Residential Mortgage
Purchase Types
- First Time Buyer
- Moving Home
- Second Home
- Holiday Home
- Re-mortgages
- Like for Like (same loan size and end of term date)
- Extending (increasing the term to reduce monthly payments)
- Better Rate (reducing the monthly payments)
- Capital Raising (increasing the loan - variety of specific defined reasons)
- Debt Consolidation (increasing loan size to clear other short term debts)
Features of Residential Mortgages are as follows:
Term
- No. of years the mortgage contract will run until a final agreed date
Payment Types
- Capital and Interest monthly payments
- Split payments, part interest only and part capital and interest
- Interest Only payments
Mortgages Types
- Variable (Lender Standard Variable or Lender Base Rate interest rates)
- Fixed (Interest rate does not alter for a fixed period)
- Tracker (Interest rate is variable, a margin against BBR or LIBOR rates)
(All can have "ceilings" , "floors", "capped" and "coller"; see Glossary).
Mortgaged finance can be your most important financial commitment. Making the right choice is central
to your well being and your domestic budget; getting it wrong can put your home and financial future at
risk. You get access to the whole of the UK lending and general insurance market including exclusive
products and niche arrangements.