Complete Guide to the Mortgages in the UK
The UK has one of the most coveted property markets in the world. With the international demand for UK properties, the UK is certainly a place to consider investing if you are looking for consistent returns on your investment. In this article, we will be explaining how the UK mortgage system works and how you can be eligible for a home loan.
Mortgages in the UK
Homeownership is certainly more popular here than in most parts of the world. There are usually two ways you can get a mortgage for your home; via a bank or a building society. Most of these contracts have an expiration date of 25 years, but they can be longer or shorter depending on the circumstances and amount borrowed.
Types of Mortgages in the UK
Several mortgage plans operate in the UK these include:
· Fixed-rate mortgage
· Variable-rate mortgage
· Discount mortgage
· Tracker mortgage
· Capped rate mortgage
· Offset mortgage
The two most popular mortgages in the UK are the fixed and variable-rate mortgages. With the common distinction of fixed mortgages being at a fixed interest rate and the variable mortgage to have an interest rate that will change over time.
Can you get a Mortgage in the UK?
Whether you are a resident or not, there are no legal restrictions for you to buy a piece of land in the UK, but the conditions of the loans might vary depending on your lender. Some of the factors that are taken into consideration when deciding eligibility are;
· Age
· Income and Job Security
· Credit Score
This is a summary of UK mortgages for further details please contact a certified mortgage adviser or contact us at M Estates London on how to find a mortgage adviser suitable for your needs.
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