Over the past few years the prospects of owning a home have changed dramatically, but many of us still dream of owning our own house or running a business from a commercial property. In order to afford your property purchase, you must make sure you have the finances in place with a mortgage or bridging loan.
If you want to get into property development, you’re likely to need property development finance to afford the first properties in your portfolio and if you want to take that around the world trip, or gift some money to your children, you may need to consider equity release.
An equity release mortgage can allow you to squeeze some of the cash out of your home to fund a holiday, supplement our pension or gift funds to your family.
A lifetime mortgage is a type of equity release plan that allows you to use some of the equity that has built up in your home. You could use the cash to do anything you choose – from providing additional income to going on that dream holiday.
You may have a building vision that you want to turn into a commercial reality. Property development finance is a type of loan which provides the funds for the refurbishment or development of residential or commercial properties.
If you have found your next dream home and your offer has been accepted but you can’t sell your current house quickly enough, a bridging loan provides temporary finance to avoid the frustration of losing the house you have set your sights on.
A commercial mortgage is any mortgage held on a property in which you do not live. There are two types of commercial mortgage – business mortgages and commercial investment mortgages.
If you wish to buy a property and let out your existing home, you will need a specialist let to buy mortgage. This type of mortgage allows you to let out your property so you can buy another.
A buy to let mortgage allows landlords to borrow a sum of money to buy a property for the sole purpose of renting it out. Many people buy properties to rent out in order to make a profit or to invest in their future.
Your home is likely to be the biggest purchase you will ever make, so it is vital to understand the finance you will need to buy it. A residential mortgage will help you take that first step onto the property ladder.