Looking for mortgages in North Devon?
Whether you’re a first time buyer, moving home or re-mortgaging to get a better interest rate, a mortgage is one of the biggest financial commitments of your life. With such a big decision to make and so many lenders offering a wide range of products, it’s important that you get expert advice. Town & Country Financial Advisers are experienced in analysing the market. We help to guide you to the most suitable lender and ensure you have a product that meets your individual requirements. We are here to listen to your needs, offer advice and secure the right mortgage for you.
What is a Mortgage?
A mortgage is a legal agreement where a bank or building society lends money, charging interest in exchange for taking title of the debtors’ property, with the condition that the conveyance of title becomes void once the debt is re-paid.
We can offer advice in the following areas:
First Time Buyers
Help to Buy Equity Release
Buy to Let
Commercial Mortgages (please note that this advice is offered by referral to a specialist adviser)
Main methods of repaying a mortgage
The main methods are pointed out below or we can sometimes use a combination of both.
Repayment (Capital & Interest)
With this method your monthly repayments will consist of both interest and capital so that over time the amount you owe will decrease. The capital will reduce slowly in the first few years as the repayments will be mainly interest. This type of methods ensures that the mortgage is completely repaid at the end of the term.
With this method you only repay the interest on the amount borrowed. The capital will still remain at the end of the term. With this method you will need to take out an investment policy to ensure you can repay the capital at the end of the term. Using ISAs and pensions are a good way to take advantage of the tax breaks offered by these products and build up a sufficient sum to cover the capital.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.
The value of pensions and the income they produce may fall as well as rise. You may get back less than you invested.