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Mortgage
Page
All
mortgages fall into two categories, either
capital and interest or interest only.
Capital and interest means that your
monthly payments will include an element of
repayment of the capital loan in addition
to the interest due. The split between capital
and interest in your monthly repayments will
change throughout the term of the mortgage.
Interest only means that your monthly
payments to the lender only represent the
interest due on the mortgage loan. A separate
savings plan is used to pay off the original
loan. This has typically been in the form
of an insurance endowment policy but can also
be a pension or an Individual Savings Account.
Your
mortgage will fall into one of the above methods,
but in addition you have a choice of mortgage
product. The most common of these are;
Variable interest rate mortgage; you pay
the base, or standard rate of the lender.
This will fluctuate, up or down, when the
lender changes their interest rates.
Discount rate; a specified discount (1%,
2% etc) for a fixed period on the variable
base rate. The overall rate will change when
the lender changes their interest rates. At
the end of the discounted period, the rate
will revert to the lender's variable base
rate.
Fixed interest; the interest payments
are fixed for a specified period (usually
1-5 years) at a specified rate. After the
fixed rate term has ended the interest rate
will usually revert to the prevailing variable
rate, or subject to the individual lender,
to a new fixed rate.
Capped interest; means that the interest
rate payable on your mortgage will not rise
above a stated rate for a certain period of
the loan, but if the variable rate drops below
that rate, the amount you pay will be lower.
After the term ends, interest rate reverts
to the lenders variable base rate.
Please remember the P.I.A does not regulate
mortgage services.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED
ON IT.
Simon Kershaw and Associates is registered
under the Council of Mortgage Lenders Mortgage
Code.
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Mortgage
Calculator
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The
first figure gives the total monthly payment
for a straight repayment mortgage, including
both interest and payment towards the capital
loan amount. This reduces the amount owed on
the capital, month by month.
The
second figure shows the amount of interest payment
only.
Anyone
opting for an interest-only mortgage, such as
linked to an endowment, PEP or pension savings
policy, will need to add the cost of the monthly
premiums of the policy to the interest figure
above. On maturity the savings policy is intended
to pay off the capital loan.
These
figures are only a guide. We recommend that
you obtain exact figures from us before committing
to any mortgage.
This
calculator requires a javascript enabled browser.
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