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better suited to your circumstances than the one you’re currently on, in addition to the money saving.
Traditional repayment mortgages are probably of more interest to homebuyers who don’t want to take any risks. This type of mortgage offers the certainty that, as long as payments are made, the debt will be paid in full by a specified date.
Interest only mortgages are growing in popularity and would suit borrowers who are not afraid of some degree of investment risk, in the anticipation that this may allow them to repay their loan early, or maybe hopefully produce a final sum greater than the original sum borrowed. Three of the most fashionable types of interest only schemes are endowment, pension and ISA (individual savings account) mortgages.
The ISA mortgage is designed so that you can invest your ISA allowance (£7,000 in 2006). The ISA is designed to hold investments such as shares, bonds, unit and investment trusts. Investment gains are free of tax. Most ISA mortgages are invested in products designed to spread your money over a wide range of assets. Results from shares and share-based funds have provided greater returns historically and therefore these types of ISA are likely to mean that the mortgage debt will be paid earlier than with other schemes. There could be a tax free lump sum as a bonus, after paying off the mortgage. Unfortunately, there is no built in life cover, and it is a fact that there is always the possibility that the investment income could be less than adequate. It can be very worrying for some borrowers to see volatility in the stock market, where shares can be up one day and down the next.
There are other interest free mortgages available, such as:-
Endowments, which holds the hope of a tax free maturity value exceeding the mortgage debt and also some in-built life cover.
A pension mortgage, where there’s tax relief on your contributions, a tax free lump sum and again the possibility of a high maturity value.
Then there are the flexible mortgages, where there’s the possibility of varying the monthly repayments and increasing them when you’re able to. There is also the possibility of funding all your credit needs.
With such a wide range of mortgages, how do you decide which is right for you? This is where some help is invaluable. An on-line broker will know the market inside out and will offer you all the help you need, searching the whole market to find the right deal for you.
Your new mortgage could be a great deal better!
Mortgage Explorer provides its clients incisive articles based around remortgages for all UK residents.
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