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Mortgages
What are the different types of mortgage?
There are basically two different types of mortgage, Repayment and Endowment. For a Repayment (or Annuity) Mortgage, your payments cover the interest and the capital at the same time, whereas for an Endowment Mortgage, your monthly repayment covers the interest, and part of the payment is placed n an endowment plan, which matures and pays off the loan.
What rate should I choose?
You can choose between a fixed and variable rate for your mortgage. Variable rate mortgage repayments change along with interest rates, both up and down, whereas fixed rate mortgage repayments stay the same for a fixed length of time.
How flexible are mortgages?
Mortgages can be arranged with holiday periods, you can increase the size of your repayments at any time, and you can arrange to have smaller repayments for the first few months.
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