Your home may be repossessed if you do not keep up repayments on your mortgage.
Aspire Mortgages was founded with a simple mission statement 'to provide our clients a comprehensive mortgage and protection solution whilst incorporating an exceptional level of service'. We are a client focused business providing mortgage & protection advice. We can also help you access a range of other financial services.
A mortgage is a loan from a bank or building society. This loan will allow you to buy a specific property. The loan is secured against the home, which means the lender will own part of your home until your mortgage is paid in full.
Once your mortgage is secured and received, you’ll begin to make repayments, normally monthly. These payments will be for a portion of what you have borrowed, plus interest. The repayment terms are for a set period of time, normally 25 years.
An interest only mortgage is one that allows you to pay the interest amount monthly, rather than the borrowed amount as well, you may then pay the borrowed amount at the end of the term.
A repayment mortgage, allows you to pay both, an amount towards what you borrowed, and a portion of interest payments.
A fixed rate mortgage is a mortgage deal which keeps the monthly repayments the same for the agreed fixed term, even if interest rates were to change.
A variable rate mortgage changes with the interest rates, so monthly payments could be different throughout the whole term.
