richie
Apprentice
Joined: 24 Jan 2006
Posts: 5
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 Posted: 12/25/07 - 00:40 Post subject: |
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| There are many types of mortgages offered and mortgage deal is good if it suits your needs. There is no such thing as the best mortgage , it depends on individual circumstances. Fixed-rate mortgages vary. You could find offers between 6 months to 5 years of fixed rate, but there are also lifetime mortgage offers. Rates are different and also are other fees. It's a good deal if it suits you to pay the same amount every month for that period. If base rate rises your interest rate would remain the same. Flexible mortgage would give you certain liberty to determine how you would pay depending on your situation. Maybe you could pay more in some point, which would bring benefits, and sometimes you couldn't afford it. Paying additionally to mortgage is good because that way you could save some money. You mortgage would become shorter and interest would lower. That way total payment would decrease plenty. There are limits how much you could pay above the rate and it should be agreed with lender. |
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