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Have you ever wondered whether or not you’ll be able to find the type of mortgage which works best for you? Well, if you do, then you’re not alone. Quite a few people are just coming up to the point where they can get a mortgage every day, but there’s only one problem with that. There’s so many of them.
Here at Love Mortgages, the leading Mortgage Broker in Chester and Mold, there are eight different types of Mortgages we are proud to showcase. We full understand that it can appear confusing to try and figure out which one is right for you though! So what we thought we would do is take a look at all eight of the mortgages that we offer, to help you figure out what your options are when you need a mortgage.
Buy to Let
The first type of mortgage that we are going to look at is the Buy to Let model. This is considered to be one of the more interesting ones. A mortgage of this type is also quite different too - it is more specialist than some of the others on the list.
So what we have here, in essence, is an offering where you have a mortgage on a property that you are buying with the usual intention of letting out. It means that you need to try and get the best possible deals and offers - not an easy task without professional help from someone like us.
First Time Buyers
People buying for the first time, you’re over here. Mortgages for first-time buyers are what you’ll be looking for, so let’s see if we can explain them.
One of the biggest issues stopping first-time buyers was always the absence of spending power for a deposit. This has lessened in recent years, with a lot of people now being able to put down a smaller deposit and still get access to the kind of deals that they need. With a reputable mortgage broker, a first-time buyer will get a pretty good mortgage usually, and they will potentially only need to put down about 5% of the asking price to get the rest.
Help to Buy
Help to Buy schemes have been in place for quite a long time now, and help to provide people who struggle to generate the necessary funding for a property to get a mortgage which is backed up by the government. Schemes like this have been popular for the last decade or so.
They either offer you an interest-free equity loan, or they guarantee part of your mortgage which makes it less risky for a lender to approve your application. These schemes have been designed to make it easier for people to buy property when they are in a lower wage/income group.
This option is best for people who already have a mortgage and are looking to transfer it to a new home. Most mortgages can be easily transferred from one plan or provider to the next, assuming that certain checks are conducted and conditions are met. It is best to have professional advice if you’re going to do this though, so we remain on hand to help you figure things out.
Let to Buy
Let's say for example that you’re someone who has tried to move house, but at the same time you’re struggling to sell your property, a Let to Buy mortgage can be a good idea. What it gives you is the ability to move home without selling it, more so that you let someone rent it out for a bit while you move, and you still have a set amount of income coming in, while at the same time you’re free to go to your new dream home.
Remortgaging is all about making sure that you are on the best deal when it comes to your mortgage, so it is important to make sure that you have spotted experts, checked all the different options and choices that you have, and also have come to a decision about whether your mortgage is going to be right for you or not.
Shared Ownership Schemes
A shared ownership scheme is a way to get yourself a property without having to pay for it in the conventional sense. It is a situation where you and your bank or lender each own a certain percentage of the property. It takes some of the pressure off you, after all, but you need to be careful. It’s important to look after your half of things, and remember that there will be opportunities to buy more of the property and own a little more over time!
Of course, we also have a broad selection of specialist mortgages to make sure that as many people can get the support they need to be financially secure. We offer mortgages for such groups as those who are dealing with self-employment, building their own property, buying for a family member and many more. It is all part of our quest to provide superior standards of service and protection to all our wonderful past, present and future customers.
So as you can tell, there are many types of mortgages available. The one which is best for you will depend on your circumstances. It is easy to find yourself becoming confused when confronted by the sheer variety of what is in front of you. However, you must be sensible and continue to seek the help of professionals. Whether you are looking for a mortgage broker in Chester, Mold or further afield, we remain on hand to assist you in this endeavour, offering expert advice to all. Please, feel free to consult with us on what we can do for you - get in touch with our friendly team today or call us on 01244 90 44 10 for a completely free no-obligation chat about how we can help you on your path to a brighter future.
Disclaimer: Any mortgage offer forms a contract between you and the lender. It is important that you always take time to check that the offer they provide you with is exactly what you required, before agreeing to proceed. A good mortgage advisor will always assist you with this. Finally, property values may fluctuate according to the conditions of the market. This may affect your savings and investment. This can be addressed and explained in more detail by your mortgage advisor during the application process.