100% Mortgages:  100% Mortgages are ideal for First Time Buyers who are unable to find a deposit – but are able to meet their mortgage repayments.  A 100% Mortgage is a way of borrowing the whole of a property value.  Often higher interest rates may be incurred.

 

Adjustable Rate Mortgages:  An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. ARM's are also known as Variable Rate Mortgages.  The interest rate, and your payments, are periodically adjusted up or down as the index changes.

 

Bad Credit Mortgages:  In the past few years a number of mortgage brokers and lenders have started specialising in bad credit mortgages, also known as Adverse Credit Mortgages.  So even if you have a bad credit history, mortgage arrears or CCJ’s there are mortgages available.

 

Buy To Let Mortgages:  Buy to let mortgages have become an increasingly popular investment. A buy to let mortgage allows to create an earnings stream from rental income. At the same time, buy to let mortgages offer exposure to the housing market, allowing you to benefit from any capital gain in the value of your rental property.

 

Capped Rate Mortgages:  A capped rate mortgage is a variable rate mortgage which has a fixed upper rate limit (the cap). This means that the borrower knows in advance the highest monthly payment that he may have to make. For example, if a cap rate is fixed at 6% , the loan will be charged at the prevailing variable rate as long as this is not more than 6%. Capped rate mortgages are generally a compromise between fixed rate and variable rate mortgages.

 

Combination Rate Mortgages:  Combination rate mortgages combine fixed interest rates and adjustable interest rates. Lenders often refer to these loans as hybrid loans.  For the first 2 or 3 years, the interest rate is fixed. It remains the same and so does your monthly payment. During the remaining years of the loan, your interest rate becomes adjustable and can vary.

 

Commercial Mortgages:  A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution. Commercial mortgages are specialised due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.

 

Current Account Mortgages:  By taking out a Current Account Mortgage, you can make the money in your current or savings account work a little harder for you than usual. The balance of the mortgage is basically reduced by the amount of money in your savings or current account. So, if your mortgage is £100,000 and you have £5,000 in savings, you mortgage balance will be considered as £95,000 and you will only be charged interest on that amount. As the interest on savings is being offset, you are effectively paying no tax on your savings interest. Current Account Mortgages are also known as Offset Mortgages.

 

Equity Release:  Equity release mortgages, or home reversion schemes are a fairly simple and straightforward way of using your property to raise a cash sum, without having to make any additional ongoing payments. You continue to live in your house for as long as you and your spouse are both alive, on a lifetime guaranteed rent-free lease. You do not have to pay anything back during your lifetime and you can move to another house at any time.

 

First Time Buyer Mortgages:  Buying a house is one of the most important purchases you will make, and buying a home for the first time and finding the right First Time Buyer Mortgage will be an even more daunting prospect.  Many Mortgage Lenders offer incentives to First Time Buyers.  Seeking Professional advice for your first mortgage from a qualified financial advisor could save you a lot of time and money.

 

Fixed Rate Mortgages:  With a fixed rate mortgage, you typically have a higher monthly payment than you might have with some of the other mortgage choices. That is because the fixed rate mortgage offers you the safety of knowing that your payments will not increase. Because lenders don't know what will happen with interest rates over the next 15 to 30 years, they charge you for this luxury.

 

Interest Only Mortgages:  Interest-only mortgages are pushed aggressively nowadays by lenders and brokers, but they're not for everyone.  With an interest only mortgage loan, you pay only the interest on the mortgage in monthly payments for a fixed term. After the end of that term, usually five to seven years, you remortgage, pay the balance in a lump sum, or start paying off the principal, in which case the payments can jump skyward.

 

Mortgage Calculators:  Mortgage calculators are a good way to calculate your monthly mortgage repayments.  Calculate your mortgage interest to ensure that you are getting the very best mortgage deal.  By using one of these free mortgage calculators, you can save yourself a lot of time and money.

 

Non Status Mortgages:   Non Status Mortgage usually means a mortgage for someone who has little or no credit rating. To have a good credit rating you should never have been in any arrears or debt of any kind.  You will have a poor credit rating if you have credit card arrears, loan defaults mortgage or rent arrears or it could be you have been declared bankrupt. If you are self employed but you cannot produce 3 years of accounts to a lender, then you can still find yourself with a poor credit rating.

 

Offset Mortgages:  By taking out an Offset Mortgage, you can make the money in your current or savings account work a little harder for you than usual. The balance of the mortgage is basically reduced by the amount of money in your savings or current account. So, if your mortgage is £100,000 and you have £5,000 in savings, you mortgage balance will be considered as £95,000 and you will only be charged interest on that amount. As the interest on savings is being offset, you are effectively paying no tax on your savings interest. Offset Mortgages are also known as Current Account Mortgages.

 

Overseas Mortgages:  Overseas Mortgages is a specialist subject because not all options that are available necessarily suit all buyers, I would recommend that anyone considering buying abroad and looking at their financial options contacts a regulated, qualified, experienced and independent mortgage broker.

 

Refinance:  If you're planning to refinance an existing high interest mortgage with a low mortgage rate, why not have the knowledge to discuss your needs in an educated manner? If you're interested in refinancing with cash out in order to make home improvements or if you need a new mortgage to consolidate existing loans get the details before you speak with a mortgage broker!

 

Remortgages:  Considering the reduced interest rates and easier repayment options, homeowners often see Remortgaging as a good source for generating capital. Changing high interest debts into a low interest remortgage with easy repayment terms is often, quite lucrative for the debtors. By changing debt type you can significantly reduce your repayment burden.

 

Reverse Mortgages:  Reverse mortgages let homeowners tap in to the value of their homes and receive money from their lenders. The money can be withdrawn in a single lump sum, received in monthly payments, or take the form of a line of credit, depending on the arrangements made in the reverse mortgage agreement.

Right To Buy Mortgages:  Right to buy mortgages are for use by public housing tenants who wish to purchase their property under the Right To Buy Scheme. Public housing tenants are people who rent their property from the local council, a non-charitable housing association or a housing action trust.

 

Second Mortgages:  Considering the reduced interest rates and easier repayment options, homeowners often see a Second Mortgage as a good source for generating capital. Changing high interest debts into a low interest Second Mortgage with easy repayment terms is often, quite lucrative for the debtors. By changing debt type you can significantly reduce your repayment burden.

 

Self Build Mortgages:  A self build mortgage (or an advance stage payment mortgage, as it is also known) is a type of home mortgage loan that enables you to purchase a plot of land and finance a self build house.  The main difference between a self build mortgage & a house purchase mortgage is with a self build mortgage, the money is released in stages rather than as one big lump sum. 

 

Self Certification Mortgages:  A Self Certification Mortgage is an option if you are self employed and, or cannot provide three years proof of income. To get a self cert mortgage you will be asked to declare your income. Your lender shouldn’t then have to look at your account. While some self cert mortgages lenders will ask for no proof at all of your income, others may ask for an accountant’s certificate stating that your income will service the loan. A lender may also ask for bank statements which cover a particular period so they can look at gross income.

 

Shared Ownership Mortgages:  The right shared ownership mortgages can be difficult to find on the High Street however at least 35 big banks and building societies offer Shared Ownership Mortgages, some even with previous adverse bad credit.

 

Tracker Mortgages:  A tracker mortgage is a variable rate mortgage which always follows the Bank of England’s Base Rate for the whole of the mortgage term, so your payments will change in accordance with external market interest rates. Any rate changes are usually immediate, so you will quickly benefit from any potential changes, plus the rate on your tracker mortgage always maintains the same differential between the rate you pay and the interest rate set by the Bank of England.

 

Variable Rate Mortgages:  A Variable rate mortgage, called an VRM for short, is a mortgage with an interest rate that is linked to an economic index. VRM's are also known as Adjustable Rate Mortgages or ARM’s.  The interest rate, and your payments, are periodically adjusted up or down as the index changes.

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT