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When you are looking to buy a property, there are a number of mortgage options to choose from, one of which will be the most appropriate for you. Below is an explanation of what each involves:
There are different first time buyers mortgage options available but, as the name would suggest, these are only available for people buying a property for the first time:
A variable rate mortgage means the interest rate charged can go up as well as down.
A fixed rate mortgage means the interest rate does not move for an agreed period.
A discounted rate mortgage gives a lower rate for an agreed period of time.
The above two mortgages are useful in that the rate does not change, which assists with budgeting.
A tracker mortgage is linked to the Bank of England base rate.
A flexible or current account mortgage uses the balance in your savings or cheque account to reduce what you owe on a daily basis.
Purchasers planning to buy a property to rent out (rather than live in) will need a buy to let mortgage.
SPF Private Clients is the largest and longest established mortgage broker in Guernsey and the only place where you can access all mortgage products available on the island. Prior to looking for a property, we suggest you make an appointment to see us to find out how much you will be able to borrow.
Our advisers are all highly knowledgeable and will help you through each step of the mortgage process, including giving assistance with all necessary paperwork, and obtaining a survey and legal advice.