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Tel: 01938 556 000

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Repayment

How does it work?

You borrow a lump sum over a fixed period of time (usually 25 years but can be shorter or longer). You pay the interest and some of the capital on a monthly basis to the lender.

ADVANTAGES:

  1. Some flexibility with repayments, such as making overpayments (more than the normal amount) and under some circumstances taking a payment holiday, making underpayments (less than the normal amount) or borrowing back previous overpayments.
  2. The only way you can be 100% certain the loan will be repaid, providing repayments are maintained.

DISADVANTAGES:

  1. Monthly mortgage payments may be higher than interest only mortgages covered by an investment/life assurance product to repay the capital.
  2. Only a small amount of capital is paid off in the early years as the monthly mortgage payment consists of a higher proportion of interest to capital repayment.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

For mortgages we can be paid commission or a fee. For standard mortgages our typical fee is £100 payable upon application and we will receive commission from the lender. For more complex mortgages our typical fee is £500 payable upon application and we will refund the commission from the lender.


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Company address: MARS Independent, 44 High St, Welshpool, Powys, SY21 7JQ
T: 01938 556 000
Email: info@marsindependent.co.uk

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Partners : Martin Mitten, Richard Jones, Gareth Roberts

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

MARS Independent is an appointed representative of TenetConnectServices Ltd which is authorised and regulated by the Financial Conduct Authority. TenetConnectServices Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.

Telephone: 01938 556 000 | info@marsindependent.co.uk

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