First-time Buyers
A first-time buyer is a potential house buyer who has not previously owned a property. As a first-time buyer you need to consider which sort of mortgage you should use and how you should repay it.
Bad Credit Mortgages
A bad credit mortgage allows a borrower with a bad credit rating to take out a mortgage, a bad credit mortgage usually carries higher interest rates.
Bad Credit Remortgages
A bad credit remortgage is a way a borrower with a bad credit rating can take out a new mortgage with a new mortgage lender even though they are not moving properties. Often used to free up equity, a bad credit remortgage often carries higher interest rates.
Buy-to-let Mortgages
A buy-to-let mortgage is a mortgage you can utilise to assist in the purchase of a residential property that you intend to let rather than occupy.
Commercial Mortgages
A commercial mortgage is a mortgage loan issued for the purpose of buying property, and is typically borrowed by companies or organisations to secure business premises.
Fixed Mortgages
A fixed mortgage also known as a fixed-rate mortgage means your monthly repayments will remain constant for the fixed mortgage term, regardless of the standard variable interest rate in the market place. The benefit of a fixed-rate mortgage is that you will know exactly what your repayments are however if the standard variable rate falls below the level at which you fixed you could end up paying more than the market rate.
Flexible Mortgages
A flexible mortgage is the facility to make extra payments when you have extra money. You may also be able to reduce monthly repayments or even take repayment holidays, although you will normally have to build up a reserve through making overpayments before this arrangement is allowed. Such mortgage rates are usually offered on a daily interest basis. Flexible mortgages typically provide a loan drawdown facility that allows you to borrow extra funds at a set predetermined rate.
