MOVING HOUSE?
There are
many factors to build in to your mortgage
decision:
- How much
you need?
- Do you
want the cheapest rate available now?
- Or, a
rate fixed
over 2,3,5 years?
- Over what
period do you want to repay the loan?
- How do
you want to repay the loan?
- How flexible
do you need the loan to be?
There are
many different types of loan available; some of them are listed in the
Mortgages section. It is important to look at your likely earnings over
the next few years to see when you would be most vulnerable to variations
in the interest rate. It is possible to choose a loan type that will protect
you when you most need it, which is not always the cheapest headline rate!
- How are
you going to repay the loan?
- Who
will be party to the loan?
- What
are your incomes?
- How
long have you been employed or running your own business?
Your
financial adviser will need to know the answers to these questions to
help you pick the lender, which is most likely to give you the loan that
you want.
When
you've decided which type of loan you want and who can provide it, then
you need to consider repayment and protection.
- Is
it important to you to reduce the debt every year?
- Or,
would you prefer having an investment vehicle to repay the loan?
- Is
tax efficiency the most important factor?
- Do
you have sufficient life
insurance in place?
- Who
would suffer if you weren't there to make the payments?
- What
income would you have if you were sick or lost your job?
Obviously,
you will need to balance which choices you take in the light of what is
available. Your financial adviser will know by experience what is possible
and have a current knowledge of the mortgage market to enable you to put
together the best arrangement for your needs.
>> Click here to get advice
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