125% Mortgages
First Time Buyers
Flexi Mortgage
Remortgages
Adverse Credit Mortgage
Buy to Let
Best Buy Mortgage
Self Certification Mortgage
Right to Buy Mortgages
Buy to Let Mortgages
Self Build Mortgages
Offset Mortgages
Commercial Mortgages
Self Employed Mortgages
Islamic Mortgages
Graduate Mortgage
Mortgage Options
Lifetime Mortgage
(Equity Release)
Home Improvement Loans
How to save money on Your Mortgage
MORTGAGE INFORMATION
Buying a Home Moving Home Different Mortgage Types How a Mortgage Works Glossary of Mortgage Terms Glossary of Legal Terms More Legal Lingo Glossary of Terms How to keep your home safe Leasehold Types Leasehold property guide Buying a House in Scotland
LINKS to OTHER SITES
125% MORTGAGES
Probably a more flexible mortgage for First Time Buyers
The 125% mortgage is more than just a flexible mortgage.
It gives you the money to buy your home as well as a cash reserve to give you money for the things you want.
All at the same interest rate.
It’s ideal for first time buyers and it’s flexible, so it changes as your life changes.
A 125% mortgage adapts to your needs.
From helping you onto the housing ladder to moving to a bigger place, extending your home and providing extra cash when you need it. Or simply switching your mortgage from another lender, to take advantage of this mortgages features.
How do 125% mortgages work?
125% mortgage is different to a normal mortgage. It works by combining your secured mortgage with an unsecured loan at a single interest rate with one combined monthly payment. This combination can be worth up to 125% of your home’s value.EXAMPLE: - Say the value of your property is £100,000. You could get a secured mortgage of up to £95,000. And have the facility to borrow up to £30,000 unsecured loan for anything else.
You can draw on this £30,000 as it suits you. So, you might need £10,000 now and hold £20,000 in reserve.
Up to 95% of the value of your home is a secured mortgage. The remainder is an unsecured loan of up to £30,000, which is at the same interest rate as the secured mortgage.
Once you’ve applied for the amount of money you require (usually a minimum of £1,000) in your unsecured loan, you can choose to drawdown any amount (Usually £500 and over) as and when you need it.
You only pay interest on the part of the loan you’ve actually used.
Once your unsecured loan is set up, all it takes is one phone call to request an amount of money, which will be transferred to your bank account within three to four working days.
You can use the unsecured loan part of together for any legal purpose.
Let us assist you with your next steps towards house purchase and see the difference for yourself. Please contact us by phone on ~ 0844 800 1137, use the Call back form or use the brief ENQUIRY FORM, and then simply allow us to assist you with further information without any obligation whatsoever.
