First Time Buyers

A person who has never previously owned a property. However, lenders may differ in their definition of a First Time Buyer. Some lenders will include in this someone who has owned a property before but has no property to sell i.e. may be renting temporarily after selling. Other lenders will include joint borrowers where just one party is a first time buyer. Other lenders will take a more literal definition and only include someone who has never owned a property.

Remortgage

This is the process by which a mortgage on a property is moved from one lender to another. The new mortgage is used to repay the existing lender and at the same time additional funds may be raised for other purposes. Remortgaging has been an increasingly popular way to take advantage of the competitive deals offered by lenders to attract new business. If a remortgage is being considered then careful attention should be paid to the costs associated with arranging the remortgage as well as the savings to be made on the monthly repayment. The costs can sometimes erode any savings to be made. At DCR we will check with the existing lender to ensure that there are no early charges.

Buy to Let

A mortgage for when a property is bought as an investment and rented out to a tenant who pays the borrower a rental income. In simple terms a Buy to Let mortgage is like a type of specialist loan.

It works like a home mortgage in that it is secured on a property. That means that before you are given your money, the bank or building society will want a guarantee that if you stop paying the interest, then they have a right to claim your property in return.

In return for this “security”, the lenders will offer you a slightly higher rate of interest than the usual, as it is perceived as carrying a slightly higher risk.

Right to Buy

The opportunity for a Right to Buy mortgage arises when a tenant in a council property is given the chance to buy the house, which they are renting. The price is dependent on the amount of years they have lived there.

Had problems in the past

A term used to describe someone who has a history of poor credit transactions and has missed or made late payments on their credit commitments, sometimes resulting in defaults, County Court Judgements and bankruptcy.

No proof of income or self employed

Normally when a borrower applies for a mortgage the applicant will be asked to provide proof of income i.e. pay slips or company accounts. In certain cases it might be difficult or very inconvenient for the applicant to provide this information. If this is the case than you can choose a self-certify mortgage

This involves signing a declaration stating your income sources and amounts. Lenders will charge a higher rate than average and also there is a more limited range of these types of mortgages.

Debt Consolidation

This is when the borrower lends a larger amount in a single loan from one lender to repay smaller debts.

Living Abroad

If you are looking for a second home or just looking to get on the property ladder for the first time then buying a property could be an option for you.

Our strong recommendation is that you work with a solicitor, who has a full understanding of the property market in the country you are looking to invest in.

Commercial

A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes; it provides the most flexible and affordable finance solution. Commercial mortgages are specialised due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.

Home Improvements

Using a loan for home improvements can be a very wise investment. With property prices consistently out performing many other types of investment, it makes a lot of sense to try and increase the value of your property further by investing in home improvements.

Some of the services/products shown are not or may not be regulated by the Financial Services Authority

A Fee of up to £1495 payable on completion of your mortgage. A typical fee is £295.00. We will also be paid commission from the lender.