> REMORTGAGE OPTIONS*
100% Mortgage:A 100% mortgage is where a deposit is not paid.
Adverse Credit Mortgage:An adverse credit mortgage (sometimes know as a sub-prime mortgage) is a loan given to those with poor credit. Usually the borrower would have credit issues such as CCJs (County Court Judgements due to non payments of outstanding debt), an IVA (individual voluntary arrangement that allows an individual to avoid bankruptcy and make maximum possible restitution to creditors), arrears (payments that have not been made by the due date), defaults (failure to meet the terms of a loan by not paying the interest or capital due), bankruptcy or repossession problems.
Buy-to-Let Mortgage:A buy-to-let mortgage is a mortgage for property that the borrower lets to other tenants.
Capped Rate Mortgage:A capped rate mortgage is a loan that is guaranteed not to rise above a specific rate within a set period.
Cashback Mortgage:A cashback mortgage is a mortgage where the lender refunds a sum of money. This cash is either a flat figure or as a percentage of the loan. The refund is on completion.
Current Account Mortgage:A current account mortgage is a flexible mortgage that is combined with a current account. The current account balance is automatically set against the mortgage balance. The interest is only charged on any outstanding amount. This means that interest payments are reduced.
Debt Consolidation MortgageA debt consolidation mortgage combines existing debts you may have. For instance your present mortgage, bank loans, credit cards, HP, bank could be combined by means of a remortgage.
Direct Mortgage:A direct mortgage is often the term used to describe a mortgage arranged by a lender over the phone.
Equity Release Mortgage:Equity release is designed to allow homeowners to release cash from their property. They are sometimes called home income plans or home reversion schemes. You can choose to receive the equity as a lump sum, as income or as a mixture of both.
Fixed Rate Mortgage:A fixed rate mortgage is a mortgage that is charged at a fixed rate within a set period and can cover periods up to 40 years.
Flexible Mortgage:Flexible mortgages can mean a variety of things including varying your monthly repayments such as overpaying, underpaying or taking payment holidays. A flexible mortgage could allow you to pay off your mortgage early.
Let to Buy Mortgage:A let to buy mortgage is a mortgage where the borrower's current property is let out and the resulting rental income is used to cover the mortgage repayments on a new property that the mortgagor uses as a main residence.
Guarantor Mortgage:A guarantor is responsible for payments if you default on the mortgage. A lender may require you to find a guarantor for the loan if they are concerned about the mortgagor's ability to repay.
Interest Only Mortgages:With an interest only mortgage the initial loan amount remains constant throughout the term of the loan. The monthly mortgage repayments only pay off the interest being charged on this amount. Interest only mortgages are tied to investments such as ISAs, endowment policies and personal pensions which are designed (not guaranteed) to cover the initial loan amount at the end of the loan term.
Second Mortgage:A second mortgage is also known as a secured loan. It is an additional mortgage taken out on a property which is already mortgaged.
Self-Certification Mortgage:Do you have a problem proving your income? Self-certification mortgages (range includes fixed rates, flexible and discount) allow borrowers to state their own income instead of offering payslips or accounts.
Standard Variable Rate:Standard variable rate is a variable rate that the lender determines at their own discretion.
Tracker Mortgage:A tracker mortgage is a variable mortgage that is either above or below the Bank of England's base rate by a set percentage within a set period, i.e. it has an interest rate that follows the Bank of England’s base rate. Your monthly mortgage interest payments go up when the base rate goes up and go down when the base rate goes down.
Pension Mortgage:Designed to mature on retirement, a pension mortgage is a type of interest-only mortgage where mortgage payments are combined with payments into your personal pension fund.
Portable Mortgage:A portable mortgage is where the terms and conditions of a mortgage product can be transferred without penalty to a new property.
Repayment Mortgage:A repayment mortgage is where you repay your loan and interest charged in monthly instalments. Your loan is repaid in its entirely over the full term agreed.
Retention Mortgage:A retention mortgage is when the mortgagee (lender) holds back some of the loan until stipulated repairs have been carried to the property. The amount is known as retention.Payment Holiday Mortgage:A payment holiday is a period in which the borrower does not make the usual mortgage payments. It is usually available with a flexible mortgage and will only be available where overpayments have previously been made.
*Some options not available to non status remortgage applications. All application subject to lenders terms and conditions.
.
Lifetime Mortgage:A lifetime mortgage (sometimes referred to as a retirement mortgage) is a form of equity release that is often used by people over the age of 60. There are no monthly repayments to be made - interest is rolled up and, when your home is sold (usually on your death), the full amount is paid off. You always retain ownership of the property until it is sold as long as you live in it.Offset Mortgage:This is a flexible mortgage which allows a borrower to keep their mortgage debt, savings account and current account balances in separate accounts. However, all balances are aggregated for the purposes of interest calculation. As the other balances are taking into consideration, interest is only charged on any outstanding amount. This means that interest payments are reduced. Discounted Rate Mortgage:A discounted rate mortgage is a variable mortgage that is discounted from a Lender's Standard Variable Rate by a set percentage within a set period.
Guarantee Mortgage:A guarantee mortgage is a loan guaranteed by a third party, such as a government institution