Mortgages

MORTGAGES

What is a mortgage?

A mortgage is a loan you take out and secure on a property. There are many people that offer mortgages these include; specialist mortgage lenders, banks and building societies. Firms must follow certain rules and standards when dealing with clients as the way mortgages are sold and regulated is under the control of the Financial Services Authority (FSA). Repayment mortgages – you make a regularly monthly payment for an agreed period of time until the loan and interest is paid. Interest only mortgages - you make regular monthly payment but these payments only cover the interest on your loan, leaving the balance outstanding at the end of your mortgage term.

Mortgages

Below are the various types of mortgages we can assist you with. To know more about which mortgages is relative to your circumstances please read a little about each mortgage by clicking on the links below or alternatively call us on 0800 0372121 to help you get the mortgage that is right for you.

• 95% Mortgages
  The maximum mortgage amount (LTV) presently available is 90% of the property valuation. This is however very restricted but some schemes are still available in the right circumstances.
• Buy to Let Mortgages
  For landlords wishing to purchase properties with the sole reason of letting to a 3rd party. Buy to let mortgages do not require the borrower to inhabit the property and are usually for a maximum of 75% of the value of the property. Loan sizes are mostly determined by the rental income possible rather than your employment income.
• First Time Buyer Mortgages
  First time buyer mortgages allow some deals up to 90% of the property valuation.
• Right to Buy Mortgages
  Right to buy mortgages allow council house tenants to purchase the home they are renting. The council provide a discount on the purchase price for a deposit.
• Adverse Credit Mortgages
  Adverse credit mortgages are designed for home buyers with poor credit scores as a result of defaulting on financial matters or having CCJ’s etc. In the right circumstances we can find adverse credit mortgages for home purchases or remortgages.
• Commercial Mortgages
  Commercial mortgages are reserved for buying or remortgaging commercial properties such as; offices, shops, business premises, mixed use properties and other commercial lots.
• Daily Interest Mortgages
  Calculating interest rates daily instead of monthly or annually, reduces the amount of your mortgage balance from the day after each payment which means less interest is paid over the mortgage term.
• Discount Mortgages
  Discount mortgages offer a reduction from the lenders standard variable rate (SVR) for a certain length of time. A discount mortgage accurately tells you how much your mortgage will increase at the end of the agreed period regardless of any shifts in interest rates up to that point.
• Flexible Mortgages
  Flexible mortgages allow you to change your payments to match your income throughout the year. They allow you to have more control of how much you pay off your mortgage, giving you the chance to pay more capital back earlier, hold back payments or even withdraw cash you have already paid off.
• Interest Only Mortgages
  Choosing an interest only mortgage means that your monthly payments will be much lower than when paying both interest and capital and is an option when traditional mortgage payments are too high. You are simply paying off the interest on the money borrowed and not the capital so in effect at the end of the term the loan amount would not have reduced.
• Self certification Mortgages
  Self certificate mortgages are now very rare and were designed for home buyers who are self employed and unable to provide or document in proof, their complete income.
• Tracker Mortgages
  Tracker mortgages follow or "track" the Bank of England’s base rate for a set period and by a particular percentage. Tracker mortgages move up or down in line with the Bank of England base rate.
• Variable Mortgages
  Variable mortgages are favoured by homebuyers who have the resources to afford changes in the interest rate which will ultimately affect their mortgage repayments. Variable mortgages change from month to month and don't have the same restrictions as tracker mortgages.

Our sister company World of Mortgages can provide a large range of financial and associated products like bridging loans. Having so many options available allows us to accurately review a client's situation and recommend the best way forward.