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Choosing the right mortgage can be sometimes confusing. With a variety of different options available on the market it is hard to find a deal that exactly matches your circumstances and budget. Here at MI Mortgages Ltd, we will have qualified brokers who will provide you with specialist advice on one or more of the following facilities available to you.Overview
Choosing the right mortgage can be sometimes confusing. With a variety of different options available on the market it is hard to find a deal that exactly matches your circumstances and budget.
Here at MI Mortgages Ltd, we have qualified brokers who will provide you with specialist advice on one or more of the following facilities available to you.
Speak to an expert
Our job as a mortgage broker is to source these for you. Our experience and depth of knowledge can help you to secure that all-important secured loan at the best deal we can.
There may be a fee charged for any mortgage advice given. The actual amount you pay will depend upon your circumstances.
Residential Mortgages
A loan that one or more persons receive in order to buy a house or other residential property in which they will live. The loan is secured by a charge on the property; the borrowers repay it over a specified period of time.
Buy to Let Mortgages
A buy-to-let mortgage is a mortgage arrangement in which an investor borrows money to purchase property in the private rented sector in order to let it out to tenants. Buy-to-let mortgages have been on offer in the UK since 1996.
Lenders calculate how much they are willing to lend using a different formula than for an owner-occupied property. They tend to look at the expected monthly rental income to determine the maximum loan available. Depending on the lender, borrowers might also be allowed to include their own personal income in the calculation of the maximum amount that they can borrow. First-time landlords might also be required to have a separate annual income of at least £25,000. For an owner-occupied property, the calculation is typically a multiple of the owner’s annual income. Most Buy to Let Mortgages are not regulated by the Financial Conduct.
Consumer Buy To Lets
There are some situations where borrowers do not seem to be acting in a business capacity. Examples of this may be where the property has been inherited or where a borrower has previously lived in a property, but is unable to sell it so resorts to a buy to let arrangement.
In these cases, the borrower is a landlord as a result of circumstance rather than through their own active business decision. The government’s view is that such borrowers are consumers and would need to be covered by an appropriate framework.
Second Charge Mortgages
Second charge mortgages are often called second mortgages because they are a secured loan used to raise extra money, instead of remortgaging or taking out a personal loan. Second charge mortgages use the borrower’s home as security. Many people use them to raise money instead of remortgaging, the borrower needs to also understand that they are still paid off alongside your first mortgage. A re-mortgage deal allows you to pay off your existing mortgage and switch to a new mortgage provider, so you still have one mortgage to pay. However, you might consider re-mortgaging or getting a second charge mortgage for the same reason: to raise extra funds.