to pay off the
loan completely. Separate life assurance is recommended. |
| Pension
Plan Mortgage: |
| Generally
for people that are not in a company pension scheme. Two separate
monthly payments; interest on the loan and a contribution to a personal
pension plan. The aim is to provide a pension and pay off the loan.
Easy to transfer if you move house.
Separate life assurance is recommended. |
| Investment
Linked Mortgages: |
| You
pay the interest only and either link the loan to existing investments
or start an investment and savings plan.
Separate life assurance is recommended. |
