The term “mortgage” is used to name the secured loan placed against a property. More often than not it is used to finance the purchase of a home however it is also becoming popular as a tool to access finance at competitive rates for purchases like home improvements, business investments or the purchase of a second home or holiday home.
Mortgages are long term loans and run traditionally for periods in excess of 25 years however mortgages are now flexible enough to allow customers to opt for early payment facilities so that if and when circumstances change, terms can be extended beyond the initial agreed loan period.
Mortgages historically were only the remit of building societies and the high street banks. In today’s financial marketplace there is far more competition and there are a multitude of of Hi-Profile Lending companies that come from quite different background than that of building societies and banks. Major High Street food shops now offer mortgage services and these types of companies are just some of other diversifying companies to enter the financial services marketplace.
With new companies come new products, new ways to finance and it is our ongoing task to analyse and navigate through the small print and digest all the financial pro’s and cons to these products. Understand these new products and take on board the needs of our clients and then offer advice on the best financial options that are available to them from all lending companies.