Things to consider

In looking for a mortgage, you broadly have to consider three things, the level of deposit you have available, your income(s), and your credit rating. Logically the greater the amount you have available for the deposit, the lower your loan to value will be, and hence the more competitive the interest rate.

Nowadays lenders work under stricter affordability rules than in the past, and in determining how much you can borrow is no longer uniquely a case of multiplying your income. Other financial commitments and your credit profile are also now considered in order to confirm that you can afford to keep up with the mortgage payments.

Our team of expert mortgage advisors have access to a wide range of specialist and niche buy-to-let mortgages.

Our experienced expert mortgage advisers have access to the whole of the market, and can therefore ensure the best rates available for any given situation. Regardless of your circumstances we can quickly review current lending criteria to make sure you don’t waste time applying for mortgages which may not be suitable to you, or are costlier than necessary.

Second charge mortgage lenders can usually offer larger loans to homeowners because of the safety of securing the loan against your property. Depending on the level of equity in your property second charge loans can range from a few thousand pounds to a few hundred thousand.

Commonly people use these for a wide range of purposes, such as financing an extension or refurbishment, consolidating debts, finance a business venture, or to cover other important costs such as university fees, etc. So second charge mortgages can help where:

Difference between lifetime mortgages & equity release

The basic difference between equity release and a lifetime mortgage is that with the latter you still own your own home. With many equity release schemes or reversion plans a share in your home is actually sold. Both can a provide lump sum of money or a lifetime of regular income.

This is a long-term loan that is repaid from the sale proceeds of your home once you either pass away or move into long-term residential care. Until this time, you will remain as the homeowner with no need to sell your house and move out. The interest rate and the amount that you can borrow are based on individual circumstance which include your age, your health, and the value of your home..

Commercial mortgages are generally larger than normal business loans, and are usually used for property investments.

A commercial mortgage typically has a term of between 3-25 years and can have loan-to-values of up to 75%. If the property you are mortgaging is an investment property, i.e. one that you rent out then the amount that you can borrow will usually be determined by the rental income it achieves. With investment properties the loan-to-value will generally not exceed 65% of the property value.

A commercial mortgage for a business is different to a regular mortgage as follows:

Loan approvals can be obtained very quickly and when the administration process is managed professionally they can also benefit from fast completions, meaning that funds can be accessed quickly exactly when needed. The process can be very fast with funds made available within 72 hours.

You are not tied in for the duration of the loan and can usually exit at any point and will only pay interest for the period that your loan was outstanding.

Bridging loans fall into two broad categories, as follows: