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Frequently Asked Questions
What if I have got poor credit?
If you have a poor credit history (e.g. bankruptcy, CCJ, defaults etc.) or you have been refused credit in the past, mortgagesforfree.com can still look to help you. Just inform your case manager when completing the application of any previous credit issues. All information is treated in the strictest confidence.
What type of mortgage do I need?
Your independant mortgage advisor will assess your requirement base on your application. However there are two ways to repay the money you have borrowed.
1. Repayment Mortgage
Your monthly repayments will reduce the amount owed (the capital) in addition to paying the interest charged for the loan. Provided you make all these agreed payments on time, your loan will be repaid in full at the end of your agreed mortgage term.
2. Interest-Only Mortgage
Your monthly repayments only pay the interest charged on the loan, but do not pay off any of the capital. You should make arrangements to contribute to a separate repayment vehicle or into a savings or investment scheme. This should be a sufficient amount to pay off the mortgage at the end of the term.
