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Mortgage Information - Mortgage Checklist

 

Mortgage Checklist - Mortgage Information

 

Checklist of Choosing a Mortgage?

Does the mortgage guarantee a fixed rate of interest for the first few years?
This can be a help during the first few years, because it will guarantee your monthly payment at a time when your finances may be stretched.

Are there any penalties for early redemption?
Paying off your mortgage or changing to another deal with another company. If there are, it can make it costly to change lender.

Will the loan let you take payment holidays?
If your income fluctuates from one month to the next or things are tight at certain times of the year, you can get what is known as a "flexible loan".

Does the mortgage offer you a cashback lump sum when you first take it out?
When you first move into your home it can be hard to actually furnish it, so offers like this can really help.

Will you still be able to afford the repayments when any fixed-rate or discounted period is over?
This is extremely important. Check what the lender's standard variable rate is because it may be much higher than the special offer rate.

 

List of Major Mortgage Lenders

 

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.