Mortgage loans made simple to you!

Before going in for a mortgage loan understand the intricacies of it. What is a mortgage loan, what are the different types of mortgages, how is buy-to-let mortgage an investment?

What is a mortgage?

Mortgage loan is more or less like a homeowner loan where in loan amount is raised by pledging a collateral and is used for the purpose of home alone unlike homeowner loan. You repay back the money borrowed with some interest over a period of time. So the lender reserves the right to sell or confiscate your home pledged in case you fail to repay your loan.

Different types of mortgage available in the UK market are:

• Repayment mortgage
• interest-only mortgage
• a combination of the two

Whether you are looking out to fund for your second home, moving your home or Remortgaging, mortgage loan uk can help you in your endeavor and make simple the whole process of applying for a mortgage loan.

Buy-to-let mortgage offers loans to purchase a home or land exclusively meant for the purpose of hiring or letting out. You take a buy to let mortgage, purchase a home, let it out and make repayments from the amount you get by letting that home or property. So you have a home without actually shelling out your own money. Be prudent about the land purchased for buy to let mortgage. Look out for the one with good market value, lesser maintenance issues, avoid the one with lawns or swimming pool as it involves more maintenance cost etc.