We offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgages*, but not deals that you can only obtain by going direct to a lender.
For those seeking to increase their existing borrowing, alternative finance options a may be available and more appropriate for your needs. For example, a further advance from your existing lender or an unsecured loan (e.g. a personal loan)*. For those seeking a ‘Retirement Interest Only Mortgage’*, a ‘Lifetime Mortgage’* may be available and more appropriate for your needs.
*Advice in these areas is provided via referral to a third party. We do not provide this advice directly and cannot be held responsible for the services, advice, or outcomes provided by the third party.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
MOST BUY-TO-LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
Once their mortgage application has been accepted in principle, the borrower may have the option of deciding how he or she repays their loan: on a ‘capital and interest’ basis, on an ‘interest only’ basis, or as a combination of these two.
Capital and interest mortgages
An arrangement where part of the monthly repayment is used to pay the interest and the remainder is used to reduce the original amount of the loan. In the early years of the mortgage, most of the monthly repayment goes towards paying the interest; in later years, the interest charges diminish and more of the repayment is available to reduce the loan amount.
Interest-only mortgages
All of the monthly repayment (which will be lower than a capital and interest repayment) is used to pay the interest on the loan and therefore the capital does not reduce.
Lenders require evidence that a customer will have in place a clear, credible repayment strategy and that the repayment strategy has the potential to repay the capital borrowed.
Repayment strategies may include deposits or investment product(s), pension(s) periodic repayment of capital from irregular sources of income (i.e. bonuses), the sale of another property or other land or other acceptable methods which meet lending criteria.
Where the repayment of capital is an investment, the investment runs alongside the mortgage but is separate from it, the cost should be taken into account when calculating the overall costs of the mortgage arrangement.
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