Mortgage Products Available

100% Mortgage

A 100% mortgage means borrowing 100% of the value of the property as a result you do not need to find a deposit. Rates may be fixed, variable, discounted or capped. Opting for a 100% mortgage increases the risk of facing a negative equity situation if house prices fall. You may also be charged an above-average interest rate and a mortgage indemnity guarantee.

Self-certification/Self employed Mortgage

Self-certification mortgages are available for contract workers and the self-employed. The lender will ask for details of the borrower’s income but they will not require to see proof of total earnings. Other terms will depend upon the lender’s requirements at the time in accordance with the rates prevailing in the market place. As a result you can go for a mortgage based on what you can actually afford to pay as a result of the lifestyle you lead as opposed to the traditional income multiplier.

Buy-to-Let Mortgage

Buy-to-let mortgages are used to buy property for investment in the private rental sector. Traditionally this had been viewed by lenders as a commercial proposition and so interests rates were higher. However now, these have generally been lowered to nearer standard borrowing rates. Buy to let mortgages can have terms up to 45 years and it is usual to lend 80% of the property value, although it is possible to get higher percentage loans. Assessment of borrower affordability can be based on projected rental income and/or earnings depending on the lender’s individual policy.

Right to Buy (RTB) Mortgage

Where a person rents their home from a local authority or a housing association, right to buy gives them the right to purchase the property at a discounted price. It is an attractive proposition in most cases, but the process can be complicated.

Remortgage

It is the process by which you switch your current mortgage for a new mortgage at a lower interest rate, or raise additional finance by releasing equity in order to do things such as home improvements or buying a new car. Remortgaging may involve switching lenders because some lenders will not offer a remortgage scheme to existing customers. Remortgaging with your existing lender would involve changing your deal - for instance changing from a mortgage on the lenders standard variable rate (SVR) to a fixed rate if you think that interest rates are going to increase over a long period of time.

First Time Buyer Mortgage

This is quite self explanatory. First time buyers can choose from fixed, capped, discounted rates, and cash back mortgages as well as 100 % mortgages, self certification mortgages and right to buy mortgages if applicable.

Home Mover Mortgages

Home movers can choose from fixed, capped, discounted rates and cash back mortgages as well as 100 % mortgages and self certification mortgages.

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