Six things to consider when getting a home loan
If you are going to stretch yourself with high mortgage payments you must also consider other bills � don�t forget about other house hold bills such as water, council tax, gas and electricity, television license, the list goes on and if you are into gadgets you must also consider satellite or cable costs, internet connection and telephone lines which could leave you struggling to pay your mortgage and eating beans.
If you are new to looking for a mortgage, a mortgage loan calculator may be of use to you. A mortgage calculator can work out interest on your loan for the total time paying it back, adding the interest and taking variable factors into consideration. It will also work out the monthly payments and most you can work out the interest based on different rates you may be charged.
If you are considering a mortgage that will stretch your budget on a month by month basis you need to consider costs such as food or grocery shopping and transportation, as well as your entertainment budget.
With a fixed rate mortgage you will have a guarantee that you can cover the payments with your income and protect you from future rises where as a variable it may come down and you think I should have went with the other but it can also go up leaving you to find extra money.
A fixed mortgage deal may only stand for a few years. You will then have to look for a new mortgage, transfer it to another bank or going with your previous bank at a new rate so this is something to consider when you are looking for a mortgage.
When you take out a mortgage they will require you to have some form of repayment insurance. This is to cover if you are ever off work for long periods of time or in the event that you pass away the insurance can pay the mortgage off on the money you owe, as the value of the home may have gone down which leaves you with negative equity which means you will not be able to pay back what you owe which may be passed onto family members.
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Harton Mortgages are specialist north east mortgage advisors and morgages north east. Mancala Technology are specialist in web design newcastle
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