Re Mortgage

We are here to bring you the best deals from the remortgage market, whatever your reason for remortgaging we can help. We also provide the information you need to know before steps are made to remortgage. Most people will remortgage their home with their current mortgage holder, usually their bank or building society. However loyal you may feel towards your bank it may not be the best place to remortgage your home. Although your bank may seem to be offering you a good deal on a loan, it is guaranteed that there is a better offer else where.
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Adverse Credit Mortgage

These mortgages are designed for people that have a poor credit rating. A credit rating is the history of other debts and existing debts. If for whatever reason you have missed or been late with repayments on any other form of credit the credit reference agencies will be aware. All lenders report the repayment patterns into the credit agencies and have access to your payment history. The lenders will see if you have been late or missed payments. Most high street lenders will not lend money to people that have a poor credit rating. However as adverse credit is so common there are many specialist lenders that have products for most people. These products will offer have large fees attached to the mortgage and much higher interest rates. This is because the risk is much higher of non-payment. If you think you have a poor credit rating you ca contact a credit reference and obtain your credit profile. Many lenders will also require a larger deposit than a clean mortgage; again this is due to the risk being higher. To obtain a mortgage quotation from a specialist simple complete the enquire form and an adverse mortgage broker will find the best mortgage for you.
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First Time Buyer Mortgage

With so many First Time Buyer Mortgages available, and so many lenders vying for your business, it really is a potential minefield out there! In recognition of this, from the 31st October 2004 , mortgage advice became a regulated activity (regulated by the Financial Services Authority). This is great news for you as a customer. You may seek advice from a lender or company that is restricted to advising on a limited panel of lenders. However, the advice you obtain may then (by its very nature) be restricted in terms of the products available to you. As a First Time Buyer , we believe it is of great important for you to obtain Independent Mortgage Advice . The advice will then be on the whole of the mortgage market , resulting in more choice for you.

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Interest Only Mortgage

An Interest Only Mortgages is one whereby your monthly payments consist solely of interest payment and not any capital repayment element. Therefore the balance size of your mortgage will remain the same, and will not be reduced at all by your monthly payments.

If you decide to take out an Interest Only Mortgage, you must consider how the mortgage will be repaid at the end of the term. Interest only mortgages should be supported by a suitable 'repayment vehicle', so that the mortgage balance may be paid off in full at the end of the term. It can be useful for people purchasing a new property to pay interest only over an initial period, to keep their repayments low whilst setting up home. It is then possible to switch on to a repayment option when the time is right, so that you have the certainty that your mortgage will be repaid in full at the end of the term. It is important to note that should you fail to pay off your mortgage (in full) at the end of the term, your home may be repossessed.

Interest only mortgages are not suitable for all borrowers. Borrowers must be aware that if / when switching from interest only to capital and interest repayment, monthly payments will increase. There is also an increased risk of a negative equity situation occuring. You must also understand that there will be more interest payable than if you started on a repayment only to begin with. It is important to ask for detailed advice on interest only mortgages from a qualified adviser. Another popular use of an interest only mortgage is for Buy To Let or investment properties i.e. any property that is bought with the intention of selling it on for capital gain within the short to medium term.

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100% Mortgage

With 100% Mortgages these allow you to buy a property without the need to put down a deposit.

Usually when you get a mortgage you would borrow between 75% to 95% of the value of the property, known as the 'loan to value'. I.e. if the house cost £100,000 and you borrowed £75,000 you would have a 75% mortgage. The problems with obtaining a 100% mortgage are: It will probably cost you more as you will be charged a higher interest rate.

Your lender may tie you in for a set period of time. You are totally reliant on house prices rising as you have no equity. I.e. if house prices fall you would be in a negative equity situation, you would have borrowed more than the house is worth. many lenders may ask you to pay a mortgage indemnity guarantee policy, which is good for the lender but does not help you.
emortgages have been common place for a number of years.

There are now more mortgage lenders than ever offering 125 % mortgages and remortgages. Including Mortgage Express . This means you can now borrow up to 125 % of the property value without having to take a secured loan with another lender at possibly a higher APR. Who can have a 125% mortgage ? 125% mortgages are available to first time buyers, next time buyers or someone wishing to release the equity in their home, by remortgage, without moving house.

How does a 125% mortgage work?
125 % mortgages consist of a mortgage for 90% or 95% of the value of the property with an unsecured loan for the balance of the borrowing. Both of mortgage and loan are available at the same interest rate whilst they are linked. Its important to remember that the unsecured element of the mortgage would not be regulated by the FSA. ( A mortgage higher lending fee may be charged by the lender please check the details in the fee section in the full product details or ask your Mortgage Advisor). Some 125 % mortgage lenders do not charge a mortgage indemnity premium due to way that a 125 % mortgage is made up i.e. a mortgage and secured loan.
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Capital and Repayment Mortgage

A "Capital and Repayment" mortgage is a mortgage where the mortgagee makes monthly repayments which include part of the capital borrowed as well as interest due, and cannot be included in an Individual Voluntary Arrangement (IVA). This is the opposite of an "Interest Only" mortgage which is where monthly payments are made up of interest payments only which also cannot be included in an Individual Voluntary Arrangement (IVA). A capital and repayment mortgage runs for a set term. After that term the mortgage will be paid off in full, unlike in an interest only mortgage where the whole amount borrowed will still be left to pay. Switching from a capital and repayment mortgage to an interest only mortgage can sometimes be a way of increasing a monthly contributions in an Individual Voluntary Arrangement (IVA).
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Fixed Rate Mortgage

A Fixed Rate Mortgage is a mortgage product that has a fixed interest rate for a set and specified period of time. Whether interest rates in general rise or fall, your monthly payments will not change! . The fixed rate period may vary from as short as 3 months to as long as 25 years. Fixed rate mortgages are particularly popular when interest rates are rising, or when it is expected that interest rates may rise.

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Endowment Mortgage

A mortgage endowment is a mortgage loan combined with a separate savings scheme in the form of an endowment policy. The loan is interest-only. The endowment policy is set up to grow enough to repay the amount borrowed at the end of the mortgage term, based on projection. The policy is linked to investment market growth so is not guaranteed to pay off the mortgage at the end of the term, although if investment performance is strong it may pay out considerably more.The policy will also include a life assurance element which provides life cover for the total amount of the loan.
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Capped Rate Mortgage

A capped rate mortgage puts a maximum limit on the interest rate that you have to pay. You therefore gain the security of having a 'ceiling' or upper limit to the amount that the lender can increase the interest payable on your mortgage. This period of capped interest is for a specified period only; typically between one and five years. At the end of the specified period your mortgage will usually revert to a variable rate. However, it is possible to find a capped rate mortgage that can last for the entire life of the loan. Although this arrangement initially sounds attractive, some capped rate mortgages also have a 'collar' or lower limit below which the interest on your loan cannot fall.
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Discount Mortgage

Discount rate mortgage - A discount rate mortgage offers a percentage discount from the lender's normal variable rate for a set period of time. When the standard variable rate fluctuates, the discount will remain fixed, however, the amount of discount and the period will vary from deal to deal. Discount mortgages are more suitable for people who prioritise low initial payments at the expense of higher rates later on; for example first time buyers, whose income isn't so high who want to have some spare cash to spend on furnishing their new home. The discount rates last from six months to about five years and generally the shorter the period of discount, the higher the discounted rate will be. In addition, you should consider that sometimes lenders can attach redemption penalties for remortgaging after your discounted period has ended.
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Second Mortgage

Getting a second mortgage on your home is not difficult even if you are a person with bad credit. A second mortgage should not be confused with a remortgage. While a remortgage is changing mortgage providers, leaving you with only one mortgage, a second mortgage is exactly what it says - another mortgage on your home, leaving you with two mortgages.

There are many reasons why people might want a second mortgage. Most of these have to do with getting their hands on some cash for a particular purpose. Whether that purpose is to pay for a family occasion such as a wedding or graduation, to have a luxurious holiday, to pay for home improvements or even to consolidate some debts, a second mortgage could be the way to quickly improve your finances. A second mortgage works much the same as your first mortgage did. You have to apply to a lender who will look at the loan to value and the extent to which you match the criteria. If you have bad credit, then there are adverse credit mortgage lenders who will offer a second mortgage on your home, even if you have County Court Judgements and mortgage arrears on your record.
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Shared Ownership Mortgage

Shared Ownership Mortgages Explained - Shared Ownership Mortgage schemes are used for part buy, part rent schemes commonly known as shared ownership.

These type of mortgage scheme are popular with first-time buyers because they only need to find a fraction of the deposit ( 100% mortgages are available) and mortgage amount needed to buy a similar property on the open market. When you buy a shared ownership property, you only buy a percentage stake in the property, usually 25 to 50 per cent – from a housing association. Although this can be affordable, as you only own a percentage of the property you will miss out on some of the equity growth if the housing market rises.

You can, however, staircase‘ which means buying another portion of the property later on. Many of these shared ownership schemes, which often offer properties at a discount, are open to all comers through housing associations. Shared ownership mortgage schemes vary form lender to lender with some lending up to 100% loan to value on the purchased share.
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Selfbuild Mortgage

Obtaining a Self Build Mortgage need not be difficult with some lenders allowing you to borrow up to 95% of land and build costs. Cash flow need not be a problem as payments can often be arranged to meet build costs at appropriate stages of the Self Build development. In addition it is often possible to stay in your existing property until your new house is built.
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Variable Rate Mortgage with Cash Back

Cash Back Mortgage - A cash back mortgage is one where a cash lump sum is paid to the mortgage applicant on completion of the mortgage. There are two main ways a cash back mortgage can be offered by a mortgage lender. Cash Back Mortgage with a lenders standard variable rate SVR - A cash back mortgage with a lenders standard variable rate, this can offer a large cash back on completion of the mortgage. This cash back can be as high as 6% of the new mortgage amount and can be used for any purpose.It is worth noting that the cash back is often paid 2 to 3 weeks after the mortgage has completed, making it difficult to use for a deposit on a house purchase. Cash Back Mortgage offered along side another mortgage product - A cash back mortgage offered along side another mortgage product such as a fixed rate or discount rate scheme, these cash backs are usually a small amount to cover say a refund of the mortgage valuation or contribution towards legal costs for the house purchase/remortgage .

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Commercial Mortgage

Looking for a commercial mortgage? then you've come to the right place, our team of commercial investment mortgage brokers can help you finance your lending needs for commercial properties. With us you can be sure that we can arrange the most appropriate commercial property mortgage for your needs.

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