Compare alternatives to Scarborough Building Society mortgages
If you were interested in taking out a mortgage with the Scarborough Building Society you will need to look instead at the Skipton Building Society or one of their competitors. There are many different types of mortgage products available across the market which may fit your needs.
First Time Buyer mortgages
Many first time buyers are not able to raise a sufficient deposit to buy a property using a traditional mortgage. This is why most lenders offer dedicated first time buyer mortgages with features designed to make buying a first home more affordable. This may include being able to borrow a higher percentage of a property’s value and may also cover discounted interest rates for an introductory period.
Buy to Let mortgages
If you are interested in buying property to rent out you will need to apply for a dedicated buy to let mortgage. The amount you can borrow will usually depend both on the value of the property and on its likely rental income. Most lenders will want the monthly rental income to cover the monthly repayments plus at least 25%.
Remortgaging with the Scarborough Building Society
Switch you mortgage to a new provider and you may be able to get a better interest rate or borrow more in an affordable way. Remortgaging can thus allow you to cut your monthly repayments or leave you with spare cash once your old mortgage is paid off, giving you money for home improvements or other purposes.
Loan to value ratio
When deciding which mortgage product is going to be a good fit for your borrowing needs, it is a good idea to bear in mind what your require in terms of loan to value (LTV) ratio. This is a way of expressing the amount you need to borrow as a percentage of a property’s market value.
So, if you need to borrow £50,000 on a property worth £100,000, that would give you an LTV of 50%. Most lenders will tend to offer better interest rates on mortgage deals with a lower LTV, so the more you can raise as a deposit, the better value you are likely to receive.
Find the best deals on mortgage rates
Finding the best deals on mortgages can be time consuming and tedious, requiring you to check dozens of different lenders to see exactly what they have to offer. Our mortgage calculator can save you considerable time and effort by letting you compare leading mortgage deals from across the market all in one place.
All you have to do is scroll to the top of the page and plug in some simple information about your borrowing needs. The calculator will then show you deals from the leading lenders allowing you to quickly and simply compare them to see which offers the best value for you.