Offset Mortgages With No Proof Of Income
Mortgages type
If you are looking for a mortgage, then it can be daunting knowing which one is the right one for you and your circumstances. Here our quick guide to mortgage types will help you make an educated decision when choosing a mortgage.
Fixed rate mortgages
If you are on a tight, inflexible budget, then a fixed rate mortgage could be best for you. With a fixed rate mortgage, the interest rate is set for an agreed period of time. This is typically anywhere between one to five years.
The plus points of this type of mortgage are that you always know how much you will be paying on your mortgage during the set period.
And if mortgage interest rates rise, yours won’t.
Conversely – and the downside – if interest rates go down, your mortgage interest rate won’t, so you could end up paying more than you need to.
Capped rate mortgages
With capped rate mortgages, a ceiling limit is set to how high your interest repayments will go. This is great as it means you have the security financially that your repayments will only ever go so high.
However, you do pay for this security, with interest rates on capped rate mortgages being slightly higher than those on a fixed rate mortgage.
Buy to Let mortgages
With more and more people investing in property, Buy to Let mortgages are easier to come by.
With this type of mortgage, you put down a deposit (which varies from lender to lender as to the amount of deposit they require) then use a mortgage to make up the difference.
To keep your mortgage lender happy, you’ll need to be able to show that you will be able to get a gross rent of 125 – 130% each month to cover other incidentals such as letting fees, insurance etc
Remortgages
If you think you can get a better deal on your mortgage, then why not look at remortgaging? It can be a great way to save money on interest repayments by switching to a lender whose product charges less in interest.
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