frequently asked questions

What different types of re-financing loans are there?

The two main types of loans are Repayment (Capital and Interest) and Interest Only.

What is a repayment loan?

This type of loan is repaid with monthly repayments that consist of both Capital and Interest. The balance of the loan will decrease after each monthly payment has been made.

What is an interest only loan?

The monthly repayments to this type of loan consist of just interest payments. The borrower would usually take out some form of savings vehicle (endowment, ISA, etc.) at the same time as taking out the loan and this would be used to repay the loan once the savings had reached the same value as the loan.

How much can I borrow?

The amount that you can borrow will be dependent mainly on your income, the amount you wish to borrow, the amount of deposit you have available and the purchase price of the home.

What are the age limits for the lending?

To obtain our unique Leisure Home Mortgage Style finance you must be over 21 years of age and under 70 years of age, and the loan must be repaid by the time you are aged 75.

How is the finance secured?

You will be asked to sign a Conditional Sale Agreement under which the lender will own your home until you have made the required payments.

Do I have to use my main home residence as security?

Not unless you are re-mortgaging your main residence to obtain the finance you require.

Who should I contact if I want to re-mortgage my current main home?

Park Home Assist Insurance Services are Independent Financial Advisers who have access to over 400 Mortgage Lenders and over 20 Secured Loan providers, and will be happy to source the most competitive mortgage for your requirements.