At Halifax, we’re always on hand to help guide you through the ins and outs, the dos and don’ts of mortgages so you can stay totally in control. This video will help you work out what kind of mortgage you need: The right one could save you thousands. With a repayment mortgage, the monthly payment you make gradually pays off the amount you borrowed, as well as the interest on the loan. Whereas, with an interest-only mortgage, the monthly payments only cover the interest on the loan. This means you don’t pay back any of the money borrowed until you reach the end of your mortgage term, when you’ll have to pay back the full lump sum. You’ll need a plan in place to repay this amount. To give yourself the best chance of getting a mortgage, you’ll need a good credit rating — proving you can manage debt and that your bills are always paid on time. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. To find out more about arranging your mortgage, download our new Halifax Home Finder app today: www.halifax.co.uk
Question by nmlady20022002: How long will mortgage interest rates continue to drop?
I am going to re-finance my interest only mortgage and need suggestions on when to lock in an interest rate. How long will they continue to drop?
Best answer:
Answer by trish
i dont know where you are but they arrent dropping over here.
Know better? Leave your own answer in the comments!
