Mortgages
Buying a Home
Before you choose a specific deal, you need to decide what type of mortgage is the most appropriate for your needs.
Flexible Mortgage
With options for overpayment and payment ‘holidays’, a flexible mortgage can make the traditional 25-year British mortgage look rather old-fashioned.
First Time Buyers
People buying their first home often have specific needs when it comes to finding a mortgage. A range of mortgages exists specifically for this market sector.
Help to Buy
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
Offset Mortgages
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Remortgages
Remortgaging means switching your mortgage to another deal with another lender without moving property.
Retirement Interest-Only Mortgages
Similar to standard interest-only mortgages but the ‘retirement’ element means there is no defined end date, when the capital has to be repaid by.
Self Build Mortgages
These are mortgages suited to people building a new home. With a self build mortgage, money is released in stages as the build progresses.
Landlords & Portfolios
Bridging Finance
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one. Loans are generally short-term and secured on the existing property, but repaid as soon as this is sold. ‘Bridges’ may help you secure your new property, but you should be aware that they can be expensive and if the sale of your existing property falls through, you will be left paying two loans at once.
HMO (House in multiple occupation)
What Is An HMO Mortgage? HMO (House in Multiple Occupation) is a term used by the government to explain a property rented by various different tenants (three or more) rather than the more typical household. An HMO Mortgage is a loan used to purchase an HMO, with the property used as security for the debt.
Buy To Let
These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property. Buying additional property for the purpose of letting it to earn rental income can be risky and complicated since there is no guarantee that house prices will rise nor that rental income will be uninterrupted. That said, letting a second property to tenants could return respectable financial rewards over the longer term, but it’s important to properly consider the risks, as well as rewards, involved in ‘Buy to Let’ first. Commercial buy to lets are not regulated by the Financial Conduct Authority (FCA).Some buy to let mortgages are not regulated by the Financial Conduct Authority (FCA).
Holiday Home/ Second Home
A holiday let mortgage is designed for people looking to borrow money to buy a property that will be let out on a short-term basis to tourists as a business. It differs from a holiday home mortgage, where you borrow money to buy a second home that only you will use.
Commercial
Bridging Finance
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one. Loans are generally short-term and secured on the existing property, but repaid as soon as this is sold. ‘Bridges’ may help you secure your new property, but you should be aware that they can be expensive and if the sale of your existing property falls through, you will be left paying two loans at once.
Commercial Developments
Commercial mortgages are for buying (or refinancing) any land or property for business purposes. Similar to a traditional, residential mortgage, money is borrowed and secured against a property. They can also be used to expand an existing business and for residential or commercial property development.
Land Developments
A property development loan is usually arranged on an interest only basis and the term of the loan would typically be 6 to 18 months depending on the size and nature of the underlying project. Usually the interest can be rolled up into the loan, so there are no monthly payments.
Semi-Commercial
Semi-commercial mortgages are a property backed loan designed for property which is comprised of both residential and commercial elements. They are available for a diverse array of properties and can be used to purchase or remortgage a property.
Developments
Self-Build Mortgages
These are mortgages suited to people building a new home. With a self build mortgage, money is released in stages as the build progresses.
Commercial Developments
Commercial mortgages are for buying (or refinancing) any land or property for business purposes. Similar to a traditional, residential mortgage, money is borrowed and secured against a property. They can also be used to expand an existing business and for residential or commercial property development.
Land Developments
A property development loan is usually arranged on an interest only basis and the term of the loan would typically be 6 to 18 months depending on the size and nature of the underlying project. Usually the interest can be rolled up into the loan, so there are no monthly payments.
Professional Developments
It’s important to ensure you put the right insurance in place to protect your home, its contents and your overall financial security. Making sure you have the right insurance for your home could provide real peace of mind.
Specialist Mortgages
Bridging Finance
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one. Loans are generally short-term and secured on the existing property, but repaid as soon as this is sold. ‘Bridges’ may help you secure your new property, but you should be aware that they can be expensive and if the sale of your existing property falls through, you will be left paying two loans at once.
Second Charge Mortgages
Second charge loans can be secured against residential or Buy to Let properties. They are provided by specialist lenders and are generally short-term loans secured against the property, but where the lender has second call on the property if the borrower defaults. Second charges tend to be more expensive than ‘firsts’, but can still be the best option for people seeking to raise capital – but whose main lender is unwilling to provide further finance, or where expensive early redemption charges would be incurred.
Offset Mortgages
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it. For example, if you borrowed £200,000, but had £50,000 in savings, you would only be paying interest on £150,000. Offset mortgages are generally more expensive than standard deals, but can reduce your monthly payments, whilst still giving you access to savings.
Holiday Home/ Second Home
A holiday let mortgage is designed for people looking to borrow money to buy a property that will be let out on a short-term basis to tourists as a business. It differs from a holiday home mortgage, where you borrow money to buy a second home that only you will use.
Protection
Life Insurance
Life and Protection Insurance policies can protect you and your family from the financial consequences of death. Life Insurance (sometimes known as Life Assurance) helps provide financial security for people who depend on you, should you die.
Income protection
Income Protection Insurance is designed to pay you a regular tax-free monthly income if you become unable to work due to illness or injury.
Critical Illness Cover Insurance
Critical Illness Insurance pays out a tax-free lump sum on the diagnosis of certain life-threatening or debilitating (but not fatal) conditions including heart attack, stroke, cancer and major organ transplants. This list will vary depending on the insurer, as will the exclusions for making a claim.
Family Income Benefit
Family income benefit is a type of life insurance that provides a regular income for your loved ones if you die during the term of the plan. There is no cash in value, so if you stop making payments your cover will end. Most families rely on at least one regular monthly salary to cover their household spending.
General Insurance
Home & Contents Insurance
It’s important to ensure you put the right insurance in place to protect your home, its contents and your overall financial security. Making sure you have the right insurance for your home could provide real peace of mind.
High-net worth family motor fleet insurance
For families which have multiple cars, whether thats due to having business vehicles or older children – we can offer a comprehensive policy that offers plenty of cover and lots of addition features which the majority of car insurance policies don’t offer. We only offer what we think is the best policy with the best service for your family and business vehicle insurance needs.
Landlords Insurance
Landlord insurance is cover that protects landlords from risks associated with their rental property. It usually includes buildings and contents insurance, but can also include landlord-specific covers such as property owners’ liability, loss of rent, and tenant default insurance.
High-net worth family home + travel insurance
For customers with high net worth, you will usually find that your home needs more than the standard cover and standard service levels. This is why we offer what we believe is the best quality cover for your valuable home and contents. This also covers you when you travel to ensure that no matter where you are, you have comprehensive cover backed up with excellent customer service.
Equity Release
Lifetime Mortgages
Equity release can help people release cash (equity) in their homes for a particular purpose, like supplementing retirement income. Lifetime mortgages are a popular means for homeowners over 55 to unlock some of the value in their homes. Thousands of people in the UK already choose this method to supplement their retirement income.
A lifetime mortgage will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits.
Clark Mortgage
01244 554030 | [email protected]
Contact us
01244 554030
[email protected]
Address
Clark Mortgage
1 Hunters Walk
Canal Street
Chester
CH1 4EB
Working hours
Mon – Fri: 9.00 – 18.00
Sat: 9.00 – 14.00
Sun: Closed