With increases in the cost of living impacting on many household budgets, the cost of your monthly mortgage payment continues to be important.
On a capital repayment mortgage, the quicker you pay off your balance, the bigger your monthly payments will be. By having a longer term, you may benefit from a lower monthly payment, but you will also pay more interest.
Whether you’re taking out a new mortgage to buy your first home or have had a mortgage for several years and want to remortgage, it’s important to consider how soon you want to be ‘mortgage free’. You should weigh this up against a mortgage term that makes your monthly repayments affordable.
We can help guide you through all your mortgage options including advice on the term of your mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Approved by The Openwork Partnership on 30/01/2023