Appletree Finance Mortgage Advice
A mortgage is likely to be the single largest financial commitment you ever make. Our advisers will talk you through the financial aspects of mortgages and advise on a comprehensive range of mortgages from over 50 different lenders to give you the mortgage advice suited to your circumstances.
There are two main types of mortgages – repayment mortgages and interest-only mortgages.
Repayment mortgages are when borrowers make monthly instalments to pay back both the capital and the interest. These are standard for residential property.
Interest-only mortgages are when only pay back the interest during the term of the mortgage and pay off the capital at the end of the term. These are very common for buy-to-let property.
Both of these mortgages can be offered as variable-rate (when the mortgage tracks the base rate set by the Bank of England) or fixed-rate. Variable-rate mortgages are either standard rate (your lender’s usual offer) or discounted-rate (a special deal for the early part of the mortgage to help buyers manage better after the expenses of the move). Fixed-rate mortgages tend to be for a specified length of time after which they become variable rate.
In addition, to the two main types of mortgages, there are specialist mortgages for different types of property purchases. For example, in addition to standard residential mortgages and buy-to-let mortgages, you can get self-build mortgages and mortgages for unusual properties such as timber framed homes. There’s such a range of choice that it can sometimes be confusing. The good news is that quality financial advice can help to guide you towards making the right choice for you.
Buying A Home
Choosing the right mortgage for you is all part of buying your home. We can help you source the right mortgage for you.
First Time Buyers
There are many different mortgage deals available for first time buyers, so choosing the right one for you can be tricky. It can depend on a number of factors, we can help advise and find the right mortgage to suit your budget.
Remortgages
When remortgaging it’s important to make sure that you consider all options. Remortgaging usually happens once an existing mortgage comes to an end but other reasons such as rate changes or a need for home improvement can also make home owners consider changing lenders.
Self Build Mortgages
A self build mortgage is ideal if you are considering building your own home. Money is released in stages as the build progresses making it easier for you to manage the process.
Bridging Finance
Often there can be a period of time between the purchase of a new property and the sale of an existing one, in this instance a bridging loan is taken out to bridge’ the gap and lessen the chance of a sale falling through.
Some Bridging Finance is not regulated by the Financial Conduct Authority.
Buy To Let
If you are considering buying a property as an investment and do not intend to live in it, you would consider a buy to let mortgage.
Offset Mortgages
An Offset Mortgage works by ‘offsetting’ your savings against what you owe on your mortgage, therefore reducing the overall amount of interest you pay.
Flexible Mortgages
The term “flexible mortgage” refers to a residential mortgage loan that offers flexibility in the requirements to make monthly repayments. You can for instance take payment holidays or make overpayments but there are limits and each lender may be different.
Second Charge Loans
Second charge mortgages are often referred to as second mortgages because they come behind your first mortgage. They are a secured loan, which means they use the borrower’s home as security.
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