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Residential Mortgage

A residential mortgage is a large long term loan secured against a property by a single or multiple owners. Whether you are a first time buyer, moving home or re-mortgage, this is the type of mortgage you will need. With a residential mortgage the property has to be used as a residence by the borrowers. You will not be allowed to rented out to tenants or used for commercial purposes.

Deposit

Residential mortgages usually require minimum 10% deposit of the purchase price and 90% can be borrowed from the Lender. The amount you can lend will be determined based on your income and affordability. All the lenders have their own way of doing affordability calculation and the amount can be borrowed varies lender to lender.
For example, if your purchase price is £300,000 you are required to provide at least £30,000 and rest of £270,000 can be borrowed form the Lender considering you are qualified for a residential mortgage. However, there are some lenders who lends up to 95% of the property value. Also if you are a First Time Buyer and using government’s Help to Buy scheme then you may only need to provide 5% deposit.

Monthly Repayments

Usually your capital repayments will consist of capital and interest. Every month you will be repaying a small proportionate of your mortgage balance as well as interest. End of the term your mortgage would be paid in full providing you keep up with your repayments. Not being able to meet these repayments could result in losing your home. These repayments will increase or decrease with the amount of interest being charged.

Interest

Interest will be charged on the amount of the mortgage owed. It is charged as an annual percentage rate against the value of your debt.

Deposit
Residential mortgages usually require minimum 10% deposit of the purchase price and 90% can be borrowed from the Lender. The amount you can lend will be determined based on your income and affordability. All the lenders have their own way of doing affordability calculation and the amount can be borrowed varies lender to lender.

For example, if your purchase price is £300,000 you are required to provide at least £30,000 and rest of £270,000 can be borrowed form the Lender considering you are qualified for a residential mortgage. However, there are some lenders who lends up to 95% of the property value. Also if you are a First Time Buyer and using government’s Help to Buy scheme then you may only need to provide 5% deposit.

Monthly Repayments
Usually your capital repayments will consist of capital and interest. Every month you will be repaying a small proportionate of your mortgage balance as well as interest. End of the term your mortgage would be paid in full providing you keep up with your repayments. Not being able to meet these repayments could result in losing your home. These repayments will increase or decrease with the amount of interest being charged.
Interest
Interest will be charged on the amount of the mortgage owed. It is charged as an annual percentage rate against the value of your debt.

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London

WC2H 9JQ​​

ESSEX OFFICE

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Grays

Essex

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Tel: 0207 096 1988

Fax: 0207 112 8599

info@olympiafinance.co.uk

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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.
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