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Different types of mortgage explained
When you start looking round for a mortgage, you'll soon realise that there are loads to choose from. So many in fact that the choice can be overwhelming and you probably don't know where to start. You know you'll want to pick the best mortgage rate but you should understand that this doesn't necessarily mean going for the cheapest because other factors can affect your choice.
There's a lot to take into account before deciding which mortgage you want.
You'll find it helps if you have a broad understanding of how mortgages work and the various different kinds of mortgage available.
How do mortgages work?
All mortgages work in the same basic way: you borrow money to buy a property, pay interest on the loan and eventually pay it back.
Then they start getting complicated and you are looking at:
different interest rates
different ways to repay
borrowing for different periods of time
particular mortgages for special situations
various charges to pay
What are the different types of mortgage?
There's a long list:
Remember it is always important to protect your borrowing, GRD FINANCIAL SERVICES LTD are passionate in helping you to BUY, PROTECT and KEEP your home, therefor we offer a wide range of insurances, and have access to specialist insurance providers, for those clients with more complex needs.