overseas, commercial and residential property mortgages

Affordable Mortgages - James Wilson Real Estate & Developers Streatham Limited

What is a mortgage

A mortgage is a loan granted for the purpose of purchasing a house. Mortgages are usually fixed for 25 years and some lenders will allow long term or short term. Your agreement in principle can affect the interest payable on your mortgage.

Mortgage Types

Standard Variable Rate Mortgages

With standard variable rate (SVR), it is up to the mortgage lender's discretion whether to raise the interest rates or reduce it. Interest rates are usually linked to the Bank of England base rate and fluctuates accordingly.

Fixed Rate Mortgages

These remain constant for a set period of time against your agreed loan. For example they may be set between two to years. Longer term fixed rates tend to be more expensive with early mortgage repayment charges and are therefore less popular than shorter term fixed rates mortgages.

Capped Rate Mortgages

A capped rate mortgage is similar to its fixed rate counterpart. The interest rate for these mortgage loans cannot rise above where it is capped, but can vary beneath the cap. They are usually capped over a period of five years.

Discounted Rate Mortgages

A discount rate mortgage is where there is a reduction in the variable rate and this is usually for a set period up to five years.

Cashback Mortgages

A cash back mortgage is where a lump sum is given to the borrower on completion or after the first monthly mortgage payment. This can be used as extra cash to pay for other fees such as Solicitors Fees, Broker Fees and Surveyor’s Fees.

Flexible Mortgages

Flexible mortgage enables the borrower to either make more payments, less payments or taking a holiday payments against their property. With this mortgage there are no early repayments fees from the property owner.

Buy to Let Mortgages

Buy-to-let mortgages enable the borrower to purchase a residential property and let it out for a profit. This type of mortgage is popular with property investors. Lenders will estimate how much rental income the property can achieve and lend on that basis rather than on their salary.

Self-Certification Mortgage

These mortgages are commonly used for self employed people who may not have been in business for the required 3 years or cannot produce accounts for a 3 year period but can demonstrate usually through an Accountant's reference that they can afford the mortgage payments. With these loans the purchaser will be require produce a larger deposit against the property.

Read common mortgage questions asked by prospective and existing residential and commercial property owners.

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