Home Mortgages
Home mortgages, quite simply put, are secured loans lent for the purchase of the borrowers main property. Home mortgages are available in various forms from straight repayment mortgages to tracker and isa mortgages.
What we aim to do with this website is to de-mystify the home mortgage jargon and give easy to follow explanations to enable you to make the correct decision with regard to your home mortgage decision.
Generally speaking a lender will only lend money up to 95% of the target properties value and up to a maximum of 3-4 times the annual salary of the borrower/s (slightly different in the case of joint borrowers). However what about the self-employed who cannot prove their income?
Lenders have acted accordingly to create the self-certification home mortgage, where instead of lending according to how much is earned the capital being lent is determined by how much the borrower can afford to repay.
Adverse credit used to be the main reason why lenders refused to loan out money. In recent times, with an estimated 1 in 4 (or 25%) of the population expected to experience credit problems this is no longer true. Adverse credit home mortgages are available but they tend to be charged at a higher interest rate and the ceiling to the complete percentage being loaned will be lower.
Whether you are buying your first home, looking to move or want to release capital locked in your home there will be a home mortgage solution out there to suit you.
To find out more about the various different home mortgage solutions please explore our site.
