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Mortgages > Residential Mortgages

Buying a home is an expensive undertaking, and unless you are very fortunate you will require help in raising the money needed to make the purchase. This is what residential mortgages are for, they are in effect secured loans that use the value in the property that you are buying as the collateral to secure the loaned amount against. We offer a mortgage finding service that will find the right mortgage for you, we do all the searching, all you need do is compete a simple form.

There is a wide range of choice in the UK mortgage market, and this can be daunting and very confusing if you are unfamiliar with the options available. Our mortgage experts know the market well, and will be able to find a mortgage that matches your needs, our service is free of charge and carries no obligation at all.

www.paulfinancialconsulting.co.uk We Will Help You Find The Lowest Rate Deals For Your Circumstances. Mortgages, Accounting, Loans & Insurance

A mortgage is a big commitment, and is something that you will have in place for many years, it is important that you get the right mortgage in place from the outset. With such a large array of options available to you in this field it can be confusing and difficult to know which of these options is right for your needs now, and that will still be right for you in the future.

Two of the most popular mortgage types are repayment and interest only mortgages, both of these have monthly repayments that have to be made, however the latter of the two only covers the interest charges on the amount leant while the former also pays off some of the actual amount each month. Even within these two simple types there are numerous variations, mainly to do with the way that the interest rates are set and how they are calculated.

One such type of repayment mortgage that is growing in popularity is the flexible mortgage, this type puts the borrower in control of the repayments to a certain extent, allowing them to reduce or increase the amount they pay back each month to suit their financial situation at the time. Flexible mortgages are very popular amoung the self-employed and those whose monthly income is likely to fluctuate.

Capped rate and offset mortgages are also a popular choice, the former of these offers the benefits of a variable rate by benefiting from drops in the base rate, whist protecting the borrower from rises as there is an upper limit to the interest rate on the mortgage. Offset mortgages work differently, they take the money in the borrower's current account and use this to offset the amount outstanding on the mortgage, thus reducing the amount that interest is paid on.

All mortgages depend on the Bank of England base rate for determining the rate of interest that they charge, fixed rate ones only use this when they are set, whilst tracker and variable rate mortgages will follow the base rate on a month to month basis.

Fixed rate mortgages are a good option when the base rate is low and if you want to know for sure how much your mortgage is going to cost you and you do not wish to worry about that amount changing.

When the interest rates are set for any mortgage, they are in effect added to the base rate at that time, and generally speaking the more stable the mortgage the greater this amount will be. This means that fixed rate mortgages will charge more over the top of the base rate than a tracker mortgage arranged at the same time, however a tracker mortgage could easily rise whereas a fixed rate cannot.

Deciding upon what type of mortgage you should opt for will depend a lot on how you feel about risk – if you are the type of person who wants to know exactly where they stand with their outgoings and want stability then a fixed rate or capped rate may be good for you. For those who don’t mind if there are periods where their mortgage repayments rise and who are looking for the very cheapest deal and are prepared to trust that interest rates won’t rise to high levels then a tracker or variable rate mortgage would be the best choice.