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Types of Mortgages
If you are a mortgage aspirant, then you need to do a bit of
information digging so as to help you decide which mortgage deal
is going to suit you. With the competition between mortgage
lenders really heating up, there are a myriad of mortgage
options available that you can choose from. This makes it even
more important for you to be in the know of the kind of
mortgages available in the market.
Mortgages are essentially loans drawn against some collateral.
In other words you can use the money from a mortgage to buy a
property and the lender can stake legal claim on that property
until you pay back the loan. Also, if you fail to pay back your
mortgage, the lender can repossess your property.
Mortgages usually differ on two points namely pay back capital
and the interest you pay. On the basis of the way you pay back
your loan, mortgages can be of three types: More info at:
http://seek.uk.com/mortgages/mortgages.html
Repayment Mortgage: In a repayment mortgage you pay off some
amount each month, which goes towards the payment of interest
and the principal amount. At the end of the term the mortgage is
cleared.
Individual Saving Account: This mode uses an ISA to pay back the
loan; but if your investment performs badly, you may find it
difficult to pay back the loan.
Pension Mortgages: At the end of the mortgage term, you can use
the tax-free cash from your pension to pay off the loan. On the
basis of interest rates, mortgages may be any of the following:
Variable rate mortgages: In case of a variable rate mortgage,
the interest rate on your mortgage varies in accordance to the
varying base rate of the bank of England.
Fixed rate mortgages: The interest rate on a mortgage remains
fixed throughout the term of the mortgage.
Capped rate mortgages: The interest rate on such a mortgage is
fixed but lowers if the base rate falls.
Discounted rate mortgages: In case of a discount rate mortgage,
the lender offers the borrower some discount off the variable
rate. Now that you are aware of the different options available
in the market with regards to mortgages, you can easily select
the mortgage type that befits your situation.
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Written by: Seek
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