Mortgage, where do you start ?

jwoods_2

I have decided to move house. I have no mortgage at present but will need to get one for my new house.
BUT, where the heck do you start?
I have been looking on the internet for advice but gosh there is so much info out there where do you start?

I want to borow around £100,000 and hope to go for a 15 year term. I really don't know where to start. When I got my first mortgage it was repayment or endownment, now there are so many to choose from.

My question is..... HELP !!!!
Just kiddin, I mean can anyone tell me the best way of going about this. If I go with my last provider ( halifax) will they just sell me the product which means they make the most money from me. As you can tell by my tone, burnt by an endownment which didn't pay out, unsure who to trust. Must say it was not the Halifax but an financial advisor who got me in the poop,
Thanks ... june

AndrewSmith

Hi,

It will largely depend upon your circumstances as to which type of mortgage will be best suited for you.

You do still have to two main choices of Interest Only or Repayment.

Regarding the different individual products, yes I agree there are a vast number of variations available. Instead of blowing your mind by going through all the different types and their in's and out's it is much simpler to ask yourself this:

What do I want the mortgage to do, and what do I think will happen with interest rates over the coming years?

If you want the mortgage to be guaranteed to be paid off in 15 years time, but don't want the interest rate to change initially then a repayment based fixed rate will be suitable, and so on.

Does this make any sense? Easier to tell than to type.

It will also depend on type of property, income, your age, credit status and history etc

Andy