Your home may be repossessed if you do not keep up repayments on your mortgage.

Some buy to let mortgages are not regulated by the Financial Conduct Authority.

Owner occupied, i.e. premises predominantly used by its buyer, used to be the most easily obtained mortgage deal, as lenders believed that it will be better cared for than a buy-to-let type of property, hence has a greater chance of increasing its value.

According to Office for National Statistics  home ownership in the last decade has fallen, for the first time since 1918, and in 2011 it was estimated at 64%. Perhaps this was one of the factors that influenced the introduction of various government schemes encouraging first-time buyers to actually fulfill their property dreams, still there is a myriad of options out there and simply comparing interest rates may not be enough to find a loan that truly meets your circumstances. Here’s a list of factors to consider:

  • Repayment amount.
  • Interest only amount.
  • Assumed interest rate.
  • Term of mortgage /years.
  • Total payments.
  • Monthly total.
  • Total repayment.
  • Total interest paid.
  • How flexible to you need the mortgage to be.
  • It is to be a fixed-rate, variable-rate or a hybrid option.

If you would like to discuss your objectives and available choices, call us on 01708 504455 or email Gary Taylor on gtaylor@gbpfs.co.uk

Source:   http://www.ons.gov.uk/ons/rel/census/2011-census-analysis/a-century-of-home-ownership-and-renting-in-england-and-wales/short-story-on-housing.html