Types of Mortgage

Bridging finance is short term lending usually secured against an asset like a property. You may require bridging finance if you need quick access to funds or the property you are buying needs some renovation before being suitable for a mortgage lender to be prepared to lend on. We would need to refer you to…

Building your own home from scratch is the dream for many people. However financing it can be the thing of nightmares if you do not know where to go. Self build mortgages have become a niche due to lack of demand and concerns over the risk from some lenders. However have a good whole of…

Guarantor mortgages can help you buy a home even if you have no deposit or your financial circumstances may make it difficult. The guarantor will not own a share of the property or be named on the deeds they will however be responsible for paying the mortgage should you not be able to. They will…

A let to buy mortgage is a mortgage arranged on your current residential property so that you can rent it out and purchase a new home. Depending on your circumstances you may be able to raise money on your existing property to help fund a new purchase rather than needing to sell. There are specific…

A buy to let mortgage is a mortgage on a property that you plan to let out. Typically the amount being lent is calculated using the rental income the property will receive as well as the property value rather than your own personal income. There have been many changes in the buy to let market…

A Discount Mortgage is where a lender offers a discount on another rate, typically the SVR, for a specified time. Usually this is for 2,3 or 5 years. As this is linked to the SVR, if the SVR was to move up or down in rate, your monthly payments would also increase or decrease accordingly.

An offset mortgage is where the lender will offset any savings you have in place with them against your mortgage debt. You then only pay interest on the difference in the balance of your savings and your mortgage. This can potential save thousands of pounds and have your mortgage repaid quicker. Generally savings are not…

A Lifetime Tracker works the same as a regular tracker, however this is for the full term of the mortgage rather than an initial period. As this is a tracker product and tracking a rate specified by the lender, your mortgage payments may increase and decrease depending on the movement of the interest rate.

Tracker mortgages track a rate specified by the lender, typically the Bank of England base rate, at a set margin above or below it. This means your payment will change if there is any changes to the base rate

A fixed rate mortgage has a fixed interest rate for a set period of time, this is generally either 2,3,5,7 or 10 years. A fixed rate mortgage guarantees you know how much your monthly payments will be for the period you are fixed for.