Get Mortgage Quote
Or click here for quote information.
Whether you currently have a mortgage, or are looking for your first mortgage, we are here to advise and guide you through what types of mortgage products are available for you. View below to glance over the different types of mortgage product available from within the mortgage market.
A tracker mortgage simply tracks (shadows) a prevailing rate, usually the Bank of England Base Rate.
The big advantage of this type of mortgage, is that if the rate falls the mortgagee will benefit from this and will save money on their mortgage. However, if the rate were to rise, the increase in this will cause their mortgage payment to increase.
Different times within the mortgage sector really dictate whether this type of mortgage is seen as the best option.
Variable rate mortgages are based on the standard variable rate offered by mortgage lenders.
Capped mortgages are capped at a certain interest rate and will not climb above that rate (cap). Collared mortgages are collared at a certain interest rate and will not fall below that rate (collar).
The Homebuy scheme enables you to purchase a property anywhere in England. The overall amount that you can afford will be calculated by the Housing Association and they will set you an upper limit purchase price.
The borrower will receive a grant of 25% towards the purchase price, the remaining 75% will be met by you via a mortgage. More info
Offset mortgages are a relatively new sector of the mortgage market. Due to the way they are structured and design, Offset mortgages are becoming more and more popular, although the number of lenders that offer this product is still relatively low. A mortgage of this type offsets the amount of interest you pay on your house by considering the money you have in savings. More info
Let-to-Buy mortgages are an alternative to buy-to-let. A let-to-buy mortgage allows the borrower a lump sum of money to buy a new home to move into, whilst the existing residence is let out to tenants in the normal manner.
With Self-Build mortgages, stage payments are either made in arrears or paid upfront.
Self-Build mortgages can be used for both traditional and timber frame builds, as well as for renovation and conversion projects. Typical stage payments will include land, foundations, wall plate or erection of the timber frame, watertight/roof on, plastered and completion. More info
Under the Right-to-Buy scheme, council tenants are able to purchase the property they live in at a discounted price. However the scheme does not apply to all tenants and as always, there are certain criteria that you will need to meet to be able to benefit from this scheme.
To take advantage of this scheme, you will have to approach your landlord who will arrange for you property to be valued, before confirming the asking price.
Our address is the Marlowe Innovation Centre, Marlowe Way, Ramsgate, Kent, CT12 6FA.
Click here more contact details.
Copyright ©2011 Mortgage Services 4u Ltd - YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
