Range of Mortgages

Also Read - Getting on the Property Ladder | Mortgage Conveyancing | Mortgage Protection

Are you looking to become a homeowner and require a mortgage? Do you want information on the process of property buying? Or, do you want a mortgage but have problem credit?

100% Mortgage
A lot of mortgage lenders only lend 90% of the cost of a home. Not everyone can afford or would even want to wait until they have managed to save up the remaining ten percent.

Buy to Let Mortgage
Buy to let is when you buy a property to rent out in the hope that you can actually make a profit out of the rent you charge your tenants. Buy to Let mortgages are usually taken on by people who already own their own home.

Capped Rate Mortgage
A capped rate mortgage can be of advantage to borrowers as they offer protection against repayments going over a certain level. You agree to have a limit - a cap - on the maximum amount of interest you will pay over a particular period of time while allowing it to fall if the variable rate drops,

Discounted Rate Mortgage
If you opt for a discounted mortgage you will pay a set amount below the standard variable rate. You will pay this reduced amount for a specified period of time, anything from six months up to five years.

Endowment Mortgage
Endowment Mortgages were set up in the 1980’s and 1990’s. They were an alternative to the straight forward repayment mortgage, where each monthly payment paid off part of the capital that you borrowed as well as the interest on that capital.

First Time Buyer Mortgage
For first time buyers the mortgage market is a maze of confusing terms and jargon. But after you consider that the rent that you pay is really not benefiting you at all, apart from putting a roof over your head you may as well flush it down the loo. Having a property of your own can only serve to benefit you in the future.

Fixed Rate Mortgage
A fixed rate mortgage is one where the interest rate is set for you for a specified time, regardless of what the base rate is doing, whether it be going up or down, you will for the specified length of time always pay the same amount.

Flexible Mortgage
This type of mortgage has features that allow you to vary when and how you pay off your loan. Regular overpayments can be made allowing you to pay off your mortgage early. You can also take an occasional break from payments or you can make a lump sum payment.

Interest Only Mortgage
An Interest Only Mortgage is very often used by people who buy to let. With an interest only mortgage your monthly payments are usually quite low because you are paying back only the interest and not the capital.

ISA Mortgage
If you take out an interest only mortgage, you still have to find some way of paying off the capital that you have borrowed at the end of the mortgage term. One of the options you could use to do this is an ISA.

Non Status Mortgage
Non Status means that you have a bad credit rating, you could be any of the following: self employed without proof of 3 years accounts, you could have CCJ’s (county court judgements) against you, you might have credit card arrears, loan defaults, bankruptcy, IVA history, or previous mortgage or rent arrears.

Self Build Mortgage
Many people cannot find the home they are looking for on the open market, so they opt for self build. To build the home of their dreams they still need a mortgage.

Self Certification Mortgage
A Self Certification Mortgage is an option if you are self employed and, or cannot provide three years proof of income. To get a self cert mortgage you will be asked to declare your income.

Self Employed Mortgage
To get a mortgage you have to prove that you are financially sound and will be able to keep up repayments. Being self employed or say working on a short term contract, makes this harder for you to prove.

Tracker Mortgage
Tracker mortgages have an interest rate that follows the bank of England base rate, meaning that your monthly payments go up when the base rate goes up, and down when the base rate goes down.

Variable Rate Mortgage
A Variable Rate Mortgage means that the interest rate you are charged on your mortgage will rise and fall along with the Bank of England’s base rate. With a Standard Variable Rate Mortgage your monthly payment will only change once a year under an annual review procedure.