Capital and interest
This is the simplest type of mortgage. The payments you make to the lender every month pay off both the capital and the interest from the loan. Provided you keep up the payments, you are guaranteed to pay off the loan by the end of the term agreed (usually 25 years).
The lender calculates your monthly repayments depending on the amount borrowed, how long for, the interest rate & how the rate you have chosen is set.
A fee maybe charged on completion of the mortgage which can be added to the amount borrowed. Please ask for a personalised illustration. The fee is only payable on legal completion of the mortgage. Our typical fee is £395
We will also be paid commission from the lender. We may receive a referral fee from the solicitor.
The actual fee will depend upon your circumstances. Paying off short term loans and credit cards with a mortgage could cost you more over the long term. Early repayment charges may apply.
Your home may be repossessed if you do not keep up repayments on your mortgage.