The term ‘Finance’ can cover a whole lot of things, from accountancy to mortgages.
As our courses are related with mortgages, that is the type of finance we look at as well as getting personal loans. Personal loans allow you to get out more as a loan than you may be able to spend on a credit card, should you need more but is not taken out against your home.
Your credit score is very important for these types of loans and you need to be careful that you will be able to afford the monthly repayments as the interest rates on these loans are usually considerably higher than would be on a mortgage, however is usually fixed so you know exactly what you will be paying per month. If you do not have a great credit rating, you may end up repaying the loan back with even higher interest.
Another form of borrowing and relating to mortgages again is Buy to Let mortgages for those looking to buy a property with the sole purpose of renting it out. With buy to let mortgages, you will need to put down a higher deposit (between 25-40%) as these are considered higher risk mortgages. Again, as with any other loan or mortgage, you will need to have a good credit score.
It has to be worthwhile for the bank or whichever lender it is, they need to make sure your rental payments can repay the monthly mortgage repayments comfortably. That is why these are considered higher risk than a personal mortgage, the rental property is not somewhere where you are actually living so if you cannot keep up the repayments, you may stop paying and then they are at a loss, another reason they ask for a bigger deposit as these mortgages are a bigger risk for the banks and building societies.
Price comparison sites
Again, these days the price comparison sites will give you a good idea and have mortgage calculators for you to try and judge how much you may have to pay with however much deposit you have to put in.
In these instances it may definitely be worth consulting a mortgage advisor and this is what the course will give you a full insight into…describe loans and mortgages for you in detail as we have speakers from both backgrounds in your day course (see Course detail page for more information).
They will give you an insight in to the financial services that are on offer and what a mortgage broker and financial advisors roles can be. You can then ask any questions you need to know. As we said previously, you do not necessarily have to be studying Finance or anything related as long as you are interested in this and thinking and wanting to know if this may be the right career path for you once you have finished your studies, come along and book onto a course – this could be an eye opener for you one way or the another.
Our Pera Crew are here to help you!