Financial Services
Legal validation: 10/4/2011
Mortgages
If you decide to buy a house or a flat, then you will usually take on a large financial commitment. Most consumers need to take out a mortgage in order to buy a property.
Mortgages are paid back over a long period of time, such as 20 or 25 years, so it is important to ensure that you think carefully before entering into this financial commitment.
This section of the website will help you to ask the right questions so that you can make the most reasonable and suitable choice for your mortgage.
Mortgage offers
It is important to evaluate your finances before deciding to take out a mortgage and be sure that you can afford any monthly repayment that you may need to make. Once you have decided to move ahead with taking out a mortgage, you should shop around for the best mortgage offers possible before committing to a mortgage. To allow borrowers to identify these offers, there are a number of websites that allow consumers to view rates from a variety of mortgage lenders. This section of the website sets out the areas that you need to consider before choosing a mortgage. It also explains (...) Read more
Mortgage repayments
When you decided to take out a mortgage then you are committing to a long-term borrowing. Typically, you might borrow for a ’term’ of 25 years, but you can take out a mortgage with a shorter or longer term, up to 30 years. It is important to ensure that you have evaluated your finances, not just for the short-term, but also in the longer term to be sure that you can afford the monthly repayments throughout the duration of your mortgage. This section of the website considers the issues linked to repaying your mortgage such as early repayment and the consequences of late (...) Read more
Taking out a mortgage in another EU country
It is possible for consumers to take out a loan in any European Union country for the purchase of goods or property in their home country. This is beneficial for consumers as it allows them to shop around and take advantage of the best rates that result from this increased competition. Borrowing from anywhere outside of the UK can, however, be complicated so it is important for you to be aware of your rights and obligations if you are considering this type of (...) Read more
Mortgage protection
Before a lender has released the funds for your mortgage, they will seek to ensure that not only the initial capital is recovered, but also that interest is paid. If you fail to repay your mortgage, the lender will want to be sure that they can recuperate their investment. For this reason, they can state that the loan will only be granted if you take out certain insurance policies, usually covering death or illness. If there is a problem, the insurance policy will then come into play and meet the repayments during a limited period (the life of the policy) and your property will (...) Read more
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