The mortgage you get will affect your outgoings for many years into the future so it is best to do some shopping around first. In order to get a mortgage which will enable you to purchase a property quickly, there are some steps you can take. Let’s take a look at the different types of mortgage and which one is best for quickly purchasing a home.
You can choose between a variable rate and a fixed rate mortgage, depending on what your budget will allow. If you want to keep your mortgage payments the same every month then go for a fixed rate. The interest will stay at the same rate for a period of time (between 3 and 5 years) which means that you will know exactly how much you will be paying each month. The only disadvantage is that the rates won’t fall. A standard variable rate mortgage will move up and down depending on the lender’s rate of interest. This means that you may pay more from one month to the next but your mortgage could also fall at a moment’s notice. So how can you speed up the mortgage process and what kind of mortgage packages are there for those who want to purchase a house quickly? Continue reading “Which mortgage will enable the quickest purchase of a property?”