When getting involved in the property market, there are many technical parts to buying a home. Mortgages can be one of the most complicated steps.
But what is a mortgage?
A mortgage is a legal loan agreement between a borrower and a lender for an agreed-upon amount of money. A mortgage loan can only be borrowed for a property purchase. This then allows the borrower to purchase a home and make monthly repayments with interest. If these repayments aren’t met each month, the lender has the right to repossess the property.
How much have interest rates dropped?
With the rate of inflation dropping to 2%, it encouraged the Bank of England to level out the interest rates to 5%. This cut will positively reflect on variable-rate mortgages and potentially increase the number of first-time buyers entering the market.
Embrace Financial Services
Taking out a mortgage is one of the biggest financial commitments you are likely to make. Our partner, Embrace Financial Services, have helpful, qualified mortgage advisers available who can tell you how much you can borrow and what the costs are.
So, why should you choose Embrace Financial Services?
Their service is about more than just securing you a mortgage; their advisers are here to help you throughout the entire process, ensuring you get the mortgage most suitable to your needs.
Unlike most banks and building societies, who offer their own products, Embrace Financial Services offer a comprehensive range of mortgages from across the market. Get more information about the different types of mortgage rates available here. If you have any questions, feel free to get in touch.
*YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage and Protection Services are referred to Embrace Financial Services
