The monthly repayment figure indicates the total monthly payment for a straight repayment mortgage. A straight repayment mortgage includes both the monthly interest and a monthly payment towards the capital loan amount. As well as paying the interest with a straight repayment mortgage, each payment reduces the amount owed on the capital sum borrowed, month on month.
The interest only mortgage payment figure shows the monthly payment to repay only the interest on the capital sum. If you opt for an interest-only mortgage, you need to remember that it is linked to a savings policy, such as an endowment, ISA or pension, so when calculating your monthly outlay, you need to add the cost of the interest only mortgage monthly premiums, to the monthly premiums of the savings policy.When the savings policy matures, it is intended to pay off the capital loan
Please note that these figures are only intended as a guide and we recommend that you obtain exact figures and independent mortgage advice before entering into any mortgage agreement.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Champion Financial Services is a trading style of Rafik Allana of 16b Second Avenue, Hendon, London. NW4 2RN.
Champion Financial Services is an Appointed Representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority in respect of mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register (http://www.fsa.gov.uk) under reference 300866.
We do not charge a fee for any initial quotation. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be 1.5% of the loan amount, this fee will be payable on completion.
The overall cost comparison is 6.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.