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With so many mortgage deals available it can be very confusing and time
consuming deciding which is the best product for you. There are so many things to be taken into consideration when
choosing a suitable deal.
For instance some products have "tie ins" or "overhangs" which do not make it cost effective,
some have high arrangement fees, or high lending charges, etc. A full explanation of these terms are given in our
printable version of a mortgage glossary
We will talk you through fixed rates, discounted rates, flexible mortgages, standard variable rates and all other
aspects so that you are then in a position to make an informed decision about your new mortgage.
There are also a very varied range of interest rates available from the lenders depending on your circumstances.
The most competitive rates are available to borrowers who have had no credit problems, have a large deposit, and income
which fits the lender's income multiples.
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You repay both the loan and the interest charged on
the loan over a set term, say 25 years, so that the amount owed decreases over the term of the mortgage. You
can usually choose a repayment term of between 5 and 35 years depending on your age, circumstances, and lender's
criteria.
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You repay just the interest on the loan which means
that the amount owed never decreases. You would need to make your own arrangements for repaying the amount owed at
the end of your chosen term, either by a separate savings plan or by the sale of the property. Some people choose
this method because of affordability when buying their first house for instance, but this would be discussed fully
with you to ensure that you understand the implications. |
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Some people may have been refused mortgages by their bank
because they have a bad credit history. However, there are a wide range of 'sub prime lenders' willing to accept
applications which a high street lender would turn away.
These are specialist lenders and may have different
criteria for their lending but can still offer a competitive deal, although the interest rate will invariably be
higher depending on an applicants individual circumstances.It is possible that after having a 'sub prime'
mortgage for a while, assuming that the repayments are kept up to date, that you could move to a high street
lender at a later date.
The overall cost for comparison is 6.5% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
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Occasionally, for a number of reasons, a client may
not be able to provide proof of their income. Some lenders provide a mortgage based on the applicant self
certifying their own income. A bigger deposit will be required in these circumstances, usually around 10-15% of
the value/purchase price. |
We can arrange mortgages for First Time Buyers, Clients Moving Home, Remortgages, Debt
consolidation, Equity Release, Mortgages for Retired People, Buy to Lets *, Right to Buys, etc. as well as Commercial Lending.
* Buy to Lets are not regulated by the Financial Services Authority.
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Mortgages and Loans