What are shared ownership mortgages?
Buying a home through shared ownership means that you will own part of a property and pay a subsidised rent on the part which is owned by the relevant housing association in your area. Often you are able to buy further percentages or even go on to own the whole property out right.
What are cashback mortgages?
Cash back mortgages pay you a cash lump sum upon completion of your purchase or remortgage.
What is a low arrangement fee mortgage?
Fee-free or low arrangement fee mortgages are popular with home buyers that want to keep their initial costs down or remortgage applicants that do not wish to incur costs for swapping to a better rate.
What are 95% mortgages?
A 95% mortgage allows you to borrow up to 95% of the value of the property you want to purchase, which is really useful if you are buying your first home.
So with a 95% mortgage the Loan to Value refers to the ratio of how much your mortgage is worth against the value of the property you wish to purchase, shown as a percentage.
For example: if you were buying a property costing £220,000 and putting in a deposit of £11,100, your Loan to Value would be 95% and your deposit would be 5%.
What is an interest only mortgage?
With an interest only mortgage you will only make payments towards the interest on the amount you’ve borrowed. This means that you will still owe the full amount borrowed at the end of your mortgage term.
What is a remortgage?
Remortgaging is where you replace an existing mortgage with a new one, without moving home. This could be with the same lender and you just change the type of mortgage deal you are on or with a new lender. Remortgages can be used for various reasons, but mainly because it will work out cheaper in the long run.
What is a debt consolidation mortgage?
Consolidate your debt means using the equity you’ve built up in your property to release yourself from debts that may be stopping you from doing the things you want to do, or may simply be having a huge impact on your overall personal finances.
What is a capital raising mortgage?
Capital raising mortgages are usually ways of remortgaging your house to release funds for other purposes. The cash could be for home improvements, a holiday, a new car or simply to consolidate existing debts.