Compare Loughborough mortgages
There are many different types of mortgages aimed at different types of borrowers. Which is the best option for you will depend on your specific borrowing needs and your personal financial circumstances.
First Time Buyer mortgages
Loughborough Building Society offer mortgages to customers with deposits as low as 5% to help first time buyers get a foot on the property ladder. They will also consider guarantor mortgages, allowing close family members to help first time buyers to secure the money they need to purchase their first home.
Buy to Let mortgages
For those looking at buying a property to rent out, Loughborough Building Society will lend up to 80% of the property’s value as a buy to let mortgage. To qualify for a buy to let mortgage from Loughborough Building Society you will need to be at least 25. The amount you can borrow may also depend on the monthly market rental income of the property.
Remortgaging with Loughborough Building Society
Whether you want to get a better deal to reduce your monthly repayments, or borrow more for home improvements or other purposes, remortgaging can be an attractive option. Switching your mortgage to Loughborough Building Society could allow you to receive a better interest rate or leave you with a lump sum once your old mortgage is paid off.
Second charge mortgages
If you are happy with your existing mortgage but want to borrow more, a second charge mortgage can be a cost effective way to do this. Second charge mortgages are a way of taking out a secured loan on your property which is entirely separate to your existing mortgage and can be a relatively quick and affordable way to borrow.
Loan to value ratio
When deciding how much to lend to each borrower, mortgage providers look at the loan to value (LTV) ratio. This is a way of see how much the mortgage is as a percentage of the value of the property.
So, if you are buying a £100,000 property and need to borrow £50,000, this gives you an LTV of 50%. If you later seek to borrow an extra £25,000 as a second charge mortgage, this would put your combined LTV up to 75%. Most lenders will offer better rates on mortgages with a lower LTV.
Find the best deals on mortgage rates
Everyone wants to find the best people deal on their mortgage and our mortgage calculator can help you do just that. All you need to do is share some basic information, including how much you need to borrow and how long for. The mortgage calculator will then show you appropriate deals from across the market, making it easy for you to compare them all and see which offers the best value for you.