Mortgage providers - Local authorities and Key worker loans

Required Reading


  


Mortgage providers - Local authorities and Key worker loans


You may have luck with obtaining a mortgage from your local authority, particularly if you are buying an older, cheaper property which the building societies have turned down.

The drawback to this route is that local authority funds are often in short supply. In the first nine months of 2012, for example, local authorities in the United Kingdom advanced a total of £1791 million -but the vast majority of this went to sitting tenants of council houses. In England and Wales alone they accounted for £1764 million of that overall total. If you were not a council house tenant, therefore, your chances of getting a mortgage from the council would have been pretty slim.

Unless you have particularly good reasons for choosing that older property, my feeling is that you should think carefully before taking it on. Unless you propose to carry out a large programme of repairs, you may find difficulties when you come to sell it, as any buyer would face equal problems in getting a mortgage.

Insurance companies

Insurance companies are generally in the business of providing 'top-up' mortgages rather than a full mortgage. You will probably have to consult a mortgage broker to get one: they tend to be slightly more expensive than a building society mortgage and they will be of the endowment type.


Want more information onnorthern bank mortgages

Mortgage providers - Other lenders Banks and Building Societies


You should not forget that building societies are not the only source of funds. In 2011 the banks moved into the mortgage business in a big way, though by early 2013 some of them appeared to be rapidly moving out again. All the main banks, however -Midland, Lloyds, Barclays, National Westminster and the TSB offer mortgages on terms of up to 25 years.

Some of them will make it a condition that you have your current account at that bank, and you may also be asked to pay an 'arrangement fee' of around 160 (or more) for the mortgage loan. At the time of writing, the banks are keeping their mortgage interest rates very much in line with the building societies' rate, even though some observers have . . .... see: Mortgage providers - Other lenders Banks and Building Societies


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.