There are a variety of mortgages available, if you would like anymore information on any of the mortgage available please don't hesitate to contact us.
100% Mortgages
The lender can provide a loan equivalent to the total value of your property and does not require you to provide a deposit. However, lenders typically charge a higher interest rate.
Buy To Let
A buy to let mortgage is a loan that you take out to buy a property which you intend to rent to tenants. the maximum amount you can borrow is usually linked to the amount of rental income you would expect to receive.
Buying a property to let is a long term investment which you hope to generate an income from rents and a capital gain when you sell the property. there are many facets to consider with this type of purchase and it is recommended to use an experienced broker.
Cashback Mortgage
A payment a lender may give you when taking out a mortgage. The amount will either be a percentage of the total amount of the mortgage or a fixed amount.
Current Account Mortgage
Unlike a traditional repayment mortgage, the debt is calculated on a daily rather than annual basis. Borrowers can choose how much to allocate to the payment of the mortgage loan and it allows periods of under and over payment.
Offset Mortgage
Your main bank current account or savings account is linked to your mortgage. Each month the amount you owe on your mortgage is reduced by the amount in the accounts before working out the interest due to the loan. So, as your current account savings balances increase, you play less on your mortgage. As they decrease you pay more.
Self Certification
Usually the lender will need proof of your income, but sometimes they will rely on your own assessments of income (self certification). Some examples of this are; if you are self employed and your income varies, or you may find it difficult to prove your income.
First Time Buyer
It's the first step on the mortgage ladder towards what might be a sound investment in years to come. However, it's a big commitment and needs some thought first. You might be renting already, in which case you'll be used to paying a monthly rent and covering a number of bills. But there are some different considerations here, such as:
- How much money will you need to cover moving costs and fees?
- What are your total monthly outgoings if you own a home instead of renting?
- How much can you afford to borrow?
- What type of mortgage is right for you?
- What size mortgage can you get?
- Who do you talk to and how do you start?
Poor Credit History
A lender might not see your credit history as badly as you think they will. Different lenders view different types of credit history with varying degrees. Even if your credit history is poor, some lenders will be willing to lend to you, but it is usually at a higher interest rate.
Let To Buy
Rather than buy property to rent out you rent out your exisiting property.
Equity Release
Equity release is a way of getting cash from the value of your home. These schemes can be helpful in certain circumstances but are not suitable for everyone. One way is to borrow a lump sum secured against your home. Another way is to sell part - or all of - your home to give you a regular income or lump sum, or both. You can continue to live there.