Financial
Mortgages
Morgans are independent and using computerised research have access to the whole of the market to find the best rate and mortgage product for your needs. Our rates and information update on a daily basis so we are always able to advise the most competitive mortgages on the market
Capital & Interest is the simplest type of mortgage. The payment you make to the lender every month pays off both the capital and interest from the loan. Provided you keep up the payments, you are guaranteed to pay off the loan by the end of the term agreed (usually 25 years). The lender calculates your monthly repayments depending on the amount borrowed, how long for, the interest rate and how the rate you have chosen is set.
An Interest Only Mortgage is where the lender (usually a bank or building society) only charges you the interest on the loan you've agreed. You don't pay back the capital until the end of the mortgage. The lender will usually ask you at the outset to provide an investment plan of one type or another to repay the loan at the end of the term, such as an endowment policy or ISA savings plan, but sometimes they will leave the repayment plan entirely up to you. Every month you then pay this interest to the lender for the duration of the loan. The lender calculates your monthly repayments depending upon how the rate you have chosen is set. At the end of the loan period, the lender will expect the initial capital they lend you to be repaid in full by whatever means you have arranged
The traditional UK mortgage has been with us for many generations. It was designed with the assumption that people had full time employment and could therefore cope with set monthly payments for a 25 year period. However as many people have discovered, the traditional mortgage does not always cope well with modern employment trends, such as contract working, self-employment, job sharing and part time work. This is where the Flexible Mortgage comes in. It has the facility for both over and underpayments built into the loan. What this means is that you can overpay your mortgage when finances allow (pay rise, bonus, an inheritance) and then providing you have made overpayments in the past, underpay when finances are tight (job loss, change in circumstances etc.)
These pages provide generic information about various aspects of financial services and provide some ideas and indicators about possible areas of need. We hope they are helpful but they do not, on their own, add up to proper investment advice and we cannot take responsibility for anything you do in reliance on them without further discussion with us. Do not make a decision based upon the information contained within these pages alone. They are not detailed or comprehensive enough to enable you to make a correctly informed decision.
If you wish to arrange a free, no obligation appointment to discuss your requirements please contact Wayne Westbrook on 01383 620222 to discuss your specific requirements or you can e-mail:
Morgans are happy to accept introductory commissions from insurance companies or procuration fees from lending institutions. However if clients wish to operate on a fee only basis we are happy to do so and our fees are normally 0.25% of the loan amount in mortgage cases and a minimum of £250.00 for all other business.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. Your home may be repossessed if you do not keep up payments on your mortgage. Written quotations available on request. Deposit, life cover and other insurances may be required. All loans subject to status.
Morgans are Independent Financial Advisers authorised and regulated by the Financial Services Authority.
