There are a whole range of providers across the market offering similar mortgage products to those previously provided by Bradford and Bingley.
If you are an existing Bradford and Bingley customer looking to change your mortgage, or else keen to find the best deals on secured borrowing, there are a number of different options that may be appropriate.
Compare alternatives to Bradford and Bingley mortgages
There are many different types of mortgages you can apply for, depending on your borrowing needs and personal circumstances. These are some of the most common:
First Time Buyer mortgages
Many people are struggling to get on the property ladder, which is why most providers now offer some kind of mortgage products aimed specifically at first time buyers. These often offer up to 95% of the value of a property and some even offer 100% mortgages if you have a relative who will put up their own house as collateral for the deposit.
Buy to Let mortgages
Investing in property to rent out is increasingly popular and buy to let mortgages are designed for exactly this. The amount you can borrow will often be determined based on the rentable value of the property. Many institutions require the monthly rental income of a property to equal at least 125% of the interest-only repayments on a mortgage given on that property.
If you want to borrow more, or are hoping to save money by replacing your existing mortgage with a new one, remortgaging can help. This allows you to take out a new mortgage to pay off your old one, so if you get a better deal on your new mortgage, it can bring down your monthly payments. Alternatively, if your new mortgage is bigger than your existing one, you will have some cash left over for whatever you require.
Second charge mortgages
If you need extra funds it can sometimes be better to take out a separate second mortgage on top of your existing one. This is known as a second charge mortgage. This can offer better value than remortgaging if you have a particularly good deal on your existing mortgage.
Loan to value ratio
A number of factors will affect how much you can borrow as a mortgage, including your personal income. However, one of the biggest influences is your loan to value (LTV) ratio. This describes how much the total amount of debt you want to secure against your property is as a percentage of the property’s market value.
So, if you want to borrow £50,000 on a property worth £100,000, that would give you an LTV of 50%. If you subsequently wanted to take out an additional secured loan for another £25,000, that would put your LTV up to 75%. Generally, the lower your LTV the better interest rate you will receive.
Find the best deals on mortgage rates
With so many lenders and different types of mortgages on the market, getting the best fit for your borrowing needs can be tough. Our mortgage calculator (see the top of the page) takes a lot of the stress out of the equation by doing the hard work for you.
All you need to do is plug in some key details, such as how much you want to borrow, how long you want to repay over and why you need the money. The mortgage calculator will then match you with the best deals we have sourced from across the industry that fit your specific requirements.