Simmonds Mortgages

Mortgage Brokers covering Berkshire and beyond

Call: 01344 225 149 or 07979 690 056

40 Year Mortgages Boon or Burden?

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40 Year Mortgages - Boom or Burden?

Longer-term mortgages mean lower monthly repayments, making them more affordable. However, the downside is that by the end of the term, the amount of interest paid will be far greater because the loan is repaid over a longer period. You will also find that you build equity, the amount of the property that you own, at a much slower rate if you choose a 40-year-loan.

If you take a longer loan, it makes sense to check that you can make overpayments. Being able to do this without penalties will enable you to pay more of the loan off if you receive a windfall or a pay rise.

If your circumstances change over the years, it could make sense to take out a new, shorter loan so that you can be mortgage-free sooner.

 

We can help you!

If you would like more information or help with your mortgage please call us on 01344 225 149 or 07979 690 056. Alternatively please send us an email at info@simmondsmortgage.co.uk

Your home may be repossessed if you do not keep up repayments on your mortgage

 

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Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.

What our Customers Say...

Your home may be repossessed if you do not keep up repayments on your mortgage.

Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.

There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.

There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.

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