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Shared Ownership Mortgage |
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This type of mortgage is used for part buy, part rent schemes which are commonly known as shared ownership. This type of mortgage is popular with people who are first time buyers mainly because they only need to find a fraction of the deposit and mortgage amount needed to buy a similar property on the open market. When you buy a shared ownership property you only buy 25 to 50 percent from a housing association. This makes it very affordable but you will only own a percentage of the property and you’ll miss out on some of the equity growth if the housing market rises. But you can staircase meaning that you can purchase another portion of the property later on. Most of the shared ownership schemes are open to all comers through housing associations. The shared ownership mortgage schemes vary from lender to lender with some lending up to 100% loan to value on the purchased share |
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Council Right To Buy Mortgages |
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This type of mortgage is ideal for you if you have lived in your council house for some time. If you have been in your council house for a while then you may be able to buy the property from the council at a discount. This scheme enables local authority secure tenants with a minimum of two years tenancy to buy their current home at a discount price. It is mainly targeted at long standing public tenants with the right to buy discount increasing in proportion to the years that rent has been paid. Not all lenders will lend a right to buy mortgage, but many will and they lend on their normal terms for right to buy mortgage schemes especially designed for right to buy properties where there may be other issues. |
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Self cert mortgages are available for clients who cannot verify their income,because they may be self employed, their income may come from a number of sources or they may rely on high levels of commission overtime bonuses or a second job. The self cert mortgage is supposed to work that way but there are still mortgage lenders who will need you to prove your employment status, with an accountants certificate or an employers letter. Most lenders will get this information with credit searches, and if your a homeowner then you will be asked to supply your existing mortgage statements, and if you are renting the mortgage lender will ask for a reference from your landlord. Self cert mortgage products have limits, most lenders will only allow you to prove your income in this way if you want to borrow less that 85% loan to value. And there are some lenders that will lend up to 90% loan to value. But theses self cert mortgage lenders normally charge a higher interest rate compared to the 85% self cert mortgage schemes. the overall cost for comparison is 8.6% APR. And the actual rate available will depend on your circumstances. |
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Self build mortgages are available for people who want a low cost home and are willing to put in some hard work. The amount of people doing self build themselves is at a steady rate. But still some people are put off by the amount of capital required and the time it can take and a lack of experience. This type of mortgage offers many benefits over a traditional house purchase , one of these benefits is during a traditional house purchase being able to get 30% more on completion than it costs to build. Also you can make your property unique and you can customize your home to match your own specific needs. One of the most important functions of the self build mortgage is being able to oversee and manage the project from start to finish rather than having to do all the building yourself. |
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Buy to Let Portfolio Mortgages |
Buy to let mortgages help landlords manage their property portfolios and are available with The Mortgage Works, Mortgage Express and many other BTL mortgage lenders. This type of mortgage is designed for landlords who have or are planning to have more than one buy to let property. The mortgage portfolio is treated as a single mortgage account even though it incorporates a variety of interest rates. This means you will have only one monthly payment and one mortgage statement for the entire buy to let property portfolio. |
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