Chorley
& District Building Society Mortgage Providers / Lenders
Chorley
& District Building Society Mortgage Providers / Lenders
Whether
you are moving house or buying your first home Chorley &
District Building Society will have a mortgage to suit you.
You can choose from a number of different mortgage schemes
designed to fit in with your own personal circumstances. There
are also a choice of 4 different ways to pay off your mortgage.
These are (Repayments, endowment, Pension and Interest only)
Note
there are limited funds on these mortgage schemes.
Repayment
mortgage:
The amount borrowed, together with interest charged, is paid
back over an agreed length of time (25 years is common). This
is one of the more traditional mortgage arrangements and it's
main advantage is that monthly payments reduce the mortgage
balance.
Endowment
mortgage:
Interest on the loan is paid to the Society each month, and
a monthly premium is also paid to an endowment Policy, Please
seek advice from your financial advisor.
Pension
mortgage:
Similar to an endowment, as you pay monthly interest to the
Society and also pay into a pension scheme. Part of the lump
sum, when this matures, repays the loan. This can be tax efficient,
particularly for those who are self-employed or do not belong
to a company pension.
Interest-only
mortgage:
Only the mortgage interest is paid each month. A specialised
arrangement only used in particular circumstances. For example
by older persons who wish to raise cash and remain in their
own home. The outstanding balance is repaid when the property
is sold.
For
further information on an Chorley & District Building
Society Mortgage visit the Chorley & District Building
Society Website.
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