With so many different types of mortgages including: General mortgages, Re-Mortgages, Buy to Let Mortgages, Council Right to Buy Mortgages, Bad Credit Mortgages and mortgages for the self employed; It’s important to choose the right one with the best rates for your own personal circumstances.
General mortgages are classed as the average type of mortgage available to the public from lenders. They are mortgages available as both repayment mortgages (i.e. you pay the whole loan off including interest over monthly instalments) and interest only mortgages (i.e. you only pay off the interest on the mortgage.) There are fixed rates, tracker, capped and variable rate options available.
After several years with a general mortgage, the borrower might want toRemortgage their property. In simplest terms, a remortgage is the process of moving a loan from one company to another. A remortgage can be very helpful for those people who need to clear some outstanding debt or simply move to a better rate. Often clients who have had an adverse credit mortgage are able to remortgage after several years onto a better rate product having demonstrated their improved financial stability.
Other types of mortgages include Buy-To-Let mortgages, ideal for landlords who are looking for a way of financing a property that they are planning on letting out to tenants. The opportunity for buy2let has grown dramatically in the past few years as many people are opting to rent instead of buy.
Council Right To Buy mortgages are loans which allow a council tenant to buy the property that they are living in. You can apply for a right to buy mortgage if you have lived in your council property for five years or more. Competitive deals on the market are available for those people wishing to step onto the property ladder by applying for a council right to buy mortgage.
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Even in today’s economic climate there are a limited number of lenders who will consider mortgages for people who have impaired or a poor credit history. Clearly the rates on these mortgages are higher than they would be with a conventional High Street lender; however each case is assessed on its own merits as a unique case. It is impossible to say without receiving a client’s fact find if a mortgage would be possible but we do have lenders who will consider clients with missed payments and adverse credit information recorded against them such as county court judgments, missed payments & defaults – even spent bankruptcy. After completing a factfind, we can quickly establish what possible mortgage packages would be available or suitable for you.
The self-employed are finding that many mortgage lenders are becoming quite cautious as they perceive the risks to be higher and demand more proof of income.
Once satisfied that you can service any new mortgage then we can broker the best deal for you. It’s worth remembering that some lenders will take into account other elements of income such as tax credits, multiple jobs, disability living allowance or even fostering payments and we have the experience to know which lenders are likely to take a favourable view of your application bearing in mind your own particular circumstances.
We can obtain a Decision In Principle within hours for you.
Complete our full Factfind document [download] and email it back to us at Martlandmortgages.com
We will then match your needs to the most appropriate lender & contact you with details of rates and fees once we have a Yes! Decision in Principle from a lender.
Decades of Mortgage Broking Experience to get you the mortgage you deserve
Call us today on 01704 808286 or complete our Factfind Application for a prompt response
Westminster Chambers • 106 Lord St Southport • Merseyside PR8 1LF