Getting a Fair Deal On a Mortgage

3. What is the best type of mortgage for me?

  • Ask what the jargon means:
    • what does fixed rate, variable, discounted/low start, flexible mean?
  • Will this mortgage suit my circumstances now and in the future (describe them)?
    • exactly how will it do so?
    • is a 25 year mortgage the best one for me in those circumstances?
  • How flexible will the mortgage be if my circumstances change?
    • Can I increase, decrease or suspend payments if I need to?
    • If so are there any limits on what I can do?
    • Are there any penalties?

There are many different types of mortgages available. If you know now that you want to pay less or more in some months or that you may need to miss a few payments seek a loan that will allow you to do this without penalty.

If you know that you can pay more towards your mortgage than your lender is asking see what the payments would be if the mortgage is over 20 years rather than the usual 25 – it could save you a lot in interest payments.

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