Mortgage Broker Services in Mirfield
Your mortgage in Mirfield is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs and requirements? We are not tied to any particular lender, which means that we have the ability to act on your behalf in order to establish a suitable first charge mortgage solution for you, based on your needs, circumstances and preferences.
We offer a comprehensive range of mortgage products from across the market for first charge mortgages only. We do not offer deals that you can only obtain by going direct to a lender. The lenders we offer mortgages from is available as an appendix which we attach with our Important Information About Our Services document which will be provided at the first meeting.
Mortgage options
When it comes time to purchase a home in the UK, one of the most important decisions you'll have to make is choosing the right mortgage type. With so many different options available, it can be difficult to know where to start. In this article, we'll explore the different types of mortgages available in the UK and help you determine which one might be the best fit for you.
1. Fixed-Rate Mortgage in Mirfield
One of the most common mortgage types, a fixed-rate mortgage offers borrowers a set interest rate for a specific term, typically between two and ten years. This means that your monthly payments will remain the same for the entire term, even if interest rates increase. At the end of the term, you'll be able to remortgage to either a new fixed-rate term or to a different type of mortgage.
Click for a guide to the benefits of a fixed rate mortgage
2. Variable-Rate Mortgage in Mirfield
A variable-rate mortgage is one where the interest rate can change at any time, depending on market conditions. While this can make it unpredictable, it can also offer flexibility for those who may wish to make overpayments or pay the mortgage off early without being hit with early repayment fees.
3. Tracker Mortgage in Mirfield
A tracker mortgage is similar to a variable rate mortgage, but rather than being set by the lender's discretion, it tracks a specified interest rate, such as the Bank of England's base rate. This means that if the base rate goes up, so will your mortgage interest rate. Conversely, if the base rate falls, so will your rate. While these mortgages can be cheaper in the short term, they do offer less certainty than a fixed-rate mortgage.
4. Discounted Mortgage in Mirfield
A discounted mortgage offers a reduction on the lender's standard variable rate for a set period, typically between two and five years. While the monthly payments can be lower than with a fixed-rate mortgage, borrowers should be aware that the variable rate can change at any time.
Click for a guide to variable rate mortgages
5. Help to Buy Mortgage in Mirfield
A Help to Buy mortgage is a government scheme designed to help first-time buyers purchase a home. It involves a shared equity loan where the government lends up to 20% of the value of the property (40% in London), which means the borrower can secure a mortgage with a smaller deposit. The loan is interest-free for the first five years, after which interest and fees will apply.
6. Buy-to-Let Mortgage in Mirfield
If you're looking to purchase a property to rent out, you'll need a buy-to-let mortgage. These mortgages work differently from residential mortgages as the lender will assess the potential rental income of the property when determining eligibility. Interest rates tend to be higher on these types of mortgages.
​
Self Employed Mortgages in Mirfield
​
Getting a mortgage as a self-employed person has always been challenging. Due to unpredictable income and cashflow, some lenders can be reluctant to provide self-employed people with a mortgage. There are solution, being self-employed doesn’t mean you can’t get a mortgage with a great interest rate. Providing you can evidence your income and handle monthly mortgage repayments, obtaining a mortgage is still achievable
​
Click here for a guide for self employed mortgages
​
Bad Credit Mortgages in Mirfield
​
If you have had credit difficulties in the past and have a poor credit profile, it can be difficult to find a mortgage. This is something we can help you with. Examples of Poor credit:
-
Bankruptcy
-
IVA
-
Debt Management Plans
-
Defaults
-
CCJ’s
-
Late payments
-
Payday loans
​
In conclusion, there are many different types of mortgages available in the UK, and finding the right one will depend on your individual circumstances. Be sure to do your research, consider your budget and long-term plans, and speak with a mortgage broker or financial advisor before making a decision.
​
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it