A mortgage is often the biggest financial commitment you will make in your lifetime. Yet with hundreds of providers and numerous different types on the market, taking out a mortgage can become incredibly complicated.Once we understand your circumstances, Skybound will search hundreds of options to find the most suitable mortgage for you and your individual requirements. Whether you are a first-time buyer, moving home or looking for a potential re-mortgage, we will provide you with the information on the best mortgages that are available to you.
An arrangement where part of the monthly mortgage repayment is used to pay the interest and the remainder is used to reduce the original amount of the loan borrowed. 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.
All of the monthly repayment (which will be lower than a capital and interest repayment payment) is used to pay the interest on the loan and therefore the capital does not reduce.
Lenders may require evidence that a borrower will have in place a clear, credible repayment strategy and that the repayment strategy has the potential to repay the capital borrowed at the outset.
Remortgaging is the process of switching your existing mortgage to another mortgage lender, usually to lower the amount you’re paying on your mortgage. You are not obliged to remain with your original lender for the full mortgage term, and often you can move to another lender to get a lower interest rate - you don’t have to be buying a new home. It is important however to note that you could be subject to early repayment charges by the existing lender.
A Buy to Let mortgage (BTL) is primarily used when looking to purchase a property with the purpose of renting it out for investment purposes. A BTL mortgage is assessed differently by the lenders to that of a standard residential mortgage, larger deposits are required, with the focus of the lender generally being on the rental value of the property. This being said, the applicant’s income levels and tax rate band will also be considered by most lenders. The Buy to Let market is increasingly complex with regulatory changes and different lending criteria between providers.
Energy efficient properties can qualify for green mortgages; this is a discount applied to the interest on a mortgage reflecting the EPC rating on the property. Any type of mortgage can qualify to be a green mortgage and it can also be applied when remortgaging.
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