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MORTGAGES

ALL YOU NEED TO KNOW ABOUT MORTGAGES

Which Mortgage is Best for Me?
At MFS we offer a wide and varied range of mortgages for first time buyers, remortgage customers, people with bad credit, self cert mortgages for people who cannot prove their income, commercial mortgages and right to buy mortgages for council tenants. Each clients circumstances and needs are unique the client themselves however we have provided the basic details below to help you, our prospective new client, make a more informed choice about what bad credit mortgage, self cert mortgage, commercial mortgage or right to buy mortgage or other mortgage may be best suited for your circumstances.

What Is A Fixed Rate Mortgage?
A fixed rate mortgage is where the interest rate is held for a pre-set period of time and the rate will be held regardless of any fluctuations in the rate. With a fixed rate mortgage your payments will remain the same for as long as the mortgage is fixed (typically 1-5 years).

Variable Rate Mortgage (Tracker)
With a variable rate mortgage, your interest rate is linked to the Bank of England's base rate. This means that if the base rate rises by .25% or lowers by .25%, the interest rate on your mortgage will rise or lower by a corresponding amount.

Discount Rate Mortgage
A discount rate mortgage is essentially a standard variable rate mortgage, so it still moves in line with the Bank of England's base rate, but it also has a discount thrown in for a set period of time (typically 1-5 years.) With a discounted rate the rate and the mortgage payments can fluctuate in line with change in the base rate but the underling rate will always be discounted by the discount that was agreed at the outset and for the period that was agreed at the start of the mortgage.

Repayment Method
There are two main repayment methods that you can consider when taking a new mortgage.

Repayment Mortgage
Your monthly payments gradually pay off the amount you owe as well as paying the interest charged on the loan. Provided you make all the agreed payments, the loan will be fully paid off by the end of the mortgage term and you will own your property outright.

Interest Only Mortgage
Your monthly payments cover only the interest on the loan. They do not pay off any of the original loan. You will need to arrange to pay separately into a savings or investment scheme (e.g. pension mortgage or endowment) to build up savings to pay off the mortgage at the end of the term. It is your responsibility to make sure you have enough money to repay the mortgage at the end of the term; otherwise you could lose your home.

Do I Qualify?
MFS can help people with a wide range of personal circumstances but our main focus is on helping people who may have experienced credit problems or alternatively may have difficulties providing proof of income. Our experience in the specialised sector has taught us that occasionally nasty event such as CCJs, rent and mortgage arrears happen to genuinely nice people, possibly through no fault of their own. We are happy to be able to provide a service that can solve problems and give our clients access to the mortgage funds that they require.

TYPES OF MORTGAGES

First Time Buyers
Buying a house is one of the most important purchases you will make. Buying a home for the first time can be an even more daunting prospect. With so many factors to consider it can be difficult to know where to begin when looking for a mortgage.There are a wide range of providers and mortgages across the market providing a vast selection to choose from, and useful though it may be to have plenty of choice, it can leave you feeling completely daunted and confused.We are specialists in providing mortgage advice to first time buyers. And, because we have access to the whole of the mortgage market, we can compare the range of mortgage products available for first time buyers, and find the best mortgage deal to suit your own personal needs. You are not limited to just mortgages designed for first time buyers. Depending on your circumstances we will recommend the best mortgage for you from the wide range of mortgages on the market for house movers.So, rather than trawling the high street and agonising over your choice, you could save time and potentially a large amount of money, by contacting us and getting the very best mortgage deal for your situation.

Re-Mortgage
If you have sufficient equity in your property the chances are that a re-mortgage is available to you.

  • A re-mortgage is a quick and easy way of raising funds
  • Consolidating other debts
  • Pay off credit cards
  • Home extension
  • Pay your tax bill
  • Buy property, a second home or buy to let investment

Buy-To-Let Mortgage
Buy to Let is the system of buying a house to let as a potential form of investment. Buy to let should be seen as a medium to long term investment vehicle. There is no doubt that the buy to let mortgage availability has stimulated the growth of the Private Rented sector by encouraging individuals to take a stake in the property market.

Bad Credit Mortgages
In most cases you can get a mortgage even if you have bad credit with a variety of problems such as:

  • County Court Judgements
  • Credit Defaults
  • Mortgage Arrears
  • Bankruptcy
  • Previous Repossessions

Bad credit is no longer a barrier to obtaining a suitable mortgage and experience has taught us that on occasions nasty things such as CCJs etc can happen to genuinely nice people through no fault of their own. In such cases where the client requires a mortgage, we are here to help. Many of our clients with a bad credit record have come to us with a seemingly impossible situation and been very satisfied with the mortgage solution provided. A bad credit mortgage is a mortgage that is designed to help people with a bad credit history and all applications are subject to status and credit checks.

Self-Cert Mortgage
A self cert mortgage is an easy way of detailing your income as you simply self declare what you earn. In general terms the self cert mortgage lender will not normally insist on seeing your accounts.

  • NO ACCOUNTS?
    - NO PROBLEM!
  • SELF EMPLOYED YESTERDAY?
    - NO PROBLEM!
  • SELF EMPLOYED AND BAD CREDIT?
    - NO PROBLEM

We appreciate that not all clients keep books and records bang up to date, or have provable income such as trading accounts, this applies especially to new start up situations. What ever your current situation it won't stop us trying to help you. If you are self employed you will almost certainly have experienced problems getting a mortgage from mainstream or high street lenders. Do not despair we have plenty of options available to you and a self cert mortgage could be the answer to your mortgage needs. Please remember that many of our clients have come to us with seemingly difficult self cert mortgage problems - and left with the self cert mortgage solution they needed!

Right-To-Buy Mortgage
Our expert advice is available to you to help you decide if buying your council property is right for you.

Right-To-Buy Mortgages feature:

  • HOUSES AND FLATS
  • HIGH RISE FLATS CONSIDERED
  • NON-STANDARD CONSTRUCTION CONSIDERED

Want a Secured Loan?
A secured loan will give you the flexibility to raise funds quickly without disturbing or changing your existing mortgage in any way. Like many of our clients you may wish to consolidate all you current debts in one new loan, or complete those urgent home improvements, buy a new car or take a well-deserved break and have that dream holiday.

Commercial Mortgages
Forget what the High Street lenders may tell you, Fast Commercial funding is available! There are now several new market products providing very swift access to commercial finance Featuring:

  • Self-certification - no accounts required.
  • Loans of up to 85% with no additional security.
  • 100% available with additional security.
  • Up 30 years repayment periods available.
  • Interest only options available.
  • Adverse Credit Accepted.
  • Bankrupts considered.
  • ... and best of all no daunting bank interviews!

Rates available from 1.25% above base rate for: Shops, Factories, Shops with accommodation, Offices, Pubs and Clubs, Guest Houses, Bad and Breakfasts, Restaurants, Farms, Land and Building Projects, Hotels, Nursing Homes etc. Finance is available for purchase, re-mortgage, Buy-to-Let or for fundraising.