Mortgage Types

Mortgage Types

There are many different types of mortgages available, each offering slightly different benefits. The type of mortgage that suits you best depends entirely on your circumstances.

First time buyer

Because getting on the property ladder is becoming increasingly more difficult, there are several types of agreements tailor-made for first time buyers. Options include shared ownership, 100% no deposit, 125%, guarantor arrangements or housing association co-purchases.

Moving home

Whether you are upgrading or downsizing home mover mortgages let you move in confidence. You may want to switch mortgage provider, move to a bigger house and increase your loan amount, or downgrade and lower your monthly repayments. Any application is of course subject to approval by the lender.

Buy to let

(The Financial Conduct Authority does not regulate some aspects of buy to let arrangements) – A buy to let mortgage is when you purchase a second property with the intention of letting it out to tenants. Many people want to increase the size of their property portfolio to take advantage of rising house prices and rental rates. Of course, while it can be a very lucrative endeavour, it’s important to make sure you invest in the right kind of property and secure the best mortgage available.

Remortgage

Remortgaging can be one of the biggest ways to save money and cut your monthly outgoings. Many people look to remortgage their property simply to cut costs, but there are many other reasons to think about remortgaging – and plenty of different remortgage types. Think carefully before securing other debts against your home and you may have to pay an early repayment charge to your existing lender if you remortgage.