Mortgage Types - Self-Build Mortgages
This is a type of mortgage available for you to build your own home. Plans will need to be passed, together with a full budget for the project before the mortgage application proceeds.
Once the mortgage has been approved the money is released in stages during the building process and valuations are done at each stage you wish to receive your money.
This way it prevents you spending too much money too soon and running over your budget. As you are not buying the property you do not have to pay any Stamp Duty Land Tax at any stage during the build or at completion. However, if you buy the land for more than £125,000* then you will pay Stamp Duty Land Tax on this purchase.
* Under current legislation at 01-06-2013 - Data Source: HM Revenue & Customs
Disclaimer - Note
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We will charge a broker fee of between £299 and £499, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.
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Should you need help or understanding about these different mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We simply aim to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.
Trust Financial Solutions can assist you in finding the right mortgage for you. We offer a confidential one-on-one service that can take the guesswork out of mortgages and help to guide you through the process from start to finish. This is what we do best and we look after you every step of the way.
- We match your personal situation and objectives with the most appropriate mortgage deals available from our panel of mortgage lenders.
- We will request from you all the necessary paperwork at the start.
- We work closely & meticulously with mortgage companies to ensure the application is processed promptly, guiding you through every step of the way from first contact to completion.
- We take pride in working to meet your timescales.
At Trust Financial Solutions we strive to be professional, courteous, prompt, trustworthy, honest, caring, but most importantly, we'll always have the best interests of you, the client, at heart.
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Self-Build Mortgages - Options
This is a type of mortgage available for you to build your own home. Money is released, in stages, during the building process and valuations are done at each stage you wish to receive your money.
Generic Mortgage Types - Explained
An offset mortgage allows you to offset your savings against the sum you have borrowed on your mortgage and you will be charged interest on the balance. It is usual for interest to be charged on a daily basis and may allow you to pay off your mortgage faster than with a conventional mortgage, and may save you money in the long run.
With a Fixed Rate Mortgage, the rate stays the same throughout the specific period, thus giving you peace of mind that your monthly payments won't change.
This allows you to budget accordingly
The Tracker Rate Mortgage follows a particular base rate such as the Bank of England Base rate or LIBOR (London Interbank Offered Rate) and can decrease or increase accordingly.
SVR (Standard Variable Rate) Mortgages
SVR (Standard Variable Rate) Mortgages
This is the Banks own lending rate without any discounts or deals. Usually this rate provides you with total flexibility and no penalties for closing the account early.
Other Mortgage Product Types
House Purchase / Moving Home
House Purchase / Moving Home Mortgage
This is the mortgage you'll require when you are buying a new home or moving to a different home and need to sell your existing house either privately or through an estate agent.
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This is the mortgage you'll require when you switch your mortgage (like for like) from one lender to another.
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Also this is a good time to reassess your personal circumstances and make any necessary changes to your current mortgage. You may wish to borrow additional money to improve your kitchen or
First Time Buyer / Buying Your First Home
First Time Buyer / Buying Your First Home Mortgage
This is the mortgage required for people who want to get on the first rung of the ladder. There are lots of options available to you and some only require a small deposit.
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This is when you wish or need to borrow additional money to build an extension to you home, modernise your kitchen or bathroom, consolidate your debt, or raise money for a new investment property.
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Let To Buy
Let To Buy
Let to buy is a situation where a homeowner wishes to purchase a new home to live in and rent their existing property out to tenants.
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Buy To Let Mortgage
Buy To Let Remortgage
This is the mortgage you'll require to build your own home. Money is released, in stages, during the building process and valuations are done at each stage you wish to receive your money.
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