Mortgages Offered by Tannorella Mortgages
Unsure of the mortgage that is right for you? Don’t worry, our services cover all types and our advisors will be able to support you in making the right decision for the mortgage that best fits your requirements.
Types of Mortgages
Buy to Let
A property which has been purchased for the purpose of letting would require a Buy to let mortgage. The rates are slightly higher than residential mortgage however the mortgages are generally on Interest Only basis to keep the monthly costs down and for tax purposes. Buy to let mortgage can be on a single property or a number of properties called a portfolio. Where a fixed rate can be secured across a number of properties providing certain criteria are met.
This is a mortgage for your main residence or second home. The mortgage would require you to reside at the property with 40% or more of the property for residential purposes
Mortgage Enquiry Form
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House Multiple Occupancy (HMO)
The property which has more than 5 individual tenants living in the same property. The mortgage required would be classed as Buy to Let for HMO and this again has certain caveats which need to satisfied.
Semi Commercial, Commercial and Bridging Loan
The mortgage required for a property ,building or land which has commercial use involved. Bridging Loan is required for short term finance when speed is required. Usually have monthly payments included in the cost of Bridging loan with an exit plan for redemption of loan after 3-12 months.
A method of releasing equity in your property which is your main residence. You have an option to either make payments on the interest charged or allow the interest to roll up and effectively be added to the balance each month. You must own and reside in the property as main residence and be 55 years of age or older to qualify for equity relelase.This results in the loan increasing in size and is only payable on death of the client or moving into long term care. The sale proceeds can be used to clear the equity release mortgage.
Fixed rate mortgage
This is when the payment is fixed for a certain period , giving you the certainty that your payments remain unchanged for the period of the fixed rate. Fixed rate start with 2 years and increase up to 10 years. Majority of borrowers opt for a fixed rate as the product provides a security and certainty that your payments remain unchanged regardless of interest rate rises.
This is when the mortgage Tracks the Base rate of England ,which is currently 0.5%. This product generally provides a lower payment than a fixed rate, however it offers no certainty or security with regards to the payments increasing. The tracker rates have been very low for a number of years due to the BASE RATE OF ENGLAND being an all time low at 0.5%. The payment can increase at any time as it matches the base rate of England.
This is when the mortgage is discounted below the lender offering the Discounted deal Standard Variable rate. The rate is essentially variable as the lender can increase their standard variable rate at any time which would have the result of increasing the monthly payment immediately. The only certainty you have is the rate will be below the lenders Standard Variable however this can still rise with the Base Rate of England increasing
This is when the mortgage is based on the lender standard Variable rate, it provides no certainty and no stability as the mortgage payment can increase or even decrease depending on the lender. This type of mortgage can also increase at any time if the lender wishes to increase their standard variable rate.