It’s easy to get yourself into debt but the key is guarding against that one situation and having the protection to get you out of it. We have an expert panel of Insurance Providers .
Mortgageforce is a long-established business, partly owned by a Top 10 UK Building Society and specialising in connecting potential borrowers of residential and commercial finance with a regulated mortgage broker.
As part of the property buying process, you will require a solicitor. If you don’t have one, The firm can recommend a few depending on your geographical area and may even be able to save you some money.
Price offered is subject to an initial FREE consultation. For high loan to value mortgages, complex mortgages, unconventional mortgages or where the Client has an bad credit record Mortgages Force Scotland will charge £995 per mortgage.
The above figures are a close approximation of the monthly costs. Ask us for a Personalised Illustration to suit your circumstances and preferences.
The most common type of mortgage. This allows you to pick a length of time that your rate will be fixed and protected from any rises in interest rate. It offers comfort and consistency that your payment remains the same over that period. Your broker should contact you anywhere from 3-6 months before your rate comes to an end so you avoid reverting to the SVR (Standard Variable Rate) which often means your monthly payments increasing. If the interest rate comes down you would not benefit from those changes if you are still within your fixed period.
A tracker mortgage is a loan where the interest you pay is based on the Bank of England (BoE) base rate plus a set percentage from a lender. The current base rate is currently 1.75% so if your chosen lender charges 2% + the BOE base rate then the interest rate on your tracker mortgage would be 3.75% and your monthly payments would be calculated this way. If the base rate increases your tracker mortgage would rise. If the rate was cut then your tracker rate would reduce.
A discounted mortgage is where the interest rate is reduced at a set amount below the lenders Standard Variable Rate (SVR) for either a set period (typically 2 or 5 years) or for the whole mortgage. The SVR can be raised or reduced at any time and any amount.
A discount mortgage is a type of variable-rate mortgage meaning the amount you pay could change from month to month.
This is a mortgage where a close family member (parent, grand-parent, aunt/uncle and sibling) agrees to shoulder some of the risk by acting as a guarantor.
This usually means them providing all or part of a deposit as well as using their income in addition to the applicant to help boost their affordability. This helps when the property is otherwise out of reach. A guarantor may also be required if the applicant has a poor or lower credit score.
The downside to a guarantor mortgage could be if the property is repossessed and sold the guarantor may be liable to cover any shortfall.
(JBSP) mortgages allow parents, siblings and children to club together and obtain a mortgage (up to 4 applicants). The main difference is that while the borrowers are names on the mortgage only the child’s name will be on the property deeds. The parents will also avoid any additional property tax.
Older parents may struggle to get accepted and the lender may require evidence that the child’s income will rise in the future.
