It must be first stated that great care must be taken with these type of mortgage products as you are borrowing over and above the equity within the property.
A typical example might be where 95% of the mortgage consists of a secured loan on the property and the rest, the extra 30 % is an unsecured loan. The two amounts will normally be at the same rate which could be for example fixed or variable and both will run the same term. Some terms may stretch to 35 years long.
The advantage of a long term is to be able to have lower monthly repayments providing the mortgage is capital and repayment. However the downside would be the large amount of interest you will be paying to a lender over 35 years, the long term could possibly take the client passed their retirement date and servicing the loan should be considered. Ideally if you are able to make regular over payments along side your monthly mortgage payments or make large lump sum overpayments you will reduce the term of the loan and make saving on the total interest you will be paying back to the lender.
Advantage :
You may potentially purchase a home if you have no savings for a deposit and solicitors fees etc.
Disadvantages :
Higher interest rate
Few lenders offer a such mortgages so choice is limited
Not available as a Self Certification loan (self cert)
Not available to clients who have an adverse credit rating (bad credit)
Your Guitar Progression
When it comes to learning such new skills patience will be your guide. It is important to progress slowly one step at a time though we all want it now without the effort so it is very easy to get frustrated which will take away your concentration.
Musicians' Tips
When practicing try and be disciplined about your time, ideally one hour a day minimum.
Guitar School Tips
There is an old saying if you don't use it you will loose it. That is very true for improving your electric guitar playing. So get in to a routine that will insure regular guitar practice.
