Please do not hesitate to contact us here at Clarke Mews by using the contact details located below.
30 High Street,
Botley,
Southampton,
SO30 2EA,
T:
01489 797377
F:
01489 799466
E:
botley@clarkemews.co.uk
44 High Street,
West End,
Southampton, UK
SO30 3DR,
T:
023 8047 3747
F:
023 8047 6960
E:
westend@clarkemews.co.uk
Click to Download our Community Magazine (PDF Format)
Interest
Interest is a payment due in exchange for the loan of money. The rate of interest
may be varied under the terms of most mortgage agreements.
Sometimes the interest will be calculated on the annual balance outstanding, which
is slightly different to the annual percentage rate. Ask your financial adviser
to explain how the various lending institutions quote the equivalent APR.
As
interest rates change the amount due as the mortgage
repayment may vary. Some lenders notify every borrower of every change –
which can be an expensive process when rate changes are more frequent. Some have
opted to make annual adjustments, or specify variable direct debiting as the only
acceptable repayment method.