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House/ flat purchase is a huge expenditure which is frequently financed by the mortgage credit. Purchasing the property on credit in the UK may be the most expensive and concurrently the most important transaction in your life, thus it is worth obtaining professional advice from a credit advisor in order to avoid many mistakes.
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In Great Britain the 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 last instalment, you become the sole owner of the property who 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. The credit instalments are thus much lower. What you should keep in mind here is that your debt towards the 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 of it. There is, nevertheless, no guarantee to it, thus such solutions are subject to a greater risk.
Having chosen the right credit, it is required to 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 the 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 advisor who, after studying your financial situations and preferences, will pinpoint the advantages and disadvantages of each repayment plan.
There is an unlimited access to the advisor and the majority of creditors in the UK who are available in Profit Tree Finance. Therefore, you do not waste any time for searching and comparing dozens of various offers of banks and financial institutions. Because of our independence from banks and other institutions of that type, we also guarantee the indication of the most profitable (from the Customer’s point of view) offer.
The benefits arising from taking the mortgage credit in the UK through Profit Tree:
- The possibility of interest-only repayment
- Unlimited access to the advisor
- No unnecessary formalities
- The best offers in the market
- A wide choice of banks
- A choice of repayment plan
- Time saving
- Error avoidance
- Affordable prices
If you would like to find out how much your premium would be, talk to our consultant. The consultations in our company are at our expense, thus do not hesitate, it is high time to start living in your own place- you are more than welcome to contact us!