Repayment
mortgages are usually the easiest type of mortgage to get because
they offer the lowest risk in the long term, guaranteeing that
the borrower will have no outstanding mortgage debt on their
home once the mortgage term is complete.
However,
the downside of applying for a repayment mortgage is that you
may find you are unable to borrow quite as much as with an interest-only
mortgage. The reason for this is that the monthly payments are
slightly higher on a repayment mortgage, meaning that banks
and building societies will probably only lend a slightly lower
multiple of your income to you.
Don't
take this for granted, though – there are no hard and
fast rules with lending, and many mortgage lenders do have a
more flexible approach to income multiples than they once did.
Lenders are also keen for people to take out repayment mortgages,
so may be a little flexible if they believe you are a good risk.
Where Can I Get A Repayment Mortgage?
Almost
everywhere! Repayment mortgages are by far the most commonly-offered
type of mortgage, and almost all lenders, other than some specialist
lenders, offer a range of repayment mortgage options.
The
best way to find a suitable lender can be to go through an independent
financial adviser – this will save you time and give you
access to a full range of products at once. A good independent
broker will also be able to offer advice on the pros and cons
of different mortgages – accurately comparing several
mortgages to see which offers the best value can be quite difficult.
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