Repayment Options
There are generally two interest rate options available, Fixed and Floating. You can though construct a mortgage which is made up of both. This can provide you with a greater degree of flexibility. The Mortgage Gurus will help you assess which mortgage option is best for your circumstances.
Fixed Rate - The interest rate is fixed for a predetermined period. If market interest rates rise or fall during the term of your loan, your repayment is unaffected as your mortgage rate stays the same.
Floating Rate - Your interest rate and therefore your repayments will fluctuate with market conditions. You have the choice provided you have not exceeded the maximum loan term, to reduce or increase your loan term instead of changing your repayments.
Capped Rate - The interest rate will not rise above the rate agreed to by you and the lender but it may come down if the floating rate drops.
Buying a house and getting a mortgage can be a daunting experience. The Mortgage Gurus have successfully helped many people through this experience. If you would like to talk to us, please call us on 06 844 6888. |
