Finding it a headache searching for the right mortgage?
With so many different products on the market we realise it’s a tricky business, so let us guide you through the mortgage maze.
Fixed Rate Mortgages
Want to make sure that your mortgage payments don’t increase for a specified period? Then this type of mortgage could be right for you and will allow you to fix your monthly outlays at a level you can afford.
Capped Rate Mortgages
This mortgage product ensures that your interest rate climbs no higher than a specified level, usually for the first few years of the mortgage. Capped Rate mortgages are similar to Fixed Rate mortgages in that they allow a degree of budget certainty.
Discounted Rate Mortgages
Looking to keep your monthly costs to an absolute minimum? Then a Discounted Rate mortgage could be for you. Often offering significant reductions in your lender’s standard interest rate for a specified period of time, lower interest rates mean lower monthly repayments.
Flexible Mortgages
Do you need flexibility to make overpayments or perhaps to borrow additional funds? Then this could be the perfect type of mortgage for you. Flexible mortgages normally track the Bank of England base rate. They allow you to either pay more than your monthly instalment and pay off the mortgage earlier or alternatively borrow more, up to an agreed level, should you need to do so.
Buy-to-Let Mortgages
Thinking of joining the thousands of people who have bought second properties to rent out and use as an investment? Then you may need a Buy-to-Let mortgage. Specifically designed for would-be landlords, Buy-to-Let mortgages allow the rental revenue of the property to be considered as income when lenders consider the ability of the buyer to meet the ongoing mortgage payments. The percentage of “mortgage to value”, which a lender is willing to lend, is likely to be restricted and subject to rental yield.