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Bristol Mortgages

Bristol mortgages extend the benefits of home ownership to families throughout South West England. If you dream of owning a house, but affordable financing seems out of reach, consult a number of banks and building societies to find affordable deals for first time home buyers, self employed individuals or applicants with a poor credit history. No matter what your financial circumstances may be, a Bristol mortgages specialist can help you find a mortgage scheme that will bring you closer to your goal.

The colorful, vibrant culture of this seaside city make Bristol a delightful place to work and raise a family. Homes in the greater urban area represent a variety of architectural styles, from contemporary to traditional. In recent decades, many historic Georgian buildings in Bristol have been restored, evoking the port city's past. As you shop for the perfect home in Bristol, look for affordable Bristol mortgages that will allow you to pay for your property without stretching your mortgage rate budget.

Buy to Let Bristol Mortgages

Buy to let mortgages, also known as investment mortgages, are gaining popularity as Bristol residents discover the potential of owning a house that provides an income and a source of financial stability. Buy to let mortgages allow a property owner to purchase a house with the intention of letting the building to tenants. The monthly rent for a buy to let property generally covers 125 percent of the mortgage repayment, which allows the owner to pay off the house whilst collecting an income and paying taxes.

Landlords in England may claim the costs of maintaining a buy to let property on their taxes, as well as the interest on investment mortgages. These tax benefits may prove especially valuable after your property has been paid off. Buy to let homes provide a source of income for families and retirees that may help them improve their financial status.

Interest rates for Bristol mortgages are not as competitive when you buy an investment property, because buy to let schemes are considered specialist loans. Although it may be tempting to take out a conventional residential mortgage with the intention of letting the building, your mortgage lender has the right to withdraw financing if you are caught. If you're keen on investing in a house and collecting income as the landlord, speak to an objective Bristol mortgages professional who can help you finance the ideal rental house at a reasonable interest rate.

Promotional Discount Rates

Discount interest rates allow many Bristol residents, especially first time home buyers, to take advantage of the competitive market and successfully finance a residence. Promotional schemes for Bristol mortgages include discount rates that fall below the Standard Variable Rate, or SVR; fixed rate and capped rate mortgages. During the initial period of your loan -- generally the first 1 to 5 years, you can pay lower rates for your mortgage and rely on predictable, affordable monthly repayments.

Over the course of your loan, the interest that you pay will ultimately constitute a large percentage of the value of your dwelling. When you achieve a discount on the interest, even if it's only for the first 2 or 3 years, you may save a considerable amount of money. During the promotional period, you can store away a bit of extra cash, pay for improvements to your residence and get used to the financial responsibilities of home ownership.

Promotional fixed and capped rates offer new borrowers greater stability in the first years of their contracts. With fixed schemes, your payment remains set for a specified period. With capped schemes, payments may rise or fall, but they do not exceed a certain maximum limit. Promotional fixed or capped mortgages may be especially valuable to younger borrowers who intend to increase their income within the first few years of their loan.

Before you sign a mortgage contract, use a repayment calculator to determine how much you can afford to pay for Bristol mortgages each month. Enter the property value, the percentage of your deposit, the rate and the length of repayment to find out how much your payments will cost. Keep in mind that after the discount period is over, your loan may return to the variable rate, which a Bristol lender may adjust up or down within established guidelines.

Request quotes from reliable brokers and providers when you search for Bristol mortgages. The competitive market has made it possible for applicants to avail cheap deals; however, this climate has also encouraged fraudulent lending practices. Look for brokers, banks and building societies that are regulated by the Financial Services Authority, or FSA, an independent agency that helps loan applicants avoid fraud or scams. An objective professional will help you find a loan you can afford, so that you can achieve your dream of owning property in this thriving port city.