Introduction to Mortgages
Mortgage providers follow a set of rules and procedures when deciding whether they will agree to provide a mortgage to purchase a residential property. Although different lenders apply different lending criteria, the amount a potential buyer can expect to borrow of a property’s purchase price is determined solely by the mortgage provider’s requirements.
Types of Mortgages
With a repayment mortgage your monthly repayments cover both capital and interest on the loan.
As the term continues, the amount outstanding on the loan reduces so the full amount of the loan will have been repaid at the end of the term as long as you have made all your payments on time.
No other repayment vehicle is needed, and it avoids the risk of investing (e.g. in the stock market).
If you remortgage, you may be tempted to extend the end repayment date to lower your monthly payments, however this means that the amount you repay overall increases over time.
Buy to let MortgagesBuy-to-let (BTL) mortgages are specifically for individuals and companies, who wish to buy residential property which they intend renting to tenants. Although a BTL mortgage is similar in several respects to a standard residential mortgage, there are some significant differences between the two.
Eligibility and Lending Criteria
Affordability
Credit History
BTL Mortgages — Associated Fees and Costs
Which Type of Buy to Let Mortgage?
We have been using Mark for our mortgages for years now. He always finds us the best deal and explains everything clearly. He is always available when we need to talk to him and he always gives us the personalised professional service we like.
Dale & Hayley Ashdown
TestimonialDale & HayleyWe have been using Mark for our mortgages for years now. He always finds us the best deal and explains everything clearly.Read more >