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Mortgage loans or real estate loans are loans used to purchase land or buildings such as houses or factories. These are typically long-term loans and the interest rate charged can be either a variable or a fixed rate for the term of the loan, which often ranges from 15 to 30 years. The land and buildings purchased serve as the collateral for the loan.

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Interest Only Mortgage

Interest only mortgages are exactly as it suggests; a mortgage plan which allows the buyer to pay off only the interest on the total they borrow. Obviously the person who takes out an interest only has to pay back the underlying capital (the original amount agreed without interest) and so a repayment plan has to be in place to cover that.

The interest only mortgage is perfect for the first time buyer who might struggle with initial mortgage repayments, especially when considering the outlay needed when buying your first home.

 

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