All mortgages work in the same basic way, you borrow money to buy a property, either pay capital repayment every month or pay only interest every month and payback the original loan end of the term. Once you start looking around for a mortgage, you will realise that there are loads of different types of products to choose from. So many in fact that the choice can be overwhelming and you probably don’t know where to start. Cheapest is not always the best since there are many other factors to consider.
Firs Time Buyer
A residential mortgage is a large long-term loan secured against a property you own which will be used as residence for the borrowers. With this type of mortgage, you will not be allowed to rent it out to tenants, and it cannot be used for commercial purposes.
A remortgage is when you switch your current mortgage deal to another deal, this can be done with the same lender (also known as a product transfer) or it can be done with a completely new lender
Buy to Let Mortgage
A buy-to-let mortgage is similar in many ways to a standard home loan. However, there are some important differences. For example, the interest rate is usually a bit higher than residential mortgage.
HMO (also known as Housing in Multiple Occupation) is a type of specialist property investment where a multi-room property is let to multiple individuals who are not part of one family, or household – this can range from student accommodation to professional individuals
If you are already a property owner and looking to raise some additional funds but not in a situation to remortgage, then you may look for a second charge option. Second charge are often called second mortgage because they have secondary priority behind your main (or first charge) mortgage lender.
If you have experienced financial difficulties in the past which led to defaults, CCJs or a series of late or missed payments which have left you with a colourful credit history, then your mortgage application most likely won’t be accepted by the standard mortgage lender you see on the street.
You will be classed as self-employed if you own around 25% of a business or more, this includes Limited Companies and Sole Traders. Most lenders are happy to give mortgages to self-employed people who have been trading for at least 2-3 years, but it can become difficult if you have recently started your business and you may only have 1 year of trading history.
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71-75 Shelton Street
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PLEASE MAKE BORROWING DECISIONS CAREFULLY. MORTGAGES ON AND EQUITY RELEASED FROM YOUR HOME WILL BE SECURED AGAINST IT. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
Olympia Finance is a trading name of Olympia Finance Limited. Olympia Finance Limited is registered in England and Wales, Registration No. 10218800. Registered Office: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. Olympia Finance Limited is directly authorised and regulated by the Finance Conduct Authority and our FCA No. is 838613.The FCA does not regulate commercial mortgages, most buy to let and offshore mortgages. Telephone calls may be recorded for training and monitoring purposes.