Mortgage to reflect 'your needs'
Published on : 19/07/2007
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Young professionals should choose a mortgage product that matches their objectives and needs, as circumstances alter from one person to the next, a UK body has claimed.
Paul Davies, spokesperson for independent advice service Mortgage Financial, said that different people need very different mortgages, depending on what profession they are in, what their salary is and whether they have a deposit.
"Sometimes if it is a doctor wishing to purchase for example, they quite often move from one hospital to another and that might be to a different part of the UK altogether, so we would often make sure that they mortgage they do take out would be portable which means that they can take it to a new property if they have to move somewhere else in the country," he explained.
When taking out a mortgage, the most important thing to do is "make sure that it is affordable now and in the future", he added, citing the pressures brought about by fluctuating interest rates in the last few years.
A 100 per cent mortgage with a fixed rate is what most young professionals look for, Mr Davies stated, as many cannot afford a deposit but know that there income will go "shooting up" after one or two years.
