© CMG London mortgage advisers

 RESIDENTIAL MORTGAGES RISK FACTORS

Their aims

Residential mortgages are loans secured against residential property which aim to:

* to enable you to own your property

* release some of the value of the property, against which the loan is secured, for another purpose.

Your commitment

* You must declare all relevant information and in particular your credit history.

* You will need to make monthly repayments to the lender for the term of your mortgage.

* You may need to make regular payments to a life assurance plan to ensure that the mortgage can be repaid if you die during the term of your mortgage.

* In the case of an interest-only mortgage you will also need to make separate arrangements to repay the mortgage. If you do not do this, at the end of the term you will have to negotiate new terms or you may risk losing your home.

* Whatever repayment method you decide on, you will need to carry out regular checks to ensure you have sufficient funds to repay your mortgage.

 CONTACT US

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Head Office: Capital Management Group Mortgage Brokers, Times Square - Mellon Financial Centre, 160 Queen Victoria Street, London, EC4V 4BD. UK