MORTGAGES
*Your home may be repossessed if you do not keep up repayments on your mortgage.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]
WHAT IS A MORTGAGE ?
Mortgages are straightforward; they are simply loans to buy a home. The complications come from the strings attached to the deal by mortgage lenders who want to make sure any money they lend is protected against falling property values and that a borrower can afford to keep up repayments on the loan.
Mortgages come in lots of types: fixed, variable, tracker and offset to name a few. The trick is not to worry about how the mortgage works, but to figure out how much you can comfortably borrow first. The best way to demystify a mortgage is to breakdown the application into parts:
Work out your borrowing power: Mortgage repayments depend on income and the amount that’s left after deducting any other financial commitments like credit cards and car loans.
Calculate how much you can put in as a cash deposit: It can range from 5% (Help to Buy schemes) to 25% (average) of the property value.
Check out your credit rating: Look at your credit rating online or write to one of the firms that keep the files to check that you have no defaults, missed payments or county court judgements. Missed payments for mobile phone bills are one of the most common reasons for people with an otherwise clean credit history losing the chance of a mortgage.
Note : Our mortgage adviser might charge you a fee of £295.[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_column_text]
RESIDENTIAL MORTGAGES
Residential Mortgages: These mortgages are for your main residential properties where you reside. These can be further classified into various types like fixed, variable, tracker & offset just to name a few. The most common types are discussed below:
What is a fixed rate mortgage?
A fixed rate mortgage can provide financial stability. With a fixed rate mortgage, the interest rate stays the same for a set period of time. This means that for every month during this set period, your mortgage repayments will remain the same hence giving you the required peace of mind that your monthly payments would remain the same for the required term. The term of a fixed rate mortgage usually lasts between two to five years, but can be much longer. When this period comes to an end, your lender will typically transfer you automatically onto its SVR (standard variable rate).
What is a tracker mortgage?
A tracker mortgage deal will follow the base rate at a set margin. A tracker mortgage is a type of variable rate mortgage. The interest rate tracks the Bank of England base rate at a set margin (for example, 1%) above or below it. Tracker mortgage deals can last for as little as one year, or as long as the total life of the loan.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_separator color=”grey”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]
BUY-TO-LET
* Some buy to let mortgages are not regulated by the Financial Conduct Authority.
If you’re thinking of buying to let, you’ve come to the right place. Our experienced Mortgage advisors specialize in arranging buy to let mortgages and providing expert information and advice. Whether you are taking your first steps into the buy to let market, or are steadily building up a property portfolio, we can provide the help you need.
Buy to let is the popular name for a residential letting business that generates an income from rents. Investing in buy to let is a modern phenomenon that has soared in popularity over recent years. The buy to let market is split. Investors vary from accidental investors who have inherited a property or had to move and let their former home out to pay the bills to professional landlords who portfolios of up to 100 letting properties or more.
Many investors have decided to buy homes to rent because they were disenchanted with saving for retirement in poor-performing pensions. House price surveys show property values roughly double every decade and outperform stock markets and most other investments year on year.
Buy to let is not restricted to residential property. The term can cover buying and letting any property, like shops or units on an industrial estate. Funding commercial buy to let is handled by specialist lenders.[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_single_image image=”2050″ alignment=”center” border_color=”grey” img_link_target=”_self” img_size=”294×439″][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_separator color=”grey”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]
REMORTGAGES
A remortgage is a second or an additional mortgage taken out on an existing home mortgage loan. You may decide to remortgage to eitherrelease cash or to secure a better mortgage deal. Remortgaging may be a good choice for you as a way of raising additional funds or if you are looking to switch to another loan provider to get more favourable interest rates or mortgage terms.
A remortgage can be taken out as a repayment mortgage or an interest only home loan. You can find remortgages that have all the standard terms, including fixed and variable rates, capped rates, discounts, and tracker remortgages. Remortgaging packages usually last for a period of between 1 to 5 years. At the end of your agreed remortgage term, you are likely to be moved on to a pre-agreed product such as a loan with a tracker or a variable rate.
How do remortgages work?
In order to determine a typical amount you are permitted to borrow, the loan provider you have chosen to obtain your remortgage will take into account a variety of issues as follows:
• statements and proof of your annual income
• statements and proof of your annual or monthly expenditure
• your property value
• any existing equity you may have[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_column_text]
COMMERCIAL MORTGAGES
* Commercial mortgages are not regulated by the Financial Conduct Authority.
What are commercial mortgages?
• the most popular type of mortgage used to buy buildings and land for business purposes
• they are offered to start-ups, small to medium busineses and large businesses
• the lender holds the legal rights over the business property/land until the loan is fully paid.
Why do I need a commercial mortgage?
It could be that you need:
• to expand or
• more storage space or
• to buy your own office premises.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_column_text css=”.vc_custom_1406290466144{padding-top: 1px !important;padding-bottom: 5px !important;padding-left: 10px !important;background-color: #00137f !important;}”]
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