What exactly is a First

A first mortgage is basically a loan from a bank. Or lender secured against the property you plan to buy. Over the term, generally up to 25 years. This means that the longer you take out the loan, the more interest you’ll pay. There are several things that affect your mortgage application. Firstly, the length of the term you apply for will determine how much you borrow and the monthly payments you’ll make. The longer the term, the lower your monthly payments will be. You can find a range of different mortgage offers available, from those offering competitive rates of interest to those that will pinch the pennies in your wallet.

To help you find the best deals

Take the time to research the different providers who offer first-time buyer Korea Phone Number Data mortgages in the UK. Deposit Size Another factor that will affect your mortgage is the type of deposit you choose. All mortgages providers will require that you make some sort of deposit before they will proceed with providing you with a quote. While it is tempting to opt for a low-interest rate cheque, remember that the larger the deposit, the more interest you will pay over the term. A specialist will be able to provide you with the key facts document which will detail all aspects of the deal, so it is possible to make an informed decision. In addition to the amount of your deposit, consider whether you would prefer an interest-only or repayment mortgage. Interest-only mortgages mean that you will repay a specified amount each month.

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flexible repayments

And can be used on the property which you are buying. With interest-only mortgages. you can change DY Leads the interest rate at any time up to the set date to repayment mortgages that have a fixed rate. Check the small print to see if you are protected against interest rate rises. Use A Mortgage Broker One more myth-busting idea. Is that you should always go with the first lender you come across. The fact is that there are hundreds of lenders out there and that some will offer better deals than others. Don’t be tempted by the price of the APR; instead, find out what kind of terms other customers have enjoyed with that particular lender.

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