Vanmark Financial Services
Mortgages
Mortgages
Buying your first home
Buying your first home is an exciting but rather daunting time for most people, faced with a mass of information, technical terms, and qualifying rules the pleasure of searching and finding that first home can often be lost in the process. Vanmark Financial Services has helped many clients navigate this journey and provided guidance on all the good options available to first time purchasers including taking advantage of government first time buyer schemes which can make getting on the housing ladder a little bit easier. Let us help you turn the dream of owning a property into a reality.
For more information on The mortgage guarantee scheme, Right to buy, shared Ownership or just for a general chat, give us a call on 01865 959099. It costs nothing to talk.
Remortgage
When looking for the best mortgage deals to suit you, you’re likely to find a lot to choose from and selecting the right one may seem almost impossible. This is where using a truly independent mortgage broker like Vanmark Financial Services is the best option, as we will do all the research for you. Unfortunately, many advisers you might consider for good mortgage deals, such as your current bank, are often only able to suggest their own products and rates. As an independent broker, we will compare offers from the total market – helping you find the best possible solution for your needs.
There are many factors involved in getting a new mortgage, and the process may seem complex and time-consuming but don’t worry; we don’t expect you to take it all on yourself – we are here to advise you at every step of the way and to do most of the work for you.
For more information on remortgage options, please gives us a call on 01865 959099. We can guide you through your remortgage from start to finish.
Commercial mortgage
A commercial mortgage is any loan secured on property which is not your residence. Buy to let mortgages are a special type of commercial mortgage created for landlords. Commercial mortgages generally take over where business loans finish. Business loans up to £25,000 are unsecured, but for larger amounts lenders need security in order to reduce the risk to themselves.
A business mortgage can usually be arranged from 3 years to 25 years and the loan can be around 70% to 75% of the property value. This is a measure of loan-to-value ratio to see how much you’re borrowing in relation to how much the property is worth. If it’s an investment then the amount you can borrow will be determined by the rental income generated by the investment, but this will not exceed 65% of the purchase price. If you are buying a business which includes goodwill, stock etc then the amount available will be further reduced.
For more information on remortgage options, please give us a call on 01865 959099.
Why
Reasons why you might want a commercial mortgage.
Business mortgage plan
A business mortgage plan differs from a regular mortgage in the following ways:
- There are usually no fixed rates for commercial mortgages
- You’ll usually pay a higher interest rate on commercial mortgages compared to regular home mortgages as these are considered higher risk to lenders
- Commercial mortgages tend to offer better interest rates than regular business loans as these require property as collateral
Here are a few reasons why you might want to think about taking out a commercial mortgage:
- The interest on your commercial mortgage is tax-deductible
- If your property increases in value, your capital could also see an increase
- You’ll be able to rent out the property to generate extra income
Since a commercial mortgage is quite complex by nature, it’s a good idea to carefully consider which mortgage to opt for and ensure you’re able to afford the monthly payments. Here are a few factors you might want to keep in mind:
- You’ll usually still be able to apply for a commercial mortgage if you have a bad credit rating, but you’ll likely pay a high interest to make up for the risk the lenders take
- Mortgages are a type of secured loan where the property is used as collateral by the lender against the loan, so if you default, you’ll likely lose ownership of your real estate
- Deposits for this kind of mortgage can be quite hefty, so it’s a good idea to ensure you’ll be able to pay both the deposit and the monthly repayments comfortably
- A broker can often help you find the highest loan to value ratio (LTV)
- If you haven’t been trading for long, lenders may see this as a sign of high-risk and request personal guarantees
Contact
Contact us for professional service and the best financial advice. We are confident you will be impressed by our reasonable fees for a high-quality service.
Tel: 01865 959099
Email: info@vanmarkfs@co.uk
Address: Willowbrook, Oxford Rd, Frilford, Oxfordshire, OX13 5NU
