Your Mortgage Options - an insight into different mortgage options
Help to Buy Scheme
The Government has created the Help to Buy scheme to help hard-working people like you take steps to buy your own home. Whether you want to get onto the housing ladder or move up it, Help to Buy makes it possible to buy a new-build or existing home priced up to £600,000 with as little as a 5% deposit.
Buy to Let
Known also as an investment mortgage, Buy-to-Let (BTL) mortgages are ideal for borrowers who wish to purchase a property to rent to a tenant. In some cases, the rent specified by the landlord can be slightly more than the mortgage repayments on the property itself, which can help with the running costs and maintenance of the property.??The Buy-to-Let mortgage arena has seen a healthy surge of new landlords in recent years – and existing landlords expanding their property portfolios. Purchasing a property for Buy-to-Let purposes is still regarded as being the best choice for people looking to invest their money for the long term and making profitable returns, as well as financial security for the future.
Re-mortgage plans allow you to switch your mortgage to another lender. As a result of this, you may be required to pay an early repayment charge (ERC) to your existing lender. There are many reasons why people may consider taking out a re-mortgage plan such as:
- Roughly 80% of people are paying too much on their current mortgage repayments. It is recommended that you examine every payment possibility when searching for a suitable mortgage – the right choice can result in a substantial amount of saving.
Consolidation of Debt
- Mortgage re-payments can be spread out in smaller amounts over a longer period of time. This may reduce your current payments, although you should always carefully consider your options beforehand as you may end up paying more in total over the long term.
- Fluctuating house prices and the costs involved when moving home, has turned many people to remain in their current property and carry out improvements. There is a strong likelihood your house has increased in value from your original purchase price, which places you in positive equity (this is where the value of your home now exceeds the current mortgage value placed on it). By releasing a small amount of this equity, you can focus on making improvements to your home, which are likely to add value to the house should you wish to sell it in the future.