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The UK mortgage market is quite sophisticated as compared to the other markets of the world. There are more than 4,200 products out there on the market, making it too competitive where the lenders are leaving no stone unturned to attract the customers. However, due to the complexity of the UK market, proper research and a sound Mortgage Broker Maidenhead is important before opting for a mortgage product. Generally, the UK lenders charge a set fee for the mortgages as it is used for paying the chartered surveyor who has to properly survey the property in question to evaluate its price and inform the lender about the same. The lender then decides whether the mortgage can be sanctioned or not. Many of the UK mortgages are pension mortgages, repayment or the endowment mortgages and the individual saving account mortgages. In the pension mortgage, loan amount is paid at the end of the loan term by using the tax free proceeds from the pension account. The repayment mortgages are paid off by making monthly payment that pays off both, the principal as well as the interest and the endowment mortgages are paid off by the life insurance proceeds at the end of the loan term. Under the saving account mortgage, the loan amount is paid at the term end by using the proceeds of the saving account opened for this purpose. Isn’t this really confusing? Well, you need not worry as you can complete everything with ease by seeking a Mortgage Advice Berkshire. In the United Kingdom, different interest rates are applicable to the various mortgage products and this rate changes with the market interest rate. Sometimes, it is a fixed rate for a specific period and then changes according to the market forces. All those who are interested in the mortgage definitely need a sound Mortgage Advice Berkshire before taking out any mortgage. You can get in touch with a reliable and reputable advisor in the Berkshire to get the most valuable advice that can save you significant amount of money on your mortgage.
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