If you do not have much experience with mortgages, then it would benefit you to educate yourself before deciding whether or not to refinance a current mortgage or to buy a new home. Educating yourself on mortgages in the UK can benefit you when it comes to finding the right mortgage terms for your individual situation.
Types of Mortgages
Endowment Mortgage – This is an interest-only mortgage which involves repayment of capital using an endowment policy at the end of the mortgage’s term.
Interest-Only Mortgage – With an interest-only mortgage, the capital part of the loan is not repaid until the end of the mortgage term.
Investment Backed Mortgage – This is an interest only mortgage which uses a PEP, ISA or some other investment plan to repay the capital at the end of the mortgage’s term.
Pension Mortgage – With a pension mortgage, interest-only mortgages are repaid at retirement using a personal pension scheme’s tax-free cash lump sum.
Repayment Mortgage – This is a method for mortgage repayment which involves paying both the interest and the capital.
Types of Interest...
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