There are several key things to consider when choosing your mortgage:
- How much can you afford to borrow and repay on a monthly basis?
- How long should your mortgage term be?
- Which repayment option is best for you?
- Which type of mortgage is most suitable for your circumstances?
How much to borrow
The amount you are able to borrow is dependent on a number of factors, so you will need to consider the cost of moving, your monthly income and expenditure and your credit history.
Your Mortgage Services Consultant can help you to find the right number of years (term) over which to repay your mortgage. If you spread your mortgage over a longer-term, your monthly repayments will be lower. However, please note that the longer your mortgage term, the more interest you will have to pay the lender.
There are two main mortgage repayment options available to you: repayment and interest only. The availability of both will depend upon your circumstances. Please note that part repayment part interest-only mortgages may also be available; your Mortgage Services Consultant can discuss this with you.
Please see our Repayment Methods Explained document to find out more.
Types of mortgage schemes
You have several options when choosing a mortgage scheme with the most common being Fixed or Variable. Your consultant will be able to help you decide the right scheme for you based on your individual circumstances.
For full details of the schemes available including advantages and disadvantages of each, please see our Mortgage Schemes Explained document.