Mortgages are likely to be the largest single transaction in most people's lives. At Interfinancial, we understand that buying a property can be a stressful and time consuming experience. In the modern day, the financing of a mortgage is a case of finding and selecting the most suitable deal, rather than simply accepting a lender's offer.
The SVR is the lenders standard variable rate, usually between 2-4% above the Bank of England base rate. With a variable rate mortgage you are able to switch lenders at any time without being penalised. If you start a mortgage with a different type of interest repayment for an agreed term, once the term finishes you will go back to the lenders SVR.
A fixed rate mortgage allows you to repay interest at a fixed rate, irrespective of any base rate fluctuations. In other words your monthly repayments will remain the same every month for a time period agreed between you and your lender. This is usually up to 25 years. Contact us today in Market Drayton, Shropshire for more help on the different types of mortgages available to you.
Develop your understanding of mortgages with help from one of our mortgage consultants
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY LOAN SECURED ON IT
If you are considering buying a property abroad you should make sure you take specialist mortgage advice. The house buying process varies considerably from country to country, with different legal systems and local customs. For most people the best option is to arrange your overseas mortgage in the currency you earn income in. If however you are planning to receive rental income from your property in the local currency then a mortgage in the local currency may be the better option, depending on the mortgage lender's criteria.
If you already have a residential property in the UK you may be able to raise money for a deposit by remortgaging and releasing equity from this property.
You should always seek specialist advice from independent solicitors, architects and surveyors before committing to purchasing a property overseas. They should know the country's laws and the local house buying process.
You should always arrange an independent valuation of the property. The valuation will highlight any problems with the property itself but also, and very importantly, any boundary disputes.
You should never sign a contract that you do not understand. This includes translated contracts - always get the original contract checked by a specialist.
If you would like to discuss your options then please contact us for a Free inital meeting in Market Drayton, Telford, Shrewsbury and the surrounding areas.