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A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one.
Some Bridging Finance is not regulated by the Financial Conduct Authority.
These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property but will let property to tenants.
Most buy to let mortgages are not regulated by the Financial Conduct Authority.
Before you choose a specific deal, you need to decide wahat type of mortgage is the most appropriate for your needs.
Equity release can help people release cash (equity) in their homes for a particular purpose, like supplementing retirement income.
A lifetime mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.
The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead.
People buying their first home often have specific needs when it comes to finding a mortgage. A range of mortgages exists specifically for this market sector.
With options for overpayment and payment ‘holidays’, a flexible mortgage can make the traditional 25-year British mortgage look rather old-fashioned.
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
The financial services industry regulator, the Financial Conduct Authority (FCA), has set out a set of rules for mortgage advisers, and lenders, to improve the process of getting a mortgage.
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Remortgaging means switching your mortgage to another deal with another lender without moving property.
Second charge loans can be secured against residential or Buy to Let properties.
These are mortgages suited to people building a new home. With a self build mortgage, money is released in stages as the build progresses.