Compare Chesham Building Society mortgages
There are a variety of different types of mortgages intended for different types of borrowers. Whether you are looking to purchase your first home, move house, invest in a rental property, get a better deal on your mortgage or borrow more, there are various options to choose from.
First Time Buyers
Many people struggle to get together the deposit to buy their first home, which is why a lot of lenders offer mortgages specifically for first time buyers. These will often allow you to borrow up to 95% of the value of the property you wish to buy, making it much easier to raise the necessary deposit. They may also allow relatives to help, for example by putting their own homes up as partial collateral on the mortgage.
Buy to Let
Landlords or prospective landlords need to take out mortgages aimed specifically at rental property owners. How much you can borrow may depend on the monthly rental income of the property and many lenders specify that this must be equal to at least 125% of the interest on your mortgage.
Remortgaging with Chesham Building Society
If you aren’t happy with the deal you have on your existing mortgage or need to borrow more, remortgaging can be a good choice. It will allow you to take out a new mortgage and use this to pay off your existing one and can leave you with lower monthly repayments or a lump sum spare.
Second charge mortgage
If you need to borrow more, remortgaging may not always been the best option. If you have a good deal on your existing mortgage that you don’t want to give up, you could instead take out a separate secured loan. This is commonly called a second charge mortgage and may allow you to unlock up to 90% of your property’s value.
Loan to value ratio
Wondering how much you can borrow? The answer is likely to depend partially on your income, but also on your loan to value (LTV) ratio. This shows what percentage of a property’s market value your loan would make up.
For example, if you were putting an offer on a property for £100,000 and needed a mortgage for £50,000, that would equal a LTV of 50%. If you later needed to borrow an extra £25,000, that would put your LTV up to 75%.
You will normally find that most providers offer better interest rates when you have a lower LTV.
Find the best deals on mortgage rates
Our mortgage calculator takes the hassle out of the equation when it comes to finding the best mortgage deals. Simply plug in some basic details about your borrowing needs and we will show you a great range of offers from across the market. Head to the top of the page to try it out.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.