Mortgages - Types of Mortgages

We offer a range of mortgage options to suit different needs, as outlined below:

A - Owner Occupier - Regulated

This is the standard mortgage typically available from high street lenders, or exclusive deals accessible through brokers. We can help you access both to find the option that best meets your specific requirements.

Loans Requiring Consumer Credit License, Including Credit Broking

1. First Time Buyer

Applicants who haven’t held a mortgage for a certain period (e.g., in the last three years). Some lenders require applicants to be First Time Buyers to qualify for specific products or discounts designed for them.

2. Homebuyer

Including Home Movers – Applicants who are relocating and require a loan for their new property.

3. Shared Ownership

The Advantages and Disadvantages of Shared Ownership Schemes

Before committing to a shared ownership scheme, it’s important to evaluate the benefits and potential drawbacks, as purchasing a home is likely the biggest financial commitment you will ever make. Careful consideration is essential.

The Benefits of Shared Ownership Schemes

It helps you get onto the property ladder, especially if you struggle with saving for a large deposit.
It may allow you to buy a larger property than you could afford outright.
Housing associations typically give priority to low-income individuals and consider your financial situation, including your income and housing needs (e.g., whether you have children).
Your combined monthly rent and mortgage payments may be lower than if you had bought the property outright.
You may need little to no deposit.
If the share you are purchasing is under the stamp duty threshold, you will be exempt from paying stamp duty.
It offers potential for investment, as you can benefit from the increase in the property’s value when you sell.
You can increase the percentage of the property you own over time, eventually owning it outright, thus investing in your home rather than just paying rent.
The housing association typically takes care of the property’s structure, saving you money on maintenance and redecorating.
It’s a good option for those who expect their income to grow in the future.

The Drawbacks of Shared Ownership Schemes

The challenges you may face largely depend on the terms of the shared ownership scheme you are considering, so it's crucial to thoroughly review the terms before proceeding. However, here are some common potential issues:

There may be limited availability of shared ownership properties in your preferred location.
You might not meet the eligibility criteria for a shared ownership scheme.
Although you have responsibilities as a homeowner, the property isn’t fully yours.
You may need permission from the housing association to carry out redecoration or home improvements.
Valuation and solicitor fees may apply if you wish to buy more shares in the property.
There may be restrictions on selling the property.
Some housing associations may limit the ability to buy additional shares or retain the right to buy back the property when you sell.
Even if you own the home outright, you could still be required to pay service charges to the housing association.

If you'd like to explore this or any other mortgage option in more detail, please get in touch with our mortgage advisors.

B - Non-Owner Occupied Mortgages, Including Business Mortgages - Non-Regulated

These types of mortgages generally include:

1. Buy to Let

This involves purchasing residential properties to rent out.

2. Commercial Mortgages

These are typically used by businesses. Similar to other types, deals can be accessed through high street lenders, as well as funding options available via brokers.

3. Bridging Loans

Short-term funding, usually up to one year.

These loans can cater to various needs, such as:

Commercial Bridging Loans – for investment and owner-occupied properties.
Buy to Let Purchases – including those made at auction or for refinancing.
Re-development Loans – for converting or refurbishing an existing property.

Flexibility: These loans can be customized to meet a client’s specific needs, such as rolling up interest, paying monthly, or using a hybrid approach.

Speed: Loans can be approved in as little as one week.