There are different options for Mortgages depending on what you re wanting to do, self build, first time buyer, government-backed incentive read more to find the Mortgage for your situation!
What do you need a Mortgage for?
Self Build Project
First Time Buyer
Self Build Mortgage
As the name suggests, a self-build mortgage is a home loan take out on a property which you are building yourself.
The biggest difference between self-build mortgages and standard residential mortgages is that the funds are given to you in stages rather than as a single lump sum.
If you are planning to embark on a self-build, you can either opt for the DIY route, where you do most of the work yourself, and use professionals like electricians or plumbers where necessary, or you can manage the process and employ a surveyor, an architect and tradesmen who do all the work on your behalf. Alternatively, you can arrange for a contractor to manage the whole project for you.
Whichever route you choose, you won’t be able to get a standard residential mortgage, so you’ll need to apply for a self-build mortgage.
First Time Buyers
Getting onto the first step of the property ladder is important to many of us.
By the time you’re reading this your finances should be in order and you’ll have a deposit ready.
Typically speaking you’ll need a deposit of around 5% of the property value to get a mortgage. If you can save more than this it opens up your options to a wider range of mortgage products.
The mortgage lender will then lend you the balance of 95% which you will repay over a 20 to 30 year term.
If you are looking at a new property then the government’s help to buy scheme can subsidise your deposit and make your deposit go further. Find out more about help to buy here.
To be eligible for a first time buyer mortgage this needs to be the first time you have bought a property
Self Employed Mortgages
Post-credit crunch has become trickier for self-employed workers, freelancers and contractors to get a mortgage.
It’s hard, but not impossible. If you work for yourself and are looking to remortgage or buy a new home, find out how you can get the right mortgage for you with us.
Get in touch!
From first-time buyers to fund the build of your dream home, with 30+ years of experience, We will help find the best mortgage for you.