Another common myth is that

You must get a repayment mortgage if you are a first-time buyer in the UK. While a repayment mortgage does not come into place until the end of your mortgage period. This is not the case with a purchase loan. You can choose to take out a purchase loan for any length of time as long as you make the repayments on it. Some people believe that they must make the repayments at the beginning. Of every month or else the mortgage lender will charge a fee for paying the monthly repayments in advance. This is completely untrue, as long as you do the right thing by repaying the mortgage in full on the date you’ve chosen.

The final myth concerns the type

Of mortgage products currently available. A popular option is interest-only mortgages, as these Kuwait Phone Number Data are ideal for buyers who wish to get the cheapest rates available. However, rates have been set to fall further, and the standard variable rate (SVR) could rise, so it is better to choose a product that is fixed. Fixed-rate mortgages allow you to choose what interest rate you want, although you cannot adjust it in the future. The amount you pay for your mortgage will not change, regardless of what rates are decided by the lender.

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Take advantage of the Lender

Competition It is also important to remember that the mortgage market in the UK is highly DY Leads competitive. Savvy consumers can often get great deals through a mortgage broker. To find the cheapest rates available, a buyer should compare as many quotes as possible. Before making a decision, take advice from a mortgage broker who will be able to offer impartial advice. It is also a good idea to use a whole market mortgage broker so you have access to all the deals available to you. If you’re a first-time mortgage buyer in the UK.

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