After you pick a property, you can put down a finances deposit of at least 5% of your property’s speed, immediately after which afford the others having fun with a mortgage out-of a lender otherwise building community.
It is possible to repay the mortgage inside the monthly instalments more than a-flat period of your time – eg twenty five, 30 otherwise thirty five ages.
What kinds of financial deals have there been?
The main solution is actually a destination-only financial, in which you only pay the eye every month next pay back the new contribution your to begin with borrowed after the mortgage term.