As we are independent financial advisers (IFA), Foyle Financial has access to the entire marketplace. We are not tied to a particular lender meaning that the research we will undertake on your behalf will access as many lenders as possible, with the aim to source the best mortgage deal for you!
The process of buying a house can be a complex one, with several stages to complete before you finally get the keys to your new home. Unless you are fortunate enough to have enough money to buy your home outright, you are going to have to borrow the money.
Financial Advisers deal with mortgage lenders on a daily basis and have access to the most comprehensive and up to date mortgage products and we can explain it all to you in detail.
Some lenders will lend more than others while some take different views on your employment contract if you are not permanent for example. These are areas that an experienced adviser can help you with, to let you see not only who has the best rates but also who to place your loan application with.
The two basic types of mortgage are:
Capital and Interest (Repayment) Mortgage
This is when the loan amount is gradually paid off year by year throughout the term of the mortgage. At the end of the term nothing remains owing to the lender and you own your home.
Interest Only Mortgage
With an interest only mortgage you are only committed to pay the interest each month which means the balance never reduces. It is up to the borrower to make sure that they will have a sufficient lump sum of money or repayment vehicle in place at the end of the mortgage term to pay off the original amount borrowed.
For mortgages, we can be paid by commission, a fee, or a combination of both. Our typical fee for arranging your mortgage is £195.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY, YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.