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London Mortgages

London mortgages can finance the home you've dreamed of owning in this vibrant global city. Mortgages are becoming more affordable as the industry grows more competitive, with banks, mortgage companies and other institutions vying to offer you the most reasonable rates. The process of buying a London residential property can be a lengthy, complicated one. Before you make this financial commitment, compare quotes from a number of trusted lenders to find competitive rates and a repayment schedule that you can comfortably afford.

Rates for Mortgages in London

Living in the capital of England, you have access to a vast array of products and services, including mortgage loans. Narrowing down your choices and finding the lowest rates can be a time-consuming, frustrating process. Before you contact banks or brokers for quotes on London mortgages, use an England mortgage calculator to estimate the amount you can afford to repay, including the capital and interest on your loan. This important step can help you avoid taking on a loan that exceeds your resources.

If you've been a London resident for any length of time, you already know that renting a house or flat in this metropolitan area can be expensive. Many tenants in the city decide to investigate home ownership for this reason. When you repay a mortgage loan, you're investing in one of the grandest assets you may ever own. By comparison, paying a landlord for years on end may seem like a misuse of your income.

Mortgage rates play a large role in determining the amount you'll repay when you take out a loan for London mortgages. Many banks base their loans on the standard variable rate, or SVR. The SVR is established at a point above the Bank of England's base interest rate for monetary policy. Lenders are at liberty to change the SVR at any time, which may cause your repayments to fluctuate over the course of your contract. Remortgaging is an option after a certain period of time if you feel that your current terms are not competitive.

With a tracker mortgages, the interest you pay is linked to a public interest rate, often the Bank of England's base rate, which will also result in fluctuations in your repayments. Fixed rate London mortgages hold a stable rate for an established period of time, generally 1 to 5 years or longer. After this time, rates may revert to the normal SVR. With discounted London mortgages, you pay a reduced amount of interest for the initial years of your loan, after which time your repayments may increase or decrease according to your lender's adjustments.

Self Certification Mortgages

When you're shopping for London mortgages, you have a nearly overwhelming variety of lenders to choose from. Banks, building societies, credit unions and other financial institutions all appear keen to offer you the best deals on the financing you seek. However, the reality of applying for a mortgage may present a stumbling block. If you don't have the proper income, or the proper way to prove your income, a lender may decline your application.

Self certification mortgages are becoming more popular in London as banks recognise the growing demand for these arrangements. With more London residents choosing self-employment, many lack the necessary documentation to validate their income. Salesmen who earn their living through bonuses or commissions may also have difficulty producing the required declarations of income.

When you know that you can afford the home deposit for London mortgages, but you simply don't have proof of a traditional salary or verification from an employer, self certification London mortgages offer a solution. With self-certification mortgages, you must provide a declaration that you can afford to repay the mortgage loan. Your lender may require a credit check to confirm your credit history; however, you will not be required to produce pay slips or other standard documents.

When searching for a self certification contract, look for lenders who specialise in this market. A specialist lender may be more keen to work with you to find the ideal repayment schedule and interest arrangement. Self certification agreements are not necessarily reserved for self employed buyers. Any potential home buyer who does not have proof of income or prefers not to provide proof may apply for these specialised loans.

Owning a home is a goal that many London residents share. With more lenders offering competitive rates for London mortgages to a more diverse range of applicants, more Londoners are achieving this goal through affordable rates and repayment arrangements. When you request quotes from the top lenders or mortgage brokers in the city, you may see that this investment is more accessible than you realised. Use our free online search form to contact the lenders in our network and receive information on the best deals on the market.