When it comes to finding the right mortgage the jargon and terms involved can be confusing to say the least. Something we did when it came to owning our first home was seek out advice before we sat down to apply, so that we had a better understanding of what lenders required.
It’s a good idea to also research the questions that will be asked of you, so you are prepared for anything. Everything you do and your lifestyle will be put in question; your plans for the future, which you might not have even considered yet, what you spend your money on, what you intend to if you are out of work etc. basically, all the fun questions.
The infographic below, courtesy of the Money Advice Service, breaks down the different types of mortgage into clear concise pieces of information, to help get your head round things.
Different types of mortgages – An infographic by the team at Money Advice Service
Disclosure: This post is brought to you from Money Advice Service