Kinds of mortgages you need to know about if you are looking for best Mortgage Broker Ipswich has
The mortgage loan has made buying new property easier. We don’t have to wait anymore to complete our savings to buy a new property. A mortgage broker like Fees Free Mortgages the best Mortgage Broker Ipswich has made it even simpler by giving exciting deals, cash backs and offers to make your dream a reality.
There are different kinds of mortgages according to the need of a purchaser. Let us know about different types of Mortgages and their benefits:
First-time buyer’s mortgage:
A first time buyer usually means to those who are buying a property for the first time. This kind of mortgage is generally very profitable for the purchaser as it includes a lot of exciting deals such as cash backs and lower deposits. The profit of having a lower deposit means you can deposit only 5% of the property value to get a new mortgage.
Remortgaging usually refers to refinancing, in this process a person can easily pay off one mortgage by keeping the same property as security to a new mortgage broker. The process of Remortgaging doesn’t mean to take a second mortgage of the property it is just transferring the mortgage from one lender to another. The advantage of remortgaging is you can get some new exciting deals and offers.
A second mortgage generally means taking a new loan while the first mortgage is still running or in effect keeping the same property as a mortgage. When a house owner regularly pays all the monthly installments then the market value of the property increases, the difference in the market value of the property and remaining payment of the mortgage is known as home equity. If a house owner wants some money for some new projects then they can take a new loan based on the value of the home equity which is called the second mortgage.
Buy to let mortgage:
A buy to let mortgage usually refers to the loan taken by a purchaser to buy a property to give it as rent to pay the installments. These loans are specifically made for the purchaser who wants to invest in a property and get some money. Hotel investment, hostel investment are some of the examples of buy to let mortgages
So if you are interested in some exciting deals with proper guidance that which mortgage loan is the best option for you then discuss with Fees Free Mortgages the expert Mortgage Broker Ipswich has. exciting offers and cash back with the best property advise will take the hassle out of your work.