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A beginners' Guide to mortgage UK
from: Ann GibsonThe decision to mortgage house does not in any way show that you
are not emotionally attached to your house. On the other hand,
it was your concern for the house that restrained you from
selling it. As compared to the sale of house, mortgage is a much
better option. You continue holding the house and living there
for as many years as you want.
The only problem however is that the loan provider has kept lien
on home to himself, and keeps using it as a stick to exhibit
what can be the consequences of being irregular on the mortgage
repayments. In the worst of circumstances, when the borrower has
not repaid the mortgage, the loan provider has the right to
repossess home.
What can the borrower do in such circumstances? There is not
much to do once the loan provider has made up his mind to
repossess home. Recovering home from the loan provider in such
cases will be much more costly.
A more effective solution to the problem would be to go by the
rules. Continue paying as much has been decided between you and
the loan provider, and try to be disciplined in repayments.
This isn't as difficult a solution as most of us will think. The
following illustration would make things clearer. For a person
who earns a monthly income of ₤100, it will be difficult
to pay ₤30 at a time. However, when he is required to pay
₤1 over a period of 30 months, it will be relatively
easier. The monthly installment method of repaying mortgages
uses the same concept. The borrower will be required to pay a
monthly installment every month. This goes towards amortising
the mortgage balance over the specified term.
There are other methods for paying off the mortgage too. Among
the alternative methods, interest only mortgage repayment is the
most important. An interest only mortgage repayment method
allows borrower to pay only interest on the mortgage. Thus, at
the end of the term the balance remaining unpaid is the amount
actually taken. How the balance of the mortgage will be repaid
at the end of the term will further categorise mortgages into
pension mortgage and endowment mortgage.
Pension mortgage employs the pension for disbursing the unpaid
mortgage balance. Normally 25% of the pension is available
tax-free to every borrower. Pension is the result of
contribution of the employer and the employees over the work
life of the borrower. Thus, utilizing pension for repaying
mortgage will not be much burdensome to the borrower.
Endowment method of paying off mortgages will utilize the amount
saved by borrower in an endowment policy over a period. Since,
the endowment policy will be invested in shares and stocks;
there are chances of the endowment fund growing profitably.
Similarly, there are chances of the endowment fund not faring
properly and resulting in loss to the borrower.
Mortgages are commonly classified into three, depending on the
borrower and the purpose for which it is being used. A first
time buyer mortgage is for the borrowers who are buying house
for the first time. Mortgage terms may differ for this kind of
borrowers in order to incorporate the relative weakness of their
finances. These borrowers become eligible for discounted rates
of interest.
Another classification of mortgages is buy to let mortgage. Buy
to let mortgage, as the name suggests will be for borrowers who
already have a home and they want to use the new home for
letting out on hire. A distinct feature of this type of mortgage
is that the borrower will pay monthly installment through the
rental received.
Finally, there are council right to buy mortgages. Council right
to buy mortgage are for the people who have been living as
council tenants. They have got an opportunity to buy the council
home. Because of the lack of personal resources, they use the
council right to buy mortgage.
Because of the home serving as collateral, interest rate is at
an all time low on mortgages. Always seek a mortgage from
prestigious loan providers in the UK. The quality of the
mortgage deals arranged by them is excellent. Also, there is no
fear of several additions to the mortgage in the form of extra
fees.
We have always stressed on the need for good decision making on
mortgages. Good decision making ensures that mortgage is safely
repaid and the worst fear of losing home on repossession never
comes true.
About the author:
Loan borrowing is like once in a life time decision and much is
at stake. It is indeed not a good thing that many people are
misguided into taking loans that are not appropriate to their
financial situation. This leads to many allied misgivings. As a
financial consultant the only driving force of Ann Gibson is to
provide proper knowledge. Because knowledge in respect to loan
borrowing is power and exudes financial benefits.He works for
mortgag
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