Wednesday, January 28, 2009

Right mortgage

Buying a house is a hugely exited but can be a little bit daunting, it considered as the biggest investment you’re ever likely to make, so it’s important you to thinks many times before you decide or start buying. Also when you buy a home is probably the biggest financial decision you will ever make so it is worth taking time to consider whether it is the right choice for you.

Here are some guides to help you to choose the right Mortgage for you:

Flexible mortgages - allow you to alter your repayments to suit your situation. If some months you feel you'd like to pay a little extra, you can. Also, if you decide that you would like to pay less or take a break for a period - you can do that too. Most flexible mortgages charge interest on a daily or monthly rate which means if you can pay more than the set repayment, on a regular basis, you could reduce the term of your mortgage and save money.

Cash back mortgages - will give you a cash lump sum once you've completed on your purchase. This can be either a set amount of money or a percentage of the amount you have borrowed. However, if you repay the mortgage in full within a given time (three to five years) then the cash back must be repaid.

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