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In Great Britain mortgages are divided into:
- CAPITAL REPAYMENTS MORTGAGE in which, apart from repaying the interest (bank earnings), you also pay off the capital reducing the amount you have borrowed. The great advantage of this credit is the fact that after paying off the final installment, you become the sole owner of the property and do not owe anything to the bank.
- INTEREST ONLY MORTGAGE – as the term indicates, you only repay the interest (bank earnings) in this mortgage option. Thus, the credit installments are much lower. What you should keep in mind here is that your debt to bank does not reduce as you only pay ‘the indemnity’ to the bank for being able to use its money. At the end of the credit period, the property belongs to you, however the amount you have borrowed still remains to be repaid. Such property can be then sold and- assuming that its price has increased through the years – you can make a profit from it. There is, nevertheless, no guarantee of profit, thus such solutions are subject to greater risk.
Having chosen the right credit, you must choose a repayment plan. There are plenty possibilities, such as:
- FIXED (fixed interest rate)
- TRACKER (variable interest rate)
- DISCOUNTED (lowered interest rate)
- STEPPED (graded interest rate)
- CAPPED RATE (with an established upper limit on the interest rate)
- OFFSET (related to savings)
- CURRENT ACCOUNT (related to savings and the flow of the income on the account)
Luckily, the choice is facilitated by our mortgage adviser who, after studying your financial situation and preferences, will pinpoint the advantages and disadvantages of each repayment plan.
We offer unlimited access to the adviser and the majority of lenders in the UK who are available to Profit Tree Finance. Therefore, you do not waste any time searching and comparing dozens of various offers from banks and financial institutions. Because of our independence from banks and other institutions of that type, we also guarantee to identify of the most profitable (from the Customer’s point of view) offer.
The benefits arising from taking mortgage credit in the UK through Profit Tree:
- Possibility of interest-only repayment
- Unlimited access to your adviser
- No unnecessary formalities
- Best offers in the market
- Wide range of banks
- Choice of repayment plan
- Time saving
- Limiting risks
- Affordable prices
If you wish to find out how much your premium would be, talk to our consultant. Our consultations are free, so do not hesitate! It is high time to start living in your own place – you are more than welcome to contact us!