This is NOT financial advice
Residential mortgages are considered the backbone of the housing industry in the United Kingdom. Got your eyes on your dream home but can’t afford it outright? A mortgage can enable you to complete the process with a long-term loan also called a ‘mortgage’. Provided you are able to pass the relevant credits checks and put down an agreed deposit, a lender can supply the remaining totals which can be leveraged against the property itself and free you up to repay the remaining total over a longer and more manageable period. The method of repayment can vary from case-to-case and as a result it can be especially easy for first-time buyers to feel overwhelmed without guidance. Rest assured that our skilled consultants are experienced, passionate, and committed to providing the best advice and resources needed.
We understand that every borrower’s situation is different so you can be sure that our bespoke approach will allow an open and easy route to getting on the property ladder. Ansharf Estates is at the forefront of a movement pushing to simplify finance in the housing industry. Whereas other institutions might begin with jargon and process – our process will always begin with the thing we consider most central to our mission statement – you. As such, we will always dedicate our efforts to promptly ensuring that you get the most appropriate package for your situation.
A mortgage is generally a medium-to-long-term lending option that is used to assist buyers in acquiring property where the loan is leveraged against the property itself. In a nutshell, buyers are required to provide a deposit and demonstrate their feasibility in regards to repayments. If successful, a lender will work with the potential buyer to create a contract that can be paid off anywhere between 24 months to 40 years – our team can work with you to decide on the most appropriate product for your situation. Shorter term mortgages also exist which can range from one to 24 months – this would be referred to as a ‘bridging loan’.
You can use either a broker or a lender to help you get a mortgage. Usually you require a deposit (sum of money) to go towards your purchase and a salary to support your affordability. Ultimately, you should always shop around for the best terms and lowest rates and fees.
A broker in this context would be someone who can find you a lender. Brokers, themselves, do not lend or offer any borrowing options.
A lender is a financial institution that offers borrowing options to customers over the short, medium and long terms. For example, a lender (your bank) may offer you or you may request an overdraft facility which allows you to temporarily dip into arrears in order to cover deficits that you are expected to eventually cover. The most common and typical mortgage would be considered a long-term lending option.
