Find the best first-time buyer mortgages, remortgages and buy to let mortgages.
Residential mortgages are one of the biggest types of credit in the UK and millions of people use one to purchase their own homes every year.
Property prices within the UK average around £188,000 but depending on where the property is based can determine the price. In London for example the average price is over £400,000.
If you're fortunate enough to have a very large savings account you may be cash buyer but if not you will need to look at residential mortgages to buy your property.
Whether its your first time buying a property or you have taken out mortgages in the past First Quality Loans can help you find the right mortgage that's perfect for your situation.
Searching for residential mortgages online can be a pain staking process especially as there different types of mortgages available on the market and this means the right mortgage for you may differ depending on your circumstances. We're here to help whether you're making a first time purchase, a re-mortgage or a buy to let.
First Time Buyers
Lets look a bit more into the different type of residential mortgages and why you may need each one.
First Time Buyer
Buying your first property is an exciting time , but getting on the property ladder in today's market can be difficult. So finding the right residential mortgage is essential to make sure achieve your goal of owning your own home. They're are lots of things to consider such as which area to live, the type of property and is there room to grow if you are thinking of starting a family.
There are different types of residential mortgages available but we're here to help you find the perfect mortgage to start your journey on the property ladder.
If you you remortgaging it means you will be changing your existing mortgage for a new one, but you will stay in your current home. There are a number of reasons that you mat want to remortgage such as if a better rate available which will result in better repayments. you may also need to raise money for improvements on your property such as a new kitchen or extension, you may need to raise money for a new business.
Buy to Let
A buy-to-let mortgage is what you'll need if you're thinking of buying a property to rent out. renting property has become popular due to low interest rates in savings accounts meaning buying a property to rent out will make your money work harder for you. Finding the right buy-to-let mortgage is important, interest rates are usually higher and it usually works out that you need to put down a bigger deposit.
Taking out a residential mortgage for the first time is one of the biggest commitments you will make so its important to consider all the different options before making a final decision. generally people will take out their first mortgage for a term of 25 years. Its important to consider the length of the mortgage as a longer term will make the repayments smaller but it will take longer to pay off, where as a shorter term will be cleared quicker but the repayments will be higher.
You also have the option of choosing a repayment mortgage or interest-only mortgage. A repayment mortgage means you will be paying off the capital and the interest together so come the end of the term you're all clear. An interest-only mortgage however is a little different. If you go for this option it means you will only be paying off the interest and you will need to clear the original loan at the end of the term. Normally this option is taken if you have investments or are expecting a lump sum of money at the end of your mortgage term.
If you're looking to secure your first home you have come to the right place. It can sometimes be difficult securing a first time mortgage especially if you have less than perfect credit history. We can often help even if the high street banks have turned you down by looking at each case individually. We work with some of the biggest and best mortgage providers within the UK who will consider: ex-council houses, high-rise properties over 6 floors and even properties with bad valuation.
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