Mortgages are long-term loans used to finance the purchase of property, typically requiring regular repayments over a specified period, with the property serving as collateral.
A mortgage is a financial arrangement provided by a bank or building society that enables you to purchase a property. This type of loan is secured by the property itself, granting the lender the authority to repossess and sell the property in case the borrower is unable to meet the monthly repayment agreements.
Although Mortgages are primarily obtained by banks and building societies, specialist lenders are offering them as well. Mortgages in the UK are primarily offered by banks and building societies. When seeking a mortgage, borrowers have two primary paths to explore.
Directly from a lender
Mortgages can be secured directly from the lender. Borrowers can compare lenders via online comparison website or reaching out directly. However, it is more beneficial to opt for the expertise of a master broker who has access to the whole of market. They will be able to assist with
Through a mortgage broker
Alternatively, borrowers can engage the services of a mortgage broker or an independent financial adviser to help them navigate the mortgage landscape. FinSpace Group consultants have access to the entire mortgage market, known as “whole-of-market”, allowing us to offer our clients access to a wide array of lenders. At FinSpace, we can provide market leading competitive deals to our clients.
Whether borrowers opt for a direct approach or enlist the expertise of a mortgage broker, choosing the right mortgage is a significant financial decision when purchasing a property.
Mortgages are a type of long term finance. Here are a few examples:
Second-charge mortgages, also known as secured loans, are a form of secured borrowing that allows homeowners to access additional funds by using the equity in their property as collateral.
A buy-to-let mortgage is a loan designed for property investors who purchase residential properties with the intention of renting them out to tenants, typically requiring the rental income to cover the mortgage repayments.
Commercial mortgages are loans used to finance the purchase or refinance of commercial properties, such as office buildings or retail spaces, with the property itself serving as collateral for the loan.
Residential mortgages are loans specifically designed to enable individuals to purchase or refinance their homes, typically requiring regular payments over an extended period while using the property as collateral.
FinSpace is a master broker with access to 130+ lenders based in central London. Our team of 30+ experts will talk you through the process and package your application from start to finish. We can browse the market and provide you with competitive rates and the market’s best deals.
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