Category: Personal Finance

The Hidden, Yet Obvious, Debts

You’re very lucky if you make it through life without being in debt at some point. Even if you don’t think you are indebted to a person or a company, you possibly are; mortgages are a form of debt, as is car finance and any other form of loan that may use an alternative name to appear as something normal, common and respectable. While it’s not to say that the source of your the money that you are acquiring isn’t reputable (in this day and age vetting is thorough in order to make sure that scamming is kept to a minimum and your money is secure), there are other avenues that you can go down in order to make the most of what you are borrowing and keep interest rates down.

Students, take heed…

In the UK, most students have their loans through a company called Student Finance. This company takes care of most borrowings, and it is exclusively for people who are attending an institute of higher education. This can be anything from a Bachelor’s degree at university to a doctorate. Elsewhere, it is not as easy to finance your tuition. There are stipulations to loans, including terms and conditions on repayments and interest which may change during the length of your agreement. It is important to check all points thoroughly before signing on the dotted line. Check out sites that compare student loans and choose one that you know you will be able to afford over the amount of time that has been set.

Mortgages and Money

This is the one loan that many people carry with them for the majority of their lives. It is becoming harder and harder to get a mortgage for first-time buyers, and there are so much information regarding what’s best in terms of interest rates, deposits and first purchases that you can be forgiven for getting easily confused. Invest in a good mortgage adviser, as they will be able to translate financial jargon for you. Most companies rely on complex language in order to get your custom and seal the deal; whereas most people signing up for these deals don’t understand the terms that are being set out before them. Not only will a financial adviser be able to put it into layman’s terms, but will be able to guide you on which mortgage is best for your financial circumstances both now and into the future; there are fixed rates and variable rates available and both hold mean different things in regards to your money and how much you will be spending over a certain period of time. Deposits may take a long time to save up, and it may mean making temporary sacrifices such as not going out as much or moving back in with parents to reach your desired monetary goal, but the amount that you put down initially can have a huge impact on your repayment plan. Don’t move forward with potentially the biggest loan of your life until you are certain that you have everything in place.

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