Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. We recommend you seek mortgage advice which is individually tailored to your needs and requirements. And is, of course, independent.
We differ from most mortgage brokers in that we will always advise you of the most competitive mortgage deal from the whole of the marketplace. This may include advising you apply to a recommended lender if they can offer you better terms by dealing with them directly.
Gone are the days when a borrower was grateful to the lender for providing them with a mortgage facility. In today's marketplace, lenders are in competition with each other for your valuable business. They are therefore willing to offer incentives to entice you. But beware, it might not be the most suitable!
There are so many types of mortgage available that it is easy to become confused, possibly opting for the product offering the lowest headline rate of interest. But when booking and arrangement fees, conditional insurances, higher lending charges, lock-ins and early repayment charge are taken into account, the products may not be as attractive as you might have first thought.
Your MedDen adviser will guide you every step of the way, from advice regarding conveyancers to regularly reviewing the mortgage once you have moved into your house.
As you would expect, we have access to the full range of products that are available for professional clients.
We can help you secure the best deal for investment properties; including a remortgage service or consolidation service for your existing Buy To Let properties.
There are various ways to repay your mortgage. Here is a brief outline of the more popular repayment methods, and their advantages and disadvantages.
How does it work?
You borrow a lump sum over a fixed period of time (usually 25 years, but it can be less). You pay the interest and some of the capital on a monthly basis to the lender.
ADVANTAGES: The only way you can be 100% certain the loan will be repaid (provided you keep up with the repayments.)
DISADVANTAGES:Only a small amount of capital is paid off in the early years.
How does it work?
Your monthly payments represent only the interest due to the lender, and do not include repayment of capital. Your total loan must be repaid at the end of the mortgage term. You may therefore need to arrange additional investments which will generate sufficient capital to repay the loan.
ADVANTAGES: You can choose from a variety of investments, some of which have tax advantages. Should you move or arrange a remortgage, your investment can usually be reallocated to the new mortgage.
DISADVANTAGES: Unlike a repayment mortgage, the amount of debt outstanding does not reduce over time, and there is no guarantee that the investments chosen will grow sufficiently to repay your loan. Also, investment-linked interest-only mortgages can be slightly more expensive than repayment mortgages.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.