Alliance and Leicester Mortgage
Introduction to Alliance and Leicester
Alliance & Leicester was founded in 1852 and today it is one of the UK's major financial services groups.
It offers a broad range of financial services to personal and commercial customers and has a UK wide branch network. Alliance & Leicester has been a member of the FTSE 100 index of leading shares since 1997, when it converted from its original mutual building society status.
Different types of mortgage
Whether you are a first time buyer or already have a mortgage, the sheer number of mortgages available could leave you a little confused.
At Alliance & Leicester it understands that everyone’s circumstances are different. You may want lower repayments in the early years, or the certainty of a fixed rate. You might want a greater level of flexibility, or you may not have any idea at all! That’s why this handy guide to help you understand the different types of mortgages available.
Paying your mortgage back
Despite all the different types of mortgage schemes and deals available, there are still just two basic ways of repaying your mortgage available:
- Repayment mortgage (capital and interest)
- Interest only mortgage Repayment mortgage
Repayment Mortgages
This type of repayment method is also known as a Capital & Interest mortgage - your monthly repayments pay off the interest and some of the capital borrowed each month. This is the only method that ensures your mortgage is totally paid off by the end of the term – as long as you keep up your payments.
Interest Only mortgages
This is where you only repay the interest on your mortgage each month, so you’ll need some sort of investment plan to pay off the capital, e.g. a pension, an endowment policy, an ISA or other long term investment plan. When your investment matures, you cash in the plan and use it to pay off your mortgage loan. You are responsible for the repayment of the capital when the mortgage reaches the end of the term, and you may want to seek professional advice on the investment.
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- Getting a fair deal on a mortgage
- Glossary of mortgage terms
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]