The information contained within the brochure is intended as a brief guide to the descriptions of the most common mortgages, products associated with mortgages and general mortgage terms and descriptions.

It is not intended as a substitute for mortgage advice. Mortgage advice should be sought before entering into any arrangement. If you are unsure or there are any areas you do not understand, please feel free to ask your adviser.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

The payments on this type of mortgage are usually paid monthly. The payments include two elements; repayment of the capital you have borrowed (i.e. the mortgage loan); and the interest on the loan.

In the early years (0-5) most of each payment goes toward paying the interest and a smaller part goes toward paying off the balance of the loan (the capital). As time elapses (5-17) then more of the payment goes to paying off the capital and in the latter years (17-25) the majority goes to paying off the balance of the capital. As a typical example, on a standard 25 year loan, approximately half the capital will be repaid by year 18. The size of the payment you make each month is dependent on the size of the loan, the number of years the mortgage is taken out over and the interest rate.

Download: PDF Ebook Guide to Mortgages