Mortgages
If you’ve ever considered taking out a mortgage, or are considering one now, you may well have been astonished at the sheer variety on offer. From interest only mortgages, endowment mortgages, fixed rate and variable rate all offering incentives and advantages it’s hard to know just which one to take. Then there is the consideration of length, whether you to spread repayments over a longer term, paying more interest, or pay it off much quicker and save thousands of dollars.
One of the most important aspects of choosing any mortgage is to have a clear, honest understanding of your own situation – not just now, but in the future. If your income is likely to vary, then this needs to be kept in mind, and as with any major commitment, it will be important to consider how you will manage should your financial circumstances change in the future. Fixed interest rates might offer peace of mind, but if the current ecomonimc situation is poor, you may consider whether rates are likely to fall.
