Compare Vernon Building Society mortgages
To get a sense of which type of mortgage will be a good fit for your borrowing needs and personal circumstances, take a look at the following information on the types of mortgages offered by Vernon Building Society.
First Time Buyer mortgages
If you are planning to buy your first home, you could borrow up to 95% of its value with a first time buyer mortgage from Vernon Building Society. This means you only need to save as little as 5% of the property’s value to be able to move forward with your purchase.
Buy to Let mortgages
If you are thinking about buying a house to rent out or are an existing landlord looking to expand your portfolio, you could consider a buy to let mortgage with Vernon Building Society. The amount you can borrow will be linked to the value of the property and may depend on its monthly rental value as well.
Offset mortgages
An offset mortgage allows you to link your mortgage to one, or several, bank account/s. This allows you to use any money held in the linked accounts to offset the balance owed on your mortgage.
So, if you have a mortgage for £100,000 and have £20,000 in a linked account, you will only pay interest on £80,000, not the full £100,000. This can reduce your monthly interest payments and help you pay off your mortgage sooner.
Remortgaging with the Vernon Building Society
If you need to increase your borrowing against your home, you could unlock up to 90% of its value by transferring your mortgage to Vernon Building Society. Alternatively, you could keep your borrowing the same, but cut your monthly repayments by getting a mortgage with lower interest rates or spread over a longer period.
Loan to value ratio
To see whether a particular mortgage is likely to offer enough money for your needs, it is important to consider the relevant loan to value (LTV) ratio. This tells you how much you can borrow with a specific mortgage product relative to the value of any given property.
So, if you see a mortgage offering 70% LTV, this means you will be able to borrow up to 70% of a property’s market value with that mortgage. For example, on a £100,000 property you would be able to borrow up to £70,000. Lenders will usually offer better rates on mortgages with a lower LTV.
Find the best deals on mortgage rates
Our mortgage calculator offers a fast, free and easy way to check mortgage deals from all the leading providers. That way you can compare interest rates and features from various lenders to see which best fit your requirements.
Simply head to the top of the page and share some basic details about your borrowing needs. The calculator will then show you matching deals from top lenders so you can make an informed decision.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
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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.
