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I was looking for a buy to let product for several properties, and as with any busy businessman I needed to get the right deal sorted quickly. From my initial conversation with PBM Finance through to completion, I found the team very efficient with up to date market information. It made a refreshing change to be able to deal with someone outside of “normal” business hours which helped to speed up the whole process. I would certainly use PBM again in the future.
N Ashraf Manchester
100% Mortgages
When you are looking a buying a new home, most mortgage lenders will require a deposit of some kind depending on your financial status. Over the past years, buying a home with no deposit was unheard of. Nowadays, however the majority of mortgage lenders will offer a huge variety of no deposit loan programs. These loans are ideal for families that are trying to buy a home with little or no money for a deposit.
There are a number of benefits in obtaining a 100% mortgage. Ordinarily, mortgage lenders would ask new home buyers to have a deposit/down payment of 20%, 5%, or 3%. Due to the rising cost of living it has made it extremely difficult for middle class families to save money for a home purchase. Mortgage lenders have become very aware of this and due to the high competition within their industry; they are starting to rethink their terms and conditions. Instead of working against the majority of working class people, lenders chose a smarter approach and begin offering a variety of home loans for every need, therefore being of more benefit to the borrower.
With a 100 percent mortgage financing, down payments are not required. The only problem with these loans is that it may have a slightly higher interest rate. However, if your credit rating is high, the rate increase is barely noticeable. Of course, good credit is not required for getting a no deposit home loan. Fortunately, there are loans available for all credit types.
There are a few different types of these no deposit mortgages. One option for obtaining 100 percent financing would involve obtaining a mortgage loan for 103 percent or 107 percent financing. 107 percent financing is ideal for homes that need a lot of cosmetic repairs.
If a borrower is applying for more than a 100 percent financing mortgage then a good or fair credit rating is essential. More often than not, 103 percent full document loans require a credit score of at least 600. A credit score of at least 680 would be required for 107 percent home loans.
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I would just like to say a big thank you to Lee who has recently dealt with my mortgage application. I was kept up to date all the way through the process which I found very helpful. As this was my first experience of getting a mortgage, I appreciated his patience and how well he explained the options to me. I would not hesitate to get back in touch with PBM Finance in the future and have already recommended them to a friend.
J Oliver – Whitley Bay
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Although your bank may seem to be offering you a good deal on a loan, it is guaranteed that there is a better offer elsewhere. These lending companies all want your business and are prepared to offer a better deal than the next lender to get your signature on their contract.
This is why we exist. We are here to help you get the best deal on a remortgage. This will enable you to get more from the equity built up in your home and at a lower rate. Just to refresh your memory, 'equity' is calculated from the difference between the value of your home and your outstanding mortgage. This amount can be converted in to cash known as a secured homeowner loan, also known as a remortgage. This means that the loan is secured against your home.
A remortgage is typically sought after for home improvements, such as a new kitchen, conservatory, bathroom etc. The money can also be used for an extension to the home. All these options can increase the value of your home and in turn could reduce your monthly repayments.
Remortgaging is also known as mortgage-switching, where by you pay off your existing mortgage by applying for another loan at a cheaper rate. Obviously calculations would need to be made in order to work out if this could save you money, otherwise there is no reason to choose this option.
With so many remortgaging options available it could be quite time consuming just looking for the cheapest and right mortgage for you and your circumstances. Here at Remortgages.com we have a team of specialists who do the looking for you, all you need to do is fill out our enquiry form and we will do the rest.
We realise what a painstaking process remortgaging might seem, but together with our help we'll make the procedure as hassle free as possible. Fifty percent of all mortgage business last year wasn't people taking out new mortgages to by a home, but people wanting to remortgage. Whether you want to remortgage to switch your mortgage to someone/where else or if you need that little bit of extra cash, there are an abundance of lenders ready to give you their money.
