Family Issues

Please don’t cry if you find yourself remembering the pain of the past, the time when you chose unwisely and found yourself struggling to make ends meet and pay off your mortgage monthly dues at the same time.

The past must remain in the past and it’s time to put your best foot forward and move on. Heartbreak is such a bitter pill to swallow and it leads you to becoming disillusioned and distrustful of love. The feelings are analogous when you’re victimized because of ill wisdom or you’ve been swindled out of your money.

But as the saying is eager to teach us, there are other fishes in the sea and you must not lose hope. Granted, your first try didn’t have that nice an outcome but experience is the best teacher anyone can have and now, you’re sure not to make the same mistakes again. If you’ve chosen the wrong type of mortgage, all you have to do is switch to another, one that’s better suited to your attitude, lifestyle and bank balance.

A fixed rate mortgage is like a heavy grouper that is not inclined to move around so much. The interest rate is constant throughout the period allotted to you. The grouper may move but only if prodded and he consents to do so. Likewise, the interest rate previously established may be subjected to change if and only when both debtor and creditor agree to it.

A variable rate mortgage is similar to an erratic little goldfish that goes where the wind blows, or rather, where the waves bring him. The interest rate of this type of mortgage may go up or down in accordance with the creditor’s wishes. This may be not beneficial to the debtor because interest payments may suddenly rise even while his income level remains constant.

The base rate mortgage is like a flowerhorn, considered by some as the most noble of all fishes. The base rate mortgage is founded on the Bank of England’s base rate. To understand this better, you’re advised to get to the nearest Englishman in your town and ask away.

And last but certainly not the least, when you’ve decided what type of fish – err rather, mortgage, you plan to apply for, make sure that the mortgage company – or the pet shop if we’ll stick to analogies – you’ll be dealing with has a reputation of trustworthiness.

After all, it wouldn’t do if you’ve paid an exorbitant price for a golden flowerhorn and end up with a red herring!

Tags: House, Home Owner, House Mortgage, Mortgage, Borrow Money