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The Right Mortgage for you

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Choosing the right mortgage is one of the largest and most important financial decisions you will make. You need to make 

What is a mortgage?

A mortgage is a legal agreement between the person borrowing money and the lender who is lending the money. This can be a bank, private financer, credit union or now more commonly an online lender.

 The lender will provide the money needed to purchase or refinance the real estate and in exchange, they will set a term, amount the borrower needs to repay and the interest. 

The loan is then secured against the real estate if the borrower fails to repay the loan.  

The mortgage is usually taken out over a period of years and each month you make a payment which is a combination of a portion of the loan and your interest payment.

What types of mortgages are there?

There are 3 main types of mortgages in Canada.

Home Refinancing

The most common reason that people refinance their homes is to simply lower their mortgage rate. This could lower your monthly mortgage payment, free up some cash for yourself, eliminate mortgage insurance, finance renovations or consolidate debts and loans.

Home Equity Loan

Home equity loans are a great option if you have built up a good amount of equity in your home, this often happens faster when house prices are rising. Home Equity loan will allow you to tap into the equity you have built up in your home (instead of having to borrow from a bank) you can use this money to pay down high-interest unsecured loans like credit cards and personal loans, renovate your home, pay for unexpected expenses or have extra cash in hand.

Home Purchase

Buying a home is usually the largest purchase a person will make. The mortgage is usually going then become the largest debt that a household has. It is really important to make sure you get the best rate and term on your loan as that will make the difference of hundreds of dollars monthly which is thousands over the life of your mortgage.
Get matched with the best lenders in Canada.

What is the best
financing option for you?

When deciding whether to finance your car with a personal loan or car finance, you’ll need to assess the affordability of the finance type, plus any terms and conditions that might come attached to the different types of loan or contract.

Think about how much you can afford to borrow, how long you want the car for and how you intend to use it. These factors should help you decide on the best car financing option for your needs.

If you’re after lower monthly repayments, you might prefer PCP whereas if you want to own the car once the deal is finished, a hire purchase (HP) plan may suit you best. Another option to consider might be personal contract hire – or leasing.

Personal Loan HP (Hire Purchase) Personal Contract Purchase (PCP)
Deposit needed No Likely Likely
You own the car straight away Yes No No
You’ll own the car at the end of the deal Yes Yes No (unless you pay off the remaining balance – but this is likely to be a large final payment)
Secured (against the car) No Yes Yes
Excess mileage charges No Yes Yes
Monthly payments Yes Yes Yes

Can I get car finance with bad credit?

If you’ve struggled to keep up with repayments in the past or you don’t have a credit history, you may be wondering if you can get car finance with bad credit.

Your credit score is an important factor that lenders look at when you want to take out a car loan. In simple terms, the better your financial history, the lower interest rates you’ll have access to.

If you do have bad credit, there are still car finance options available for you. We work with specialists in car finance for bad credit, and we might be able to match you with a car loan that works for you.

What will my loan cost?

It’s important for you to work out what your loan will cost you in terms of monthly repayments over the term. Whether you’re looking to take a £5,000 loan or even £15,000, our loans calculator can help you work out how much you can afford to borrow by entering how much you can afford to pay back each month and the length of time you can afford to pay that amount (and at what interest rate.)

It’s worth noting that smaller loans tend to have higher interest rates, which can affect the affordability of your loan – so if you take out a loan over a longer term you should be able to bring the repayments down.

HP PCP Personal loan
Car price £15,000 £15,000 £15,000
Deposit £1,000 £1,000 £1,000
Total borrowing price (car price - borrowing) £14,000 £14,000 £14,000
Representative APR* 7.9% 7.0% 2.9%
Monthly cost £436.1 £268.85 £406.29
GMFV/final payment N/A N/A N/A
*With a perfect credit score **Assumes 45% of car price

How to compare car finance with
MoneySuperMarket and our partner Motiv

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