Liberty Partnership

Financial Advice Cambridge: Interest Only Versus Repayment Mortgages

Financial advice Cambridge is all about getting the best deal or best return for your money. Making your finances work better for you offers a more secure future and a more productive present, knowing that your money is giving something back to you. Mortgages are a good example of this.

Having a mortgage is, for many, their ultimate aspiration. There is something about the idea of owning a property, even with a mortgage on it, that appeals. After all, once that mortgage is paid off, that equity can be used to fund retirement, assuming all has gone well beforehand. This is where a financial advisor Cambridge will be able to offer the best assistance, laying out the various options available regarding mortgages. When it comes to making mortgage payments, there are two main categories. One is known as an interest-only mortgage, and the other is a repayment mortgage. An interest-only mortgage is, as the name suggests, a mortgage during which you only pay back the interest earned each month. At the end of the mortgage term, you will still have the balance of the loan to pay in one lump sum. A repayment mortgage is one in which you pay a mixture of the interest and the loan itself each month so that by the end of the term, the entire loan is paid off without the need for additional payments. There is a big difference between the two, and what works for your situation may not be applicable for someone else’s circumstances. This is why the best advice will always come from an independent expert in Cambridge financial services.

Do you need mortgage advice? Then speak to the experts at Liberty Partnership Ltd who offer exceptional financial advice Cambridge based. We are on hand to help you with any financial questions you may have, so please do contact us on either 01778 342291 or advice@liberty-partnership.co.uk. See our website for details at https://liberty-partnership.co.uk.