Tips on how you can reduce water wastage in your home.
When you start looking for a mortgage, you’ll soon realise that there are lots of different varieties available to you on the open market.
From mortgage schemes to differing interest rate and repayment options, it can be difficult to determine which one is right for your needs and circumstances.
What type of mortgage could I get?
To help breakdown the jargon barrier, we’ve outlined the different types of mortgages commonly available to you:
A purchase mortgage is a loan, secured on the property, to help you purchase your new home. This home will need to be occupied by you and cannot be rented out. You will usually need a deposit of at least 5%.
A remortgage is when you move your current mortgage from one lender to another. This can be for a number of reasons: to receive a better interest rate, to reduce the term of your mortgage or to release equity from your home.
A further advance is when you apply to your mortgage lender to release equity in your property. You should be aware releasing equity means your mortgage balance will increase, reducing the percentage of the property you own.
A further advance is usually for home improvements, debt consolidation or to purchase a second property.
Buying a property to let is a specialist area and different to buying a home for yourself. Our buy to let mortgages are available to you if you would like to purchase or remortgage a let property within our local lending area.
We lend to a variety of customers from individuals, limited companies and ex pats. Each case is considered on its own individual merits, although these mortgages usually require at least a 25% deposit and you must already own your main residence.
Commercial lending is a specialist area. Commercial mortgages are available to you if you would like to purchase or remortgage a commercial property within our local lending area. We lend to a variety of businesses from sole traders through to partnerships and limited companies.
The owners/directors of the business will be required to provide personal guarantees for the mortgage. Each case is considered on its individual merits, therefore terms will vary according to your business background, experience and the security you offer.
The property you are buying or remortgaging will be required as security, and we will take a first legal charge over it.
To find out more information about the mortgage process, you can download our booklet ‘Mortgages Explained'.
Alternatively, visit our mortgage page for a full listing of our mortgage products.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.