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UK Mortgages Guide


The vast majority of homebuyers do not have sufficient capital to buy a property outright. In fact, most of us are forced to borrow the lion's share of the money required to fund a purchase, something that is made possible by the widespread availability of mortgages in this country.

For many people, mortgages are just great. They allow you to borrow thousands and thousands of pounds at a rate of interest that is not a vast amount higher than inflation. You can take twenty-five years to pay back the money, during which time your monthly outgoings may well be lower than if you were renting a property of a similar standard. And if you want to sell the house at some point during the life of the mortgage, you normally get to keep any increase in the value of the property. It's so simple, how can it possibly go wrong?

In reality, the answer is very easily indeed. Borrowing the money is the easy part - as long as your demands are within the bounds of reason, lenders will often be falling over themselves to lend you the cash. But deciding which type of mortgage to go for and how exactly you are going to pay it back is much a more difficult decision, but one which could prove to be quite costly if you get it wrong…

If you have never bought a mortgage, or have always relied on the advice of others, trying to find your way through the mortgage maze on your own can be a daunting task. With so many lenders offering such a lot of different mortgages, finding the right one is not always easy. And while you may never know the difference, by making the wrong choice, you could be needlessly overpaying by thousands of pounds in interest payments, fees and other charges.

Hopefully this mortgage guide will help you to understand exactly what you are letting yourself in for and make the whole process just a little bit easier to comprehend. It's not meant to be a quick and easy guide, though with a bit of perseverance most people should be able to get to grips with the information on these pages.

But if you do get stuck, help is at hand. At any point, you can speak to an independent mortgage adviser by calling 0207 9999999. They won't be able to specifically discuss this guide with you, but they will be able to talk through your needs and help you make a decision that's right for you.

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