Buying a home
Track your sale
Mortgage required (£):
Repayment period (years):
Interest rate (%):
Interest only mortgage (£):
Mortgage rates can go up as well as down
At 5% a repayment mortgage
will cost (£):
At 5% an interest only mortgage will cost (£):
To arrange a informal meeting with an independant financial advisor, either at your home or one of our offices,
1. The above figures assume an annual rest type mortgage which recalculates mortgage payments once a year. As such they may slightly overstate the monthly payments for more flexible mortgages, offering monthly or even daily recalculation of payments.
2. Since April 2000 mortgage loans have not attracted mortgage interest tax relief (MIRAS).
3. A repayment mortgage is one where mortgage payments cover both interest costs and repayment of the original loan, so that the mortgage amount decreases over time. An interest only mortgage is one where mortgage payments only cover interest costs. With interest only loans, the mortgage amount does not automatically decrease over time. Frequently, borrowers will set up an ISA, endowment or some other investment product (at additional cost), designed to repay the loan at the end of its term.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
This is only an example of the payments due and is not a quotation under the Consumer Credit Act. FSA are the regulators for financial services. For more information please visit:
Tel: 01159 299 295
Copyright Westbrookes 2006