E N Q U IRE  NOW

Once your mortgage application has been accepted in principal, you may have the option of deciding how you repay the loan: on a ‘repayment’ basis, or on an ‘interest only’ basis.

Repayment mortgage

With a repayment mortgage your monthly repayments cover both capital and interest on the loan.

As the term continues, the amount outstanding on the loan reduces so the full amount of the loan will have been repaid at the end of the term as long as you have made all your payments on time.

No other repayment vehicle is needed and it avoids the risk of investing (e.g. in the stock market).

If you remortgage, you may be tempted to extend the end repayment date in order to lower your monthly payments, however this means that the amount you repay overall increases over time.

Interest only mortgages

With an interest only mortgage, your payments to the lender cover only the interest on the loan (i.e. they do not repay any of the capital). The total amount of your debt does not reduce over time and the full amount of the loan still has to be repaid to the lender at the end of the term, so you will need to ensure you have that money ready.

So you can make this final payment, you can invest so that you generate enough capital to repay the loan at the end of the term. If you choose to invest, some investment vehicles can have tax advantages and when you move or remortgage, your investment vehicle can usually be reallocated to the new mortgage.

However, there is no guarantee that your chosen investment vehicle will grow sufficiently to repay your loan (although you can usually top up your contributions to investments as you go along if this looks likely to be the case).

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Feefo Platinum Award

19th January 2022, Active Finance UK has won the Feefo Platinum Trusted Service award.

Since 2014, Feefo has recognised the businesses who deliver exceptional experiences, using feedback from real customers.

The Trusted Service Awards are unique as they are based purely on feedback from real customers. This means they are a true reflection of commitment to outstanding customer service.

Feefo have given Platinum Trusted Service awards to businesses who have achieved Gold standard for three consecutive years. To receive a Gold Trusted Service award, businesses must have collected at least 50 reviews with a Feefo service rating of between 4.5 and 4.9 between 1st January 2020 and 31st December 2021.

Russell Jenkins, Active Finance UK commented: “We’re thrilled to receive this award from Feefo. It means a lot because it’s based on feedback from our customers and, ultimately, keeping them happy is why we come to work each day. The award also recognises just how hard our staff have worked in really difficult circumstances. We’re fully committed to the highest quality of service, so it’s vital for us to listen, understand and respond to all our customers.”

This award means even more following another difficult year. Online interactions have soared since the start of coronavirus. People are now 40% more likely to leave feedback after a purchase. This has made it very difficult for many businesses who struggled to respond effectively. 43% of people now believe that companies have become less effective at dealing with negative feedback in the last year.

Congratulating Active Finance UK, Kim Burgess, Head of Customer Success at Feefo, said:

“The Trusted Service Awards recognise companies who above and beyond to provide the very best customer experience.

“I’m so impressed by how our customers have overcome the challenges of the past two years. A particular congratulations to our Platinum Trusted Service winners. It’s an extremely tough challenge.

“I can’t wait to see what our customers achieve next year in 2022.”

Feefo is a leading global customer reviews and insights platform on a mission to empower its clients to fully understand how their customers experience their product or service.

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