At Countrywide Money we’ve been helping people buy their own home for 12 years, so you’re in safe hands whether you’re buying your first home, moving house or looking to remortgage.
Wanting to get on the housing ladder?
Let us help you on your way with one of our fantastic fixed or tracker rate mortgage deals:
Fixed rate mortgages
A fixed rate mortgage is a mortgage loan where the interest rate remains the same through the term of the loan, as opposed to loans where the interest rate may adjust . If you want the security of knowing that the interest rate you pay won’t change, a fixed rate mortgage could be just what you’re looking for.
A tracker mortgage is a variable-rate mortgage where the amount of interest paid on the loan is linked to the Bank of England base rate by a fixed differential. This is ideal if you want to take advantage of lower interest rates if they go down, however you should remember that interest rates can go up too. You need to be sure you can meet the monthly payments should the rates increase
What types of mortgages are available?
Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest. You will see on your annual mortgage statement that the outstanding balance decreases throughout the term.
The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance. As a consequence it is important that the payments are maintained into the repayment vehicle; otherwise it will not be possible to pay off the mortgage at the end of the term. With this type of mortgage, each mortgage payment is only used to pay off interest. At the same time, the borrower takes out an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE